Surge in exploration and production activities and rise in awareness for work safety habits drive the growth of the global oil & gas accumulator market. However, the outbreak of the COVID-19 pandemic has negatively impacted the global oil & gas accumulator market, owing to its dependence on the energy, power, oil and gas sectors, which witnessed losses during the first phase of the pandemic.
Portland, OR, Sept. 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global oil and gas accumulator market generated $488.3 million in 2020, and is projected to reach $814.4 million by 2030, witnessing a CAGR of 5.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in exploration and production activities and rise in awareness for work safety habits drive the growth of the global oil & gas accumulator market. However, transition to renewable sources of energy and high volatilities in prices of oil and gas restrain the market to some extent. On the other hand, rise in investments in onshore and offshore projects presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic has negatively impacted the global oil & gas accumulator market, owing to its dependence on the energy, power, oil and gas sectors, which witnessed losses during the first phase of the pandemic.
The pandemic led to implementation of lockdown which led to temporary closure of international borders for transportation and non-essential trade activities.
Furthermore, the temporary shutdown of oil refineries amid the COVID-19 period has reduced the demand for oil and gas accumulators in onshore sites for pressure recovery applications.
The report offers detailed segmentation of the global oil and gas accumulator market based on type, deployment location, application, and region.
Based on application, the blow-out preventer segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the drilling rigs segment is estimated to register the highest CAGR of 5.6% from 2021 to 2030.
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Based on deployment location, the offshore segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 5.4% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, LAMEA is projected to manifest the fastest CAGR of 6.6% during the forecast period.
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Leading players of the global oil & gas accumulator market analyzed in the research include Accumulators Inc., Airmo Inc., Bosch Rexroth AG, Eaton Corporation PLC (Eaton), HAWE Hydraulik SE, Hydac Verwaltung GmbH (Hydac), Hydroll, Nippon Accumulator Co., Ltd, NOK Corporation, and Parker Hannifin Corp.
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