Demand for energy is rapidly growing in recent years. Accumulation of oil is an important aspect to eliminate hazards during oil extraction processes. Oil accumulators are considered to be hydro pneumatic devices that store non compressible fluid through an external source such as a fluid, gas, spring, and piston under high pressure. Oil accumulators have gained importance all over the world due to initiatives in reducing harmful environmental pollution during oil & gas drilling activities. Oil accumulators are employed for various purposes such as noise reduction, leakage compensation, and pulsation dampening.
The oil accumulator market can be segmented based on its types, applications, and region. Based on its types, oil accumulators can be bifurcated as hydraulic or piston, bladder, and diaphragm accumulators. Hydraulic accumulators are generally considered to be piston type accumulators. A free moving piston separates the compressible gas cushion from the hydraulic fluid. The bladder type accumulator consists of an elastic barrier between the oil and gas. The diaphragm type accumulator is designed into two sections that are bolted or screwed together. A synthetic rubber diaphragm is installed for bifurcation of oil & gas. Accumulators are used in drilling rigs in offshore and onshore regions. It is utilized in blowout preventers to restrict the sudden influx of oil & gas during drilling operations. It is used in mud pumps in oil & gas exploration activities and also by drilling tools and equipment manufacturers for developing instruments. Oil accumulators are also used by environmental research institutes and government organizations.
Opportunities in the oil accumulator market arise from rising demand for oil & gas exploration and production activities. The attempts to minimize environmental hazards due to exploration have positively impacted the growth of the oil accumulator market. Restraints of the market include high cost of production. However, efforts are being made to reduce costs and develop advance technology oil accumulators. Thus, oil accumulator are an important component when environmental factors are taken into consideration.
In terms of geography, North America leads the oil accumulator market in terms of demand. This can be ascribed to the increase in oil & gas activities in offshore regions of the U.S. New discovery of shale oil in the North Dakota region in North America has increased the demand for oil accumulators. The oil accumulator market has been expanding in countries in Asia Pacific such as India, China, and Japan due to the rise in maritime security activities, growth in offshore oil & gas production activities, and improvement in underwater communications. The oil accumulator market in European countries such as the U.K., Germany, France, and Norway is likely to expand due to increased oil & gas drilling activities in the North Sea and improvement in maritime security. Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for marine instrumentation activities due to rapid urbanization and rise in offshore oil & gas activities in the Gulf of Mexico. Demand for marine instrumentation in countries in Middle East & Africa is also likely to rise due to the increase in number of offshore oil & gas exploration and production activities.
Key global market players operating in the oil accumulator market include companies such as Nippon Accumulator Co. Ltd., Eaton Corporation, Parker-Hannifin Corporation, Bosch Rexroth AG, and Tobul Accumulator Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.