The global oil & gas accumulator market size in terms of value is expected to reach $1.43 billion by 2019, growing at a CAGR of 9.9% from 2014 to 2019. The key factors responsible for this growth are the unique advantages offered by accumulators.
Dallas, TX -- (SBWIRE) -- 02/16/2015 -- The report "Oil & Gas Accumulator Market by Type (Bladder, Piston, and Diaphragm), by Application (Blowout Preventer, Offshore Rigs, and Mud Pumps), & by Region (North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa) - Global Trends & Forecast to 2019", defines and segments the global oil & gas accumulator market, with an analysis and forecast of the revenue ($million). The oil & gas accumulator market is set to grow from an estimated $0.89 billion in 2014 to $1.43 billion by 2019, at a CAGR of 9.9%.
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North America: Largest market for oil & gas accumulators
North America is estimated to be the largest revenue-generating region for oil & gas accumulators. The U.S. and Mexico will be the major countries to drive the market in this region. Asia-Pacific and Latin America are the key growing markets with high demand for oil & gas accumulators. In the ROW, although various applications such as mud pumps and offshore rigs are growing, the growth rate is low due to a lack of awareness about oil & gas accumulators. These regions, along with regions in the Middle East and Europe, contain prospective future markets for oil & gas accumulators.
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Bladder Accumulator: Largest market by type
The bladder accumulator is the most widely used type of oil & gas accumulator in the world. Bladder accumulators occupy more than half of the oil & gas accumulator market size, as they are generally preferred in applications such as offshore rigs and blowout preventers. The large market share of the bladder accumulator is attributed to the preference for this type of accumulator on the part of customers. It is expected to continue to occupy a large market share in the future, owing to new API regulations. Some advantages of the bladder accumulator are that it can be used for several offshore applications and has high durability compared to other types of accumulators.
Blowout Preventer: Largest market by application
Blowout preventer is expected to dominate the global oil & gas accumulator market. The accumulators are used in BOPs to prevent fluid loss, as they have a good response time when coping with extreme erratic pressures and uncontrolled flow in the well. In the mud pump application, the accumulator helps to prevent fluid loss, at both the suction head as well as the discharge head.
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