(MENAFN- America News Hour)
The report predicts the global Oil Accumulator Market to grow with a CAGR of 4.78% over the forecast period from 2023-2033.
“The oil accumulator market is projected to grow at a CAGR of 4.78%, from 2023 to 2033.”
The oil accumulator market is projected to grow from an estimated USD 488.5 million in 2023 to USD 617.1 million by 2033, at a CAGR of 4.78%, from 2023 to 2033. The digital revolution in the oil & gas industry and increased shale gas exploration & production activities are driving the market for oil accumulators across the world. Transitioning to a renewable source of energy is likely to be a restraint for this market.
“The blow out preventer & well head control is expected to hold the largest share of the oil accumulator market, by application, during the forecast period.”
The blow-out preventer & wellhead control segment is expected to hold the largest share of the oil accumulator market, during the forecast period. This can be attributed to the increasing investments in the oil & gas industry in the developing countries of Asia Pacific and Middle East & Africa. The use of accumulators in industries, such as oil & gas, is increasing as the demand for oil is increased globally.
“North America: Key market for oil accumulator.”
North America is the fastest-growing market for oil accumulators, followed by Asia Pacific and Europe. Increasing investment in the oil & gas sector and increased exploration and production activities in the countries such as the US are likely to boost the demand for oil accumulators. Furthermore, the subsequent increase in oil rigs creates a growth opportunity for the oil accumulator market in the region.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15% By Designation: C-Level- 40%, D-Level- 35%, and Others- 25% By Region: North America- 35%, Europe- 20%, Asia Pacific- 18%, Middle East- 17%, and Africa- 10%.
Note: The tier of the companies has been defined based on their total revenue; as of 2016: Tier 1 = USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = The leading players in the oil accumulator market are Hydac (Germany), Parker Hannifin (US), Eaton (Ireland), Freudenberg (Germany), Bosch Rexroth (Germany), and Nippon Accumulator (Japan).
The report provides a picture of the oil accumulator market across the oil & gas industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, stage, end-user, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
In this report, the market has been segmented on the basis of type, pressure ratings, onshore vs offshore, application, and region, with a focus on industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the oil accumulator market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the oil accumulator market Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for oil accumulator across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global oil accumulator market
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Why Buy this Report? The report identifies and addresses key markets for the implementation of oil accumulator products in various industries, which would help manufacturers review the growth in demand. The report would help solutions providers understand the pulse of the market and provide insights into drivers, restraints, and challenges. The report would help key players understand the strategies of their competitors better and will help in making strategic decisions.
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