Dublin, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The "Oil Condition Monitoring Market by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type (On-site, Off-site), Industry (Transportation, Industrial, Oil & Gas), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global oil condition monitoring market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021-2026.
Key factors fueling this market's growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs.
Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.
Power generation vertical to witness the highest CAGR in oil condition monitoring market during 2021-2026
The oil condition monitoring market for the power generation vertical is expected to grow with the highest CAGR during the forecast period. The power generation is one of the emerging industries witnessing a rapid adoption of oil condition monitoring.
Several machines, equipment, and components are used in the power generation industry. Equipment such as engines, turbines, gearboxes, and compressors operate at high temperature and pressure, thus, degrading the quality of oil used in this equipment. The oil condition monitoring helps to identify small problems within the equipment before any catastrophic failure.
APAC is expected to hold the largest share of oil condition monitoring market by 2026
The oil condition monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. The growing industrial activities and investments in the region are expected to boost the oil condition monitoring market.
Countries such as China, India, and Japan have investments for industries such as oil & gas, manufacturing, and mining. The oil condition monitoring helps users to give warning of possible machinery malfunction, allowing early remedial action to be taken.
Parker-Hannifin Corporation (US), General Electric (US), Shell plc (Netherlands), BP plc (UK), Bureau Veritas (France), Chevron Corporation (Switzerland), Intertek Group plc (UK), SGS SA (France), Eaton Corporation (Ireland), and TotalEnergies (France) are the major companies operating in the oil condition monitoring market.
Increasing Need for Cost-Effective Products To Boost Growth of Oil Condition Monitoring Market
On-Site Sampling To Register Higher CAGR From 2021 To 2026
Turbines To Hold Largest Share of Oil Condition Monitoring Market by 2026
Transportation Vertical and US Held Largest Share of North America Oil Condition Monitoring Market In 2020
China Oil Condition Monitoring Market To Exhibit Highest CAGR From 2021 To 2026
Surging demand for cost-effective solutions for maintaining health of machinery
Increasing awareness regarding importance of oil condition monitoring among industries
Growing focus on reducing maintenance costs
Expenses incurred in retrofitting existing systems
Lack of skilled technical resources for data analysis
Growing demand for energy
Increasing adoption of big data analytics and IIoT
Challenges with offline oil sampling
Decline in demand from oil & gas industry due to COVID-19
Wear Debris Analysis of Stern Tube Lubricants On Marine Cargo Vessels by Intertek Plc
Long-Term Application of Online Oil Condition Monitoring On Highway Diesel Engine by Poseidon Systems
Patent Registrations, 2018-2021
Patents Filed Between 2018 and 2021
Trend of Patents Granted During 2018-2021
Imports Scenario for Products Under Hs Code 903190
Exports Scenario for Products Under Hs Code 903190
Full Spectrum Holistic (FSH)
Internet of Things (IoT)
Carbon-free energy resources
Tariffs and Regulations
Government Regulations and Standards
Iso 14830-1:2019(en): Condition monitoring and diagnostics of machine systems - Tribology-based monitoring and diagnostics
Astm D7720 - 11(2017): Standard Guide for Statistically Evaluating Measurand Alarm Limits when Using Oil Analysis to Monitor Equipment and Oil for Fitness and Contamination
Techniques Used for Oil Condition Monitoring
On-Line Acoustic Viscometry In Oil Condition Monitoring
Inductively Coupled Plasma - Optical Emission Spectroscopy (Icp-Oes)
Fourier Transform Infrared (FTIR) Spectroscopy
Dielectric Strength Test
Cm Technologies GmbH
Delta Services Industries (DSI)
Eaton Corporation Plc
General Electric Company
Gill Sensors & Controls Limited
Insight Services Inc.
Intertek Group Plc
Micromem Applied Sensor Technologies Inc. (MAST)
Poseidon Systems, Llc
Right To Win
Royal Dutch Shell Plc
Special Oilfield Services Co. Llc
Spectro Analytical Instruments GmbH
Tan Delta Systems
Total Se (Totalenergies SE)
Unimarine Pte. Ltd.
Veritas Petroleum Services (VPS) Bv
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