New York, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s latest report, the global oil condition monitoring market is anticipated to rise at a stunning CAGR of 8.7%, thereby garnering a revenue of $1,268.3 million by 2026. This latest report by Research Dive provides a brief outlook of the contemporary architecture of the oil condition monitoring market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2026. All the important market statistics are also provided in this report to help new market players gain insights about the market easily.
Dynamics of the Oil Condition Monitoring Market
Drivers: Oil conditioning monitoring has seen an increase in demand from various industries as it helps in avoiding leakages and machinery failures. This increase in demand is predicted to boost the oil condition monitoring market in the forecast years. Apart from this, increase in demand for cost-effective solutions and electricity is predicted to push the market forward.
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Opportunities: Over the last few years, there is a growth in the awareness among people regarding the importance of oil levels in industrial machinery, which is anticipated to offer numerous growth and investment opportunities to the market. Additionally, increasing criticality of oil condition monitoring to avoid machine failure is predicted to boost the growth rate of the market further.
Restraints: Lack of skilled labor in oil condition monitoring may, however, restrain the growth of the oil condition monitoring market.
Segments of the Oil Condition Monitoring Market
The report has fragmented the oil condition monitoring market into certain segments based on sampling type, product type, end-user, and region.
Sampling Type: On-Site Sub-segment to Have the Significant Growth
By sampling type, the on-site sub-segment is expected to grow handsomely and garner a substantial revenue of $578.3 million by 2026. The features of on-site sampling such as reduced servicing costs, reduced maintenance cost, and increase in productivity is predicted to help the sub-segment flourish in the forecast period.
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Product Type: Turbine Sub-segment to Have the Highest Growth Rate
By product type, the turbines sub-segment is predicted to witness fastest market growth and generate a revenue of $210.5 million by 2026. There is a high demand for turbines as they have longer shafts and can operate under heavy loads with higher temperature. These features are expected to make the sub-segment grow significantly in the forecast period.
End-User: Transportation Sub-segment to Flourish Immensely
By end-user, the transportation sub-segment is expected to experience immense growth by 2026, growing at a CAGR 9.6% during the projected timeframe. The oil condition monitoring system ensures effective working of the transportation system by managing the wear and failure of the vehicle components. These factors are expected to help the sub-segment positively in the forecast period.
Region: Market in Asia-Pacific Region to be Highly Dominant
By regional analysis, the oil condition monitoring market in the Asia-Pacific region is projected to be highly dominating and garner a revenue of $300.6 million during the forecasted period. The growing number of transportations in this part of the world is predicted to become the primary growth driver of the market in this region.
Prominent Oil Condition Monitoring Market Players
Some leading market players of the oil condition monitoring market are
- Chevron
- Shell
- SGS
- Parker Hannifin
- Eaton
- Bureau Veritas
- General Electric
- Intertek Group
- Trico
- and BP, among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Buy the Full Report Here!
For instance, in August 2021, Shell, a British multinational oil and gas company, announced the launch of VitalyX, an advanced analytics-based oil condition monitoring system for marine sector. Powered by Shell Remote Sense, VitalyX offers early warning oil condition monitoring system that helps in increasing machine uptime. This upgrade is expected to revolutionize the marine sector and ultimately help Shell to consolidate its position as the leader of the industry in the coming period.
Finally, the Research Dive report also summarizes many crucial aspects of the oil condition monitoring market including financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
More about Oil Condition Monitoring Market:
- Innovations in Next-generation oil Conditions Monitoring Systems to Pave the way for the Growth of oil Condition Monitoring Market
- Oil Condition Monitoring, And How It Is Going To Save You Money
Global Oil Condition Monitoring Market Growing At CAGR Of 8.7% By 2026
