According to a recent report by MarketsandMarkets, ‘Oil and Gas Accumulator Market by Type, Applications and Geography – Global Trends and Forecast to 2018’, the global oil and gas accumulator market could grown to be worth US$ 1.31 billion by 2018, with a compound annual growth rate (CAGR) of 10.9%.
Factors responsible for growth include the ability of accumulators to prevent fluid loss, dampen the pulsations and vibrations, stabilize the rigs conserve energy and cope up with erratic and uncontrolled flow in blowout preventers, mud pumps and offshore rigs.
North America is the largest geographical market for oil and gas accumulators. Oil and gas accumulators also dominate the Latin American and Asia Pacific markets. In the rest of the world, although different applications are growing, the growth rate is low due to lack of awareness about the products.
The bladder accumulator is the most used type of oil and gas accumulator. Bladder accumulators account for more than half of the market size. This strong market share is attributed to high customer preference for this product. It is expected to continue to dominate the market in the future.
Blow out prevention (BOP) is expected to account for 50% of the market share by application. Accumulators are used in BOP to prevent fluid loss, as it has a good response time and can therefore cope with extreme erratic pressures and uncontrolled flow from the well.
The full report can be accessed on the MarketsandMarkets website.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16052014/oil_and_gas_accumulators_market_535/