The global oil condition monitoring market size is estimated to grow from USD 779 million in 2020 to USD 1,175 billion by 2025 at a CAGR of 8.5%
NEW YORK, March 30, 2020 /PRNewswire/ --
Global oil condition monitoring market to exhibit significant growth during 2020–2025.
The global oil condition monitoring market size is estimated to grow from USD 779 million in 2020 to USD 1,175 billion by 2025 at a CAGR of 8.5%. The key factors driving the growth of the market include increasing demand for cost-effective solutions, growing need for time optimization, reduction in maintenance cost, and rising demand for power generation drives the need for continuous oil monitoring in turbines. However, additional expenses incurred in retrofitting existing systems are restraining market growth.
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Turbines to lead the oil condition monitoring market during the forecast period.
Turbines have witnessed an increasing demand for lubrication requirements.The goal of an effective turbine oil analysis program is to maximize the reliability and availability of machinery while minimizing maintenance costs associated with oil change-outs, labor, repairs, and downtime.
The turbine oil condition monitoring helps in the detection of turbine oil's physical and chemical properties degradation, contamination, particles, metals, and water.
Transportation to be the largest market for oil condition monitoring during the forecast period "
The transportation industry includes automobiles, aerospace, marine, heavy vehicles, and locomotive engines.In the transportation industry, time plays a crucial role, and any unplanned asset breakdown can profoundly impact the business.
The oil condition monitoring in the transportation industry helps organizations to manage vehicle component wear and failure better.
Asia Pacific to be the fastest-growing oil condition monitoring market during the forecast period.
APAC has several growing oil & gas activities and approved projects for the production of commercial aircraft, which is expected to lead the manufacturing of in-house large passenger planes.Countries such as China, India, and Japan in the region have upcoming investments from automotive manufacturers.
The growth in the automotive industry is expected to boost the oil condition monitoring market in APAC.Further, India is among the rapidly growing economies in APAC.
Government initiatives are leading toward the development of the manufacturing sector in the country. All these factors are expected to propel the market growth in the region.
Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
• By Designation – C-Level = 33%, Director Level = 48%, and Manager Level = 19%
• By Region – North America = 20%, APAC = 35%, Europe = 25%, South America = 12% and Middle East & Africa = 8%
The key players in the global oil condition monitoring market include Parker Hannifin (US), Chevron (US), General Electric (US), Shell (Netherlands), Bureau Veritas (France), BP (UK), Eaton (Ireland), Intertek Group (UK), SGS (Switzerland), and Total (France).
The global oil condition monitoring market is segmented into the product type, sampling type, industry, and region.The market based on product type is segmented into turbines, compressors, engines, gear systems, and hydraulic systems.
Based on the sampling type, the market is segmented into on-site and off-site sampling.The market based on the industry is segmented into transportation, industrial, oil & gas, power, and mining.
The market is segmented into five regions—North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa.
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on product type, sampling type, industry, and region have been conducted to give an overall view of the oil condition monitoring market.
• The value chain analysis has been performed to provide an in-depth insight into the oil condition monitoring industry.
• Major drivers, restraints, opportunities, and challenges for the oil condition monitoring market have been detailed in this report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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