Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Accumulators Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global accumulators market, valued at USD 714.161 million in 2021, plays a pivotal role in various industries by storing hydraulic pressure using the compressible and de-compressible characteristics of nitrogen gas. Accumulators serve as energy storage devices in hydraulic systems, similar to rechargeable electric batteries.
This market caters to a wide range of industries, with a strong focus on construction and agriculture, where hydraulic machinery extensively relies on accumulators. The increasing application of accumulators in machinery used in these sectors is driving market growth.
Key Market Trends and Drivers
Several key trends and drivers are influencing the growth of the global accumulators market:
- Construction and Agriculture Dominance: The construction and agriculture sectors are the primary drivers of the accumulators market due to their heavy reliance on hydraulic machinery. These industries employ accumulators in various equipment, including excavators, loaders, dumpers, cranes, forklifts, and bulldozers. Accumulators play a crucial role in lifting and moving large goods and machinery, demanding significant energy. As these industries continue to expand, the demand for accumulators is expected to rise, driving overall market growth.
- Oil and Gas Industry Demand: The oil and gas industry is a major consumer of accumulators, particularly in large machinery used for drilling and exploration activities. As global demand for crude oil increases, companies are undertaking deeper and more extensive exploration projects, necessitating the use of accumulators. According to the International Energy Agency (IEA), world oil consumption rose by 5.4 million barrels per day (mb/d) in 2021 and is projected to reach a record 101.7 mb/d in 2023. This growth in the oil and gas sector is expected to fuel the global accumulator market.
- Construction Sector Growth: Accumulators are essential components in construction equipment, and the increasing government investments in infrastructure development projects are driving demand for accumulators. For instance, China has authorized multiple infrastructure projects slated for completion by 2023, while significant infrastructure projects in various sectors are on the rise in countries like Australia. The growth in construction projects is expected to propel the demand for accumulators in this sector.
- North America Dominance: North America is anticipated to dominate the accumulator market during the forecast period. This region benefits from increasing oil and gas production, driven by rising crude oil demand, and robust construction activities. The United States, in particular, has witnessed significant growth in crude oil output, and Canada's crude oil production reached an all-time high in December 2022. Moreover, construction spending in the United States continues to rise, further boosting accumulator demand.
Market Segmentation
The global accumulators market is segmented based on various factors:
By Type:
- Bladder Accumulator
- Diaphragm Accumulator
- Piston Accumulator
- Others
By End-User:
- Industrial
- Construction
- Power & Energy
- Oil & Gas
- Others
By Geography:
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- UK
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Others
Market Developments
- In November 2022, Fogmaker introduced a larger piston accumulator with a capacity of 9.5 liters. This addition aims to optimize solutions for customer needs and available space.
The global accumulators market is expected to continue its growth trajectory, primarily driven by the construction, agriculture, oil and gas, and industrial sectors. Accumulators play a vital role in these industries by storing hydraulic pressure and providing readily available energy for various applications.
Companies Mentioned
- ReasonTek
- Accumulators Inc.
- Eagle Industry Co. Ltd
- Parker Hannifin Corp
- HAWE Hydraulik SE
- Hydroll
- HYDAC International GmbH
- Bosch Rexroth Corporation
- PMC Hydraulics
- STAUFF Group
For more information about this report visit https://www.researchandmarkets.com/r/qah4iu
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