Hydraulic Accumulators Market Size, Share, Opportunities, And Trends By Type (Weighted Loaded, Spring Loaded, Gas Loaded), By End-User (Automotive, Construction, Power & Energy, Oil & Gas, Others), And By Geography - Forecasts From 2023 To 2028

The pressure storage container known as a hydraulic accumulator is where hydraulic fluid is stored under pressure while being applied by an outside source of energy. An engine, a lifted object, compressed air, or a spring can all be used as an external source of energy. One of the key factors fuelling the global market for hydraulic accumulators is the rising need for construction equipment. Moreover, the creation of the hydraulic accumulator's ability to conserve energy and its low price are factors in the market's expansion. They are also in demand with the increase in automotive production. In January 2023, the Federal Reserve reported automobile production in the United States grew in January to 1.60 million units from 1.58 million units in December 2022. The high-performance hydraulic accumulators are in greater demand due to their end-user applications rise in the automobile and construction sector which will grow the market.

The increase in demand in the automotive industry will boost the market.

A hydraulic accumulator is in demand in the automobile sector because it can absorb shocks and vibrations from any kind of road surface. It also reduces the operator's overall effort, improves safety, boosts productivity, and eliminates unnecessary and unwanted noise. The braking circuit can also use the hydraulic pressure held by the accumulator to boost the car's stopping capacity and used to compensate for weight-related differences in braking distance. The hydraulic accumulator has many uses in the automobile sector currently and will have a huge market in the coming future due to its application in automotive brake systems, which are becoming increasingly important as self-driving cars enter the market. According to the OICA data, the world’s motor vehicle production has increased from 77 711 725 units in 2020 to 80 145 988 in 2021 which has shown a rise of 3% in production. As per the same source, the world’s commercial vehicle sales have increased from 22,005,464 units in 2020 to 22,957,816 in 2021 which has shown a rise of 4% in sales. Such a rise in production and sales in the automotive sector is expected to boost the growth of the hydraulic accumulator market.

The increased use in the construction and agriculture sector will grow the market

Construction and agriculture are the two industries that can drive the hydraulic accumulator market. Accumulators are used in a variety of 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, which necessitates massive amounts of readily available energy. 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. In the agricultural sector, these accumulators enable the seeding machinery's hydraulic systems to operate more efficiently and smoothly. To avoid damage, it is crucial that the seeder tynes of these machines closely monitor the ground and can abruptly raise in the case of obstructions like stones. The Food and Agriculture Organization of the United Nations, Statistical Yearbook for 2022, estimates that 4.74 billion hectares of the planet's surface are used for agriculture, including both crops and meadows and pastures which estimates huge production takes place. This showcases that the rise of construction projects and agricultural production will drive the hydraulic accumulators market growth.

During the forecast period, Asia-Pacific will see growth in the hydraulic accumulator market

The Asia-Pacific region will have a relatively large market share for hydraulic accumulators. Asia-Pacific is anticipated to have strong growth in the hydraulic accumulator market over the course of the assessment period as a consequence of the extensive usage of accumulators in end-use application categories like automotive and construction owing to their desirable attributes. According to OCIA data in 2021, China manufactured 26,082,220 vehicles, an increase of 3% over the 25,225,242 units produced in 2020. As per the same source, truck production in India has also increased from 122576 units in 2020 to 246407 in 2021 which has shown a rise of 101% in the production rate. According to Infrastructure Australia, in Australia, yearly investments in buildings and infrastructure will peak in 2023 at over $52 billion which is roughly twice as much as what will be spent in 2020. The pace of vehicle manufacturing and increased construction project investments in the Asia-Pacific region will push up the demand for hydraulic accumulators which is expected to drive the market growth during the forecast period. 

Market Key Developments.

• In October 2019, AWC launched customized hydraulic accumulators, its newest product offering. The AWC Customized Hydraulic Accumulator has a long lifespan and is simple to maintain. These accumulators may be personalized and branded to match the unique requirements and are manufactured to the highest quality standards.

Hydraulic Accumulators Market Scope:

Segmentation

• By Type
  • Weighted Loaded
  • Spring Loaded
  • Gas Loaded
• By End-User
  • Automotive
  • 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
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others