DUBLIN, Dec. 1, 2021 /PRNewswire/ — 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 providing.
The world oil situation monitoring market is predicted to develop from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it’s anticipated to develop at a CAGR of 6.1% throughout 2021-2026.
Key components fueling this market’s progress embrace surging demand for cost-effective options for sustaining equipment well being, growing consciousness concerning the significance of oil situation monitoring amongst industries, and rising concentrate on decreasing upkeep prices.
Growing demand for power and growing adoption of huge knowledge analytics and IIoT create a robust demand for oil situation monitoring for environment friendly industrial operations within the midst of COVID-19.
Power era vertical to witness the very best CAGR in oil situation monitoring market throughout 2021-2026
The oil situation monitoring marketplace for the facility era vertical is predicted to develop with the very best CAGR through the forecast interval. The energy era is among the rising industries witnessing a fast adoption of oil situation monitoring.
Several machines, gear, and elements are used within the energy era trade. Equipment resembling engines, generators, gearboxes, and compressors function at excessive temperature and strain, thus, degrading the standard of oil used on this gear. The oil situation monitoring helps to determine small issues throughout the gear earlier than any catastrophic failure.
APAC is predicted to carry the biggest share of oil situation monitoring market by 2026
The oil situation monitoring market in APAC is predicted to develop on the highest CAGR through the forecast interval. The rising industrial actions and investments within the area are anticipated to spice up the oil situation monitoring market.
Countries resembling China, India, and Japan have investments for industries resembling oil & fuel, manufacturing, and mining. The oil situation monitoring helps customers to provide warning of doable equipment malfunction, permitting early remedial motion 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 main corporations working within the oil situation monitoring market.
Premium Insights
- 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
Market Dynamics
Drivers
- Surging demand for cost-effective options for sustaining well being of equipment
- Increasing consciousness concerning significance of oil situation monitoring amongst industries
- Growing concentrate on decreasing upkeep prices
Restraints
- Expenses incurred in retrofitting current programs
- Lack of expert technical sources for knowledge evaluation
Opportunities
- Growing demand for power
- Increasing adoption of huge knowledge analytics and IIoT
Challenges
- Challenges with offline oil sampling
- Decline in demand from oil & fuel trade resulting from COVID-19
Case Studies
- 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
Patents Analysis
Patent Registrations, 2018-2021
- Patents Analysis
- Document sort
- Patents Filed Between 2018 and 2021
- Trend of Patents Granted During 2018-2021
- Insight
- General Electric
Trade Analysis
- Imports Scenario for Products Under Hs Code 903190
- Exports Scenario for Products Under Hs Code 903190
Technology Trends
- Key Technology
- Full Spectrum Holistic (FSH)
- Internet of Things (IoT)
- Adjacent Technologies
- Carbon-free power sources
Tariffs and Regulations
Government Regulations and Standards
- Government Regulations
- Standards
- Iso 14830-1:2019(en): Condition monitoring and diagnostics of machine programs – 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
- Ferrography
- On-Line Acoustic Viscometry In Oil Condition Monitoring
- Inductively Coupled Plasma – Optical Emission Spectroscopy (Icp-Oes)
- Fourier Transform Infrared (FTIR) Spectroscopy
- Dielectric Strength Test
- Potentiometric Titration
Companies Mentioned
- Avenisense SA
- BP Plc
- Bureau Veritas
- Chevron Corporation
- Cm Technologies GmbH
- Delta Services Industries (DSI)
- Des-Case Corporation
- Eaton Corporation Plc
- General Electric Company
- Gill Sensors & Controls Limited
- Hydac International
- Insight Services Inc.
- Intertek Group Plc
- Micromem Applied Sensor Technologies Inc. (MAST)
- Monition Ltd.
- Parker-Hannifin Corporation
- Poseidon Systems, Llc
- Right To Win
- Royal Dutch Shell Plc
- SGS SA
- Special Oilfield Services Co. Llc
- Spectro Analytical Instruments GmbH
- Tan Delta Systems
- Total Se (Totalenergies SE)
- Unimarine Pte. Ltd.
- Veritas Petroleum Services (VPS) Bv
For extra details about this report go to https://www.researchandmarkets.com/r/rsetf2
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SOURCE Research and Markets
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