Selbyville, Delaware,, July 02, 2024 (GLOBE NEWSWIRE) --
The oil accumulator market revenue to cross USD 41.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing demand for energy, particularly from developing economies will boost the industry development. With expanding industrialization and urbanization, the need for efficient energy storage and management systems is increasing. As per Worldbank.org, more than 50% of the population lives in cities. Water collection systems used to store energy in compressed water help in the efficiency and reliability of water systems in the oil, gas, automotive and various manufacturing industries. Focusing on energy-efficient systems and enforcing stringent environmental regulations will further boost the adoption of oil accumulator equipment as it contributes to reduced energy consumption and emissions.
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Technological advancements and innovations in accumulator design and materials will also fuel the oil accumulator market growth. Companies are investing in R&D activities to develop accumulators that provide superior performance, longevity, and greater reliability under extreme conditions. The introduction of advanced technologies that enhance the sustainability and efficiency of oil accumulator equipment, coupled with the integration of smart technologies for better monitoring and control will drive the product uptake.
Based on type, the oil accumulator market from the piston accumulator segment may exhibit a decent growth rate through 2032 due to its superior performance characteristics and versatility across various applications. Piston oil accumulators are efficient in high-pressure applications and provide precise flow and pressure control, making them important in industrial applications, such as oil, gas, air, aerospace, and manufacturing. Robust design and ability to perform well under challenging conditions will enhance the reliability and security of the systems, leading to increased product acceptance.
Oil accumulator market from the offshore rigs application segment will register a noteworthy CAGR from 2024 to 2032 owing to the need for reliable and efficient energy storage solutions in challenging and remote environments. Offshore drilling operations require the use of complex, high-performance hydraulic systems to maintain safe and continuous operations under extreme conditions including high pressures, corrosion zones and extreme temperatures. Oil accumulators also help in stabilizing fluctuating pressures, absorbing shocks, and providing emergency power, thereby increasing operational efficiency and safety.
North America oil accumulator market will register significant growth from 2024 to 2032, attributed to the substantial investments in oil & gas exploration and production, particularly in shale formations. Stringent regulatory standards aimed at enhancing operational safety and environmental protection are pushing companies to adopt high-quality accumulator systems to comply with these regulations. The presence of leading manufacturers and continuous technological innovations resulting from local R&D programs will also accelerate the regional market growth.
Some of the major oil accumulator market participants are Val-Matic Valve & Mfg. Corp, Acadian Contractors Inc., Bosch Rexroth, Roth Hydraulics GmbH, Canton Racing Products, Parker Hannifin Corp, Freudenberg Sealing Technologies, Nippon Accumulator Co., Hydac Technology GmbH, Nakamura Koki Co Ltd, Moroso Performance Products, and Mueller Co. These market players are working on new product developments, acquisitions, and mergers to widen their product portfolio. For instance, in May 2024, Roth Hydraulics acquired SFP Hydraulics Inc., which is known for bladder, piston, and diaphragm accumulators, to support the latter’s growth and stability.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.1.7 Retail
3.2 Technology & innovation landscape
3.3 Key news and initiatives
3.4 Regulatory landscape
3.5 Impact forces
3.5.1 Growth drivers
3.5.1.1 The expanding energy needs trigger the demand for gas and oil accumulators
3.5.1.2 Advanced oil accumulator technologies offer a benefit over competitors
3.5.1.3 Growing environmental risks and safety issues
3.5.2 Industry pitfalls & challenges
3.5.2.1 Fluctuating prices of oil and gas
3.5.2.2 Availability of alternate energy sources
3.6 Consumer buying behavior analysis
3.6.1 Demographic trends
3.6.2 Factors affecting buying decision
3.6.3 Consumer product adoption
3.6.4 Preferred distribution channel
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Industry rivalry
3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
