Accumulators Market - Global Forecasts from 2023 to 2028

The global accumulators market was valued at US$714.161 million in 2021.

The accumulator is a pressure vessel that uses the compressible and de-compressible characteristics of nitrogen gas to store hydraulic pressure. As a result, the accumulator functions similarly to a rechargeable electric battery. Construction and agriculture will dominate the accumulator market due to their increasing application in machinery utilized by these industries. Accumulators are used in construction equipment such as excavators, loaders, dumpers, cranes, forklifts, and bulldozers. The accumulators are mainly used in end-user industries to lift large goods and machinery, which demand a lot of energy. As the industries are expanding, the demand for accumulators will increase, which will boost the overall market growth. High-performance accumulators are in greater demand due to their end-user applications and the rise in the oil and gas and construction sector, increasing global accumulator market growth.

The rising demand in the oil and gas industry will boost the market growth.

The oil and gas industry constantly needs accumulators due to the massive global demand for crude oil. Drilling and oil and gas exploration activities necessitated accumulators in large machinery. As demand for crude oil rises, the accumulator market will also grow rapidly. Companies have transitioned into deeper and new exploration projects to meet the increased oil demand, which will accelerate market expansion. According to the International Energy Agency (IEA), world oil consumption climbed by 5.4 million barrels per day (mb/d) in 2021 and is anticipated to rise by 1.9 mb/d to a record 101.7 mb/d in 2023. The rise in demand for crude oil in the oil and gas sector is expected to boost the global accumulator market growth during the forecasted period.

The rising usage in the construction sector will accelerate growth.

Accumulators are used in various construction equipment, including excavators, loaders, dumpers, cranes, forklifts, and bulldozers. Accumulators are the preferred material for these machines since they are primarily used to move large things and machinery, necessitating massive amounts of readily available energy. The increasing government investment in construction projects is expected to boost the demand for accumulators in the construction sector. In 2019, According to the National Development and Reform Commission of China authorized 26 infrastructure projects with completion dates projected for 2023. In October 2021, According to Infrastructure Australia, there will be a two-fold increase in significant infrastructure projects involving residential, civil, and commercial construction during the following three years. During the next ten years, an estimated $290 billion will be invested, almost tripling in the following three years. This showcases that the rise of construction projects will drive the global accumulators' market growth.

North America will dominate the accumulator market during the forecast period. 

The North American region will account for a significant market share owing to the growing oil and gas production and rising construction activities, which are expected to provide a positive outlook to the demand for accumulators in such major end users. According to U.S. Energy Information Administration (EIA), The United States' crude oil output averaged 11.7 million barrels per day in 2022, with projections of 12.4 million barrels per day in 2023, beating the record high set in 2019. As per the same source, In December 2022, Canada's crude oil production grew to 4783 BBL/D/1K, reaching an all-time high from 4711 BBL/D/1K in November 2022. In April 2023, according to the U.S. Census Bureau, the construction spending in February 2023 is expected to be $1,844.1 billion on a seasonally adjusted yearly basis, up 5.2 percent from the February 2022 forecast of $1,753.1 billion. The increased total construction project investments and rising oil production in the North American region will push up the demand for accumulators, which is expected to drive the overall market growth during the forecast period. 

Market Developments:

• In November 2022, Fogmaker launched a larger piston accumulator with a capacity of 9.5 liters. This new, larger accumulator bridges the gap between the 7.5-liter and 11.5-liter models, allowing for better optimization of solutions for customer needs and available space.
• In October 2021, Pronexos and Hydac collaborated on a project at the University of Augsburg with the Flensburg University of Applied Sciences to create a novel type of piston accumulator that will be utilized in the upcoming generation of wind turbines for wind power projects.

Market Segmentation:

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