BURNABY, Canada, May 7, 2015 /PRNewswire/ --
Increase in exploration and drilling activity to drive demand for oil & gas accumulators in United States through 2020
According to recently published TechSci Research report "United States Oil & Gas Accumulator Market Forecast & Opportunities, 2020" the market for oil & gas accumulator in the US is projected to grow at a CAGR of over 6% during 2015-20. In order to address the growing energy demand in the United States, oil and gas exploration and drilling activities have significantly increased over the last decade. Since 2000, the number of rigs has increased by more than 100% and this count is anticipated to increase further in the coming years on account of increasing shale gas activities. The government plans to make the country self-sufficient by utilizing the available shale gas resources with them. Consequently, offshore rigs are moving further in sea to drill in greater depth, resulting in boosting demand for accumulator bottles.
Drilling companies are more focused towards reducing the overall cost of the drilling operations. Rig downtime due to equipment failure results in drilling companies incurring more time, effort and money in drilling operations. In BOPs, accumulators are used to provide sufficient amount of hydraulic energy to close the BOP in case of blowout. In mud pumps, accumulators are used for pulsation dampening in order to prevent them from shocks, thereby, increasing the equipment life with reduced maintenance costs. All these factors have been positively impacting the demand for accumulators in the country.
"In search of new oil and gas reserves, exploration of oil and gas has shifted from near shore to much far and deeper locations in the sea. As a result, advanced drilling technologies such as horizontal drilling and shale gas drilling are being employed to enhance the production and recovery rates of oil and gas reservoirs. This is significantly augmenting demand for oil & gas accumulators.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"United States Oil & Gas Accumulator Market Forecast & Opportunities, 2020" has evaluated the future growth potential of oil & gas accumulator market in the US and provides statistics and information on market structure, industry behaviour and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in oil & gas accumulator market.
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