Increasing operational hazards pertaining to the oil and gas industry has led to a surge in demand of equipment that ensures safety to both man and machinery. Oil and gas exploration and products presents a numerous operational risks that can prove fatal to the individual or the society. An accumulator works as energy storage devices that stores or accumulate the potential energy. An accumulator can be used for a number of applications including shock or pulsation dampening, leakage compensation, thermal expansion, energy conservation, noise reduction and improved response times. An accumulator can prove handy in cases of power failures as they can provide necessary flow and pressure to perform a complete machine cycle. An accumulator can also be used to dampen the sudden spike or changes in pressure resulting as an effect of sudden valve closure.
Segmentation of the oil and gas accumulators market can be done on the basis of technology, site of application and geography. Four basic types of accumulators commonly used in oil and gas industry includes include piston type, spring type, diaphragm or bladder type, and hydro-pneumatic or compressed gas piston type accumulators. A bladder type accumulator uses a compressible gas stored in an elastic bladder inside a shell. The piston type accumulator utilizes a cylinder with floating piston. A hydro-pneumatic piston type accumulator utilizes gas in conjunction with a fluid as a cushion against pulsations. Today, the accumulators are widely used in the blowout preventers. The accumulators enable the BOPs to operate even in case of power shutdown. Thus, an accumulator provides the necessary energy to close a BOP in case of a blowout. The amount of pressure required by the accumulators varies according to the size of BOPs. The accumulators can be used for both onshore and offshore oil and gas applications.
Oil and gas boom in the United States and Canada is the major factor behind the growth of oil and gas accumulators in North America. Moreover, the drilling activities in the offshore areas of Gulf of Mexico are also expected to propel the demand for accumulators. Demand for accumulators in Europe and Asia Pacific segment are primarily driven by the drilling activities in the North Sea, Commonwealth of Independent States (CIS), North Easter China and South China Sea. Rest of the World (RoW) consists some of the largest oil and gas producing nations that are influencing the demand for oil and gas equipment including accumulators. Majority of drilling activities in RoW are confined to the countries located in the Middle East and Africa and South America.
Stringent regulations promoting the augmenting the demand for BOPs and hence the accumulators and increasing offshore drilling activities are the major drivers for the global accumulators market. Recent plunge in the prices of oil and gas prices negatively affecting the rate of drilling activities and upstream expenditure is one of the major restraints to the oil and gas accumulators market.
Some of the key players in the global Accumulators market consists of companies such Hydac International Gmbh, Hydril Pressure Control, Bosch Rexroth Corporation, Eaton Corporation, Tobul Accumulator Inc., Parker Hannifin Corporation, Nippon Accumulator Co. Ltd., Hannon Hydraulics, Airmo Inc., Bolenz & Schafer Gmbh, Accumulators Inc., Pressure Technologies, and among others.