Oil Condition Monitoring Market Will Reach USD 1,265.2 million by 2025. The reports forecast the oil condition monitoring market by type, sampling type, end use industry, and region. It highlights COVID-19 impact on the oil condition monitoring industry.
Description:
Global Oil Condition Monitoring Market: by Product Type (Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems), by Sampling Type (On-site and Off-site), by End-Use Industry (Transportation, Industrial, Oil & Gas, Mining, and Others), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
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The oil condition monitoring market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the oil condition monitoring industry.
Oil Condition Monitoring Market Industry Overview:
The oil condition monitoring market size was valued at USD 613.5 million in 2019, which is expected to reach USD 1,265.2 million by 2025, registering a CAGR of 9.1% during the forecast period (2020-2025). The oil condition monitoring is performed to avoid failures of the engine and the power train. With the oil condition monitoring, the maintenance of the engines, machines, and other systems is completed in an effective way, which in turn, decreases the downtime expense. Different types of tests are conducted for the oil condition monitoring, such as oil condition monitoring tests, marine lubricants quality scanning, wear metals testing, oil condition monitoring testing, and others.
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Factors Affecting the Oil Condition Monitoring Market Over the Forecast Period:
- Oil condition monitoring is used to improve the efficiency of equipment’s, decrease the running costs, and increase the financial returns, from wind turbines and generators, which in turn, fulfills the demand for cost-effective solutions for the monitoring of the oil condition.
• Increasing integration of big data analytics and rising adoption of Industrial Internet of Things (IIoT) is expected to offer growth opportunity to the oil condition monitoring system during the forecast period.
• Limited availability of skilled professionals and extra expenses of retrofitting existing system are some factors hampering the growth of the oil condition monitoring market.
Impact of COVID-19 on Oil Condition Monitoring Market:
The COVID-19 pandemic has severely impacted the growth of the oil control monitoring market. The pandemic has affected the functioning of the end-users of oil control monitoring system, which has directly impacted the growth of the market. The automobile industry, oil & gas industry, and mining sector has seen a considerable downfall in its operations due to the disruption in the supply and demand for finished goods from across these sectors. This, in turn, has declined the role of oil control manufacturing equipment. Therefore, a considerable downfall in the market value of oil control monitoring can be expected in 2020, considering the impact of COVID-19 outbreak on oil condition monitoring industry
Scope of the Report:
The report outlines the study of the global oil condition monitoring market based on product type, sampling type, and end-use industry.
Based on product type, the oil condition monitoring market is segmented into-
- Turbines
• Compressors
• Engines
• Gear Systems
• Hydraulic Systems
Based on sampling type, the oil condition monitoring market is segmented into-
- On-Site
• Off-Site
Based on end-use industry, the oil condition monitoring market is segmented into-
- Transportation
• Industrial
• Oil & Gas
• Mining
• Others (Power Generation)
Geographical Outlook:
The oil condition monitoring market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East and Africa. In 2019, North America held the largest share in the global oil condition monitoring market, followed by Europe and Asia Pacific. North America is further estimated to dominate the oil condition monitoring market during the forecast period. Moreover, Asia Pacific is expected to project the highest CAGR in the global market over the forecast period.
Oil Condition Monitoring Market by Region, 2019-2025 (USD Billion)
Oil Condition Monitoring Market Key Competitors Include:
The oil condition monitoring market is highly fragmented, with the presence of a large number of small players across the globe. The key oil condition monitoring market players operating in the global market include –
- AVENISENSE S.A.
• BP Oil International Ltd.
• Bureau Veritas
• Chevron Corporation
• CM Technologies
• Eaton Corporation
• General Electric Company
• Intertek Group
• Micromem Technologies Inc.
• Parker Hannifin Corporation
• Poseidon Systems
• SGS SA
• Shell RLA
• SPECTRO Analytical Instruments
• Techenomics International
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