Global Oil and Gas Accumulator Market 2017-2021
About Oil and Gas Accumulator
Oil and gas is one of the biggest sectors in the world in terms of revenue generation. The industry includes a majority of the national oil companies that generate billions of dollars, which contributes significantly toward the economic development of any country. Several industries are dependent on the oil and gas sector, which require either the final petroleum product or general oil and gas services. This industry is responsible for providing thousands of jobs, and its success or failure has a huge impact on several industries. An accumulator is a pressure storage reservoir, which stores a specific amount of fluid that is under pressure. This fluid is later released to perform a specific operation in the hydraulic system.
Technavio’s analysts forecast the global oil and gas accumulator market to grow at a CAGR of 3.65% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global oil and gas accumulator market for 2017-2021. To calculate the market size, the report considers the number of active rig count across the world.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oil and Gas Accumulator Market 2017-2021
Technavio recognizes the following companies as the key players in the global oil and gas accumulator market: Bosch Rexroth, Eaton, Freudenberg Sealing Technologies, NIPPON ACCUMULATOR, and PARKER HANNIFIN
Other Prominent Vendors in the market are: Airmo, Accumulators, General Electric, HANNON HYDRAULICS, Hydac International, Roth Industries, and TECHNETICS.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is IoT in accumulators. The oil extraction process involves different types of moving devices, and the operations are manual and labor intensive. As a result, the application of IoT-enabled solutions can deliver real cost savings and increase the production for owner-operators, independent E&P players, and related stakeholders operating in the oil field. IoT-enabled solutions that provide remote monitoring, inform whether the artificial lift is working and whether or not the fluid is flowing, reduce the need to visit the site. With the introduction of IoT and analytics-enabled solutions in oil extraction, the production will become more optimized and result in increased profit margins”
According to the report, one of the major drivers for this market is Increase in oil rig count. During 2014, when the crude oil price was trading over $110/bbl, the global rig count was at its peak. Several exploration and drilling projects were being executed; some in the initial stages of production, and other new ones in the planning stage. For instance, in 2014, Shell announced its initiation of production from the second Mars platform in the deepwater Gulf of Mexico. The production was through Olympus, which is the company's seventh and largest floating deep-water platform in the Gulf of Mexico. However, this was soon offset by the continuous decline in the oil price. The decline in crude oil price reduced the companies' profit margins. This, in turn, had a severe impact on the cash flow of the organizations. As a result, new drilling and production projects were put on hold till the oil prices stabilized. Several deep and ultra-deepwater projects that were estimated to be worth over hundreds of billion dollars were called off across the world.
Further, the report states that one of the major factors hindering the growth of this market is Uncertainties associated with low crude oil prices. Volatility in the price of crude oil has a severe impact on the performance of the upstream oil and gas sector. The continued trend of low crude prices since mid-2014 has put additional pressure on oil and gas service providing companies. The companies have experienced a phase of reduced revenues, which directly impacts the financial aspect of any company. Though integrated oil companies were still able to absorb some of the pressure because of the increased revenue from the downstream sector, pure upstream companies have been affected the most.
Bosch Rexroth, Eaton, Freudenberg Sealing Technologies, NIPPON ACCUMULATOR, and PARKER HANNIFIN, Airmo, Accumulators, General Electric, HANNON HYDRAULICS, Hydac International, Roth Industries, and TECHNETICS.
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