New York, Sept. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Oil Accumulator Global Market Report 2022” – https://www.reportlinker.com/p06319521/?utm_source=GNW
The global oil accumulator market is expected to grow from $40.35 billion in 2021 to $44.35 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The oil accumulator market is expected to reach $57.64 billion in 2026 at a CAGR of 6.8%.
The oil accumulator market consists of sales of oil accumulators by entities (organizations, sole traders, and partnerships) that are used to avoid pressure drops during a power shortage and also act as a switchover for oil pumps by supplying a temporary supply of lubricating oil.An oil accumulator refers to an energy storage device that holds the fluid through an external source such as a spring, gas, or piston.
Oil accumulators are also known as hydro-pneumatic equipment. These are used for various objectives, including noise reduction and pulsation dampening.
The main types of oil accumulators are low-density polyethylene, linear low-density polyethylene, high-density polyethylene, ethylene vinyl acetate, and others.Low-density polyethylene refers to a soft, flexible, lightweight plastic material.
This material is well known for its low-temperature flexibility, toughness, and corrosion resistance.This is a very versatile plastic and is often used in flexible film and bag applications.
The various pressure ratings include up to 6,000 psi and above 6,000 psi. The several applications include blow-out preventers and wellhead control, offshore rigs, and mud pumps.
North America was the largest region in the oil accumulator market in 2021. The regions covered in the oil accumulator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The oil accumulator market research report is one of a series of new reports that provides oil accumulator market statistics, including oil accumulator industry global market size, regional shares, competitors with an oil accumulator market share, detailed oil accumulator market segments, market trends and opportunities, and any further data you may need to thrive in the oil accumulator industry. This oil accumulator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing exploration and production activities are expected to propel the growth of the oil accumulator market going forward.Exploration activities refer to activities of the oil and gas industry, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling.
Oil accumulators are used to prevent fluid loss and to cope with extreme erratic pressures and uncontrolled flow in a well for the exploration of oil and gas. For instance, according to the Indian Brand Equity Foundation, an India-based government agency, in October 2021, the Union Ministry of Petroleum and Natural Gas approved $3.8 billion to increase refining capacity. Also, in 2021, Bharat Petroleum invested $13.66 billion in upstream oil and gas exploration and production. Therefore, the increased exploration and production activities are expected to drive the oil accumulater market during the forecast period.
New product innovations have emerged as the key trend gaining popularity in the oil accumulater market.Major companies operating in the oil accumulator market are introducing new products to sustain their position in the market.
For instance, in May 2021, Liebherr, a German-based equipment manufacturer, launched piston accumulators for the 250 and 350 bar pressure range.These act as an additional series-production range and can be used either as a single solution or in conjunction with other hydraulic components as a system.
This helps with a range of piston diameters from 100 to 360 mm.
In August 2021, Parker Hannifin Corporation, a US-based motion and control technologies company, acquired LORD Corporation for a deal amount of $3.675 billion. The strategic acquisition creates a highly complementary business with excellent materials science skills, electrification, and aerospace product lines. LORD Corporation is a US-based diversified technology and manufacturing company that develops adhesives, coatings, motion management devices, and sensing technologies for industries such as aerospace, automotive, oil and gas, and industrial.
The countries covered in the oil accumulator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06319521/?utm_source=GNW
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