Oil Condition Monitoring Market By Sampling Type (On-site Sampling, Off-site Sampling), By Product Type (Turbine, Compressor, Engine, Gear Systems, Hydraulic Systems), By End user (Transportation, Industrial, Oil & Gas, Power Generation, Mining): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global oil condition monitoring is anticipated to reach $1,387.5 million by 2031, growing from $689.7 million in 2021, at a CAGR of 7.5% from 2022 to 2031.
Oil is important for fuelling engines and for greasing moving components of machines and equipment across various industries such as power generation, transportation, industrial, and oil & gas plants. By monitoring the characteristics and quality of the oil, the efficiency and condition of machines and equipment can be monitored and unintended downtimes of machines can be avoided. Oil condition monitoring is usually used to analyze and measure degradation and contamination in lubricants and fuel oils throughout their lifecycle, which is an important factor in the predictive maintenance method. Furthermore, it avoids leakages and machinery failures, and thus it helps to save the machine’s downtime. Due to these characteristics, the need for oil condition monitoring is increasing at a rapid rate. The increase in the prevalence of predictive maintenance across various industries is also expected to boost the market growth.
The market expansion, however, is projected to be hampered by a lack of qualified workforce to interpret oil condition monitoring data. Another significant issue anticipated to hamper the oil condition monitoring market is the high installation cost of oil condition monitoring sensors.
The COVID-19 pandemic halted many business activities worldwide, as several countries imposed strict lockdowns and social isolation. For instance, both China and India imposed strict lockdowns and social isolation to curb COVID-19 transmission. Which in turn, severely affected manufacturing operations in the region. The Asia-Pacific comprises the world’s most manufacturing hubs. The COVID-19 pandemic has slowed down India and China’s economies, which has negatively affected the oil conditioning market development across the Asia-Pacific. In addition to this, the economic slowdown has affected the business R&D activities in oil condition monitoring projects across the world. However, various sectors are recovering back stronger post-COVID-19 pandemic. Hence, substantial growth is expected for the oil condition monitoring market.
The key players profiled in the report include Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p.l.c., Shell, Eaton, Intertek Group plc, SGS SA, and Bureau Veritas.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the oil condition monitoring market analysis from 2021 to 2031 to identify the prevailing oil condition monitoring market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the oil condition monitoring market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global oil condition monitoring market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Sampling Type
On-site Sampling
Off-site Sampling
By Product Type
Turbine
Compressor
Engine
Gear Systems
Hydraulic Systems
By End user
Transportation
Industrial
Oil Gas
Power Generation
Mining
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest Of Asia-Pacific
LAMEA
United Arab Emirates
South Africa
Rest Of LAMEA
Brazil
Saudi Arabia
Key Market Players
Parker-Hannifin Corporation
General Electric
Shell plc
BP plc
Bureau Veritas
Chevron Corporation
Intertek Group plc
SGS SA
Eaton Corporation
TotalEnergies
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