The global petroleum or oil and gas industry plays a vital role in stabilizing the overall economic conditions of the world. Growth in the demand for petroleum products is triggered by the rising population, industrial activities, transportation and globalization. Rising demand for oil and gas is ultimately resulting into more exploration activities on global levels. Companies are getting involved in deep water and ultra deep water drilling activities across the reserves, in order to attain the growth in demand. Oil and gas accumulators market is one of the industries to have witnessed surge in demand with the increasing requirements for the industry products. As a result, companies in this market are aiming at expansions and acquisitions in order to stay in the competition that prevails in the market.
Scope of Research – Segmentation
The global oil & gas accumulators market is segmented on the basis of the types of products, which include pistons, bladders, and diaphragms. Applications of these products include offshore rigs, blowout preventers and mud pumps. On the basis of the geographic regions, accumulators market in petroleum industry is segmented into North America, Latin America, Asia Pacific, Europe, Africa and the Middle East. Analysis of all these segments helps the industry players to understand the latest market trends, drivers, competition, growth factors, growth areas, region domination and future opportunities. Hence, segmentation and its analysis play a crucial role in the overall development of the industry.
Oil and gas accumulators play a crucial role for the market. These systems provide assistance in noise reduction, pulsation dampening, leakage compensation and such other troubles in the industry production. The products are available in different pressure ranges for different requirements. Some of the major driving factors for the oil and gas accumulators market include enormous growth in the petroleum drilling activities, growth in the activities in the crude oil trade and buzzing concerns about environmental harms of the oil spills and such other misfortunate incidences. All these factors are expected influence the growth of this industry during the next few years to come.
According to the analysis of the segmentation and the growth factors, researchers are expecting steady growth for the industry. The recent research reports suggest that the global oil and gas accumulators market will grow at over 10% from 2013 to 2018. During the forecasting window of the next four to five years, the industry is expected to become worth $1.31 billion by 2018. Applications of the accumulators including dampening of pulsations and vibrations, prevention of oil spills, and stabilization of the rigs to conserve energy are expected to create positive influence over the demand trends in the market.