The Oil Conditioning Monitoring Market Growth impelled by rising demand for power generation across the globe and increasing demand of cost-effective services.
Pune, India., July 29, 2021 (GLOBE NEWSWIRE) -- Oil Conditioning Monitoring Market: Key Insights
According to our new research study on “Oil Conditioning Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Sampling, Sensor Type, Product, Measurement, Industry and Geography,” the Oil Conditioning Monitoring Market Size is projected to reach US$ 1,572.93 million by 2028 from US$ 982.96 million in 2021; it is expected to register a CAGR of 6.9% during 2021–2028.
Oil Conditioning Monitoring Market: Competitive Landscape and Key Developments
CM Technologies GMBH, DES-CASE, Hydac Group, Intertek Group Plc, Poseidon Systems, Rheonics Group, SGS SA, Special Oilfield Services Co. LLC, Tan Delta Systems Limited, and Veritas Petroleum Services are among the key players profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global oil conditioning monitoring market and its ecosystem.
In 2021, Intertek Group plc (“Intertek”), a Total Quality Assurance provider to industries worldwide, had announced the launch of Intertek CarbonZeroTM, an independent and traceable carbon neutral certification programme for products and services.
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Oil conditioning monitoring is included in a wide range of industries. It aids in the prevention of major engine breakdowns in ships and airplanes. Furthermore, the worldwide oil conditioning monitoring market is expected to increase because of the increasing usage of predictive maintenance across various sectors. In addition, a spike in demand for cost-effective solutions, a rise in the requirement for time optimization, and an increase in the need for energy production are projected to further propel this market.
North America led the global oil conditioning monitoring market in 2020. The discovery of significant tight oil and unconventional natural gas resources boosts the economic growth of the region and increases the region's competitiveness in global markets. However, the development of these resources along with changing demands require the expansion of energy infrastructure and a reevaluation of North America's position in the global oil market. The physical change in infrastructure is underway, but it is lagging in the fast expansion of the resource base. The capacity to ease the transition is crucial in realizing the potential advantages of the increasing resource base's growth. As a result, the oil industry in North America is changing dramatically.
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Oil Conditioning Monitoring Market: Sampling Overview
Based on sampling, the global oil conditioning monitoring market is segmented into on-site and off-site. On-site oil analysis helps improve profitability on servicing and maintenance, boost equipment productivity, reduce oil waste and disposal, and cut downtime. Engines used in power production, transportation, and maritime industries can be checked for accuracy in operations by the user. Furthermore, it is required to monitor oil conditions regularly to ensure that the oil is used according to its performance specifications and remains safe to use. Oil pollution, machine wear, and oil degradation are monitored by a well-balanced oil analysis program. The trends of key metrics are rigorously observed and measured regularly. If any parameter, alarm limits, or trending rate changes are detected, reliability engineers are notified and maintenance activities are initiated to treat potential issues. Preventing engine problems accounts for most cost savings at a mining site with several carrying trucks. As oil analysis uses less material, recycles less, and saves time by extending oil drain intervals, it saves cost for a municipal transportation fleet. For instance, CM Technologies GmbH provides an on-site test and analysis to monitor oil with CMTs oil test kits.
Energy consumption across the world is anticipated to increase in coming years, with yearly usage reaching ~778 Etta Joule by 2035 due to the projected increase in global population, and growth in economic and industrial countries such as China and India. Industry machinery and other equipment designers and manufacturers are constantly looking for ways to improve the energy efficiency of their products by reducing heating and cooling losses, as well as improving heat transfer and electric motors. Nuclear power remains necessary owing to factors such as the necessity for reliable and baseload electricity, and the threat of global climate change.
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Furthermore, nuclear power is a critical component of energy strategy, as it is the only large-scale source of electricity with low carbon. It produces about 20% of the global power and more than 60% of the low-carbon energy. Nuclear power plants have emerged as a source of energy to meet the increasing electricity demand. The nuclear fuel cycle, as well as the ultimate decommissioning of such facilities as part of their life cycle or in the case of a natural or man-made disaster, are driving the demand for oil conditioning monitoring in power plants.
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