New York, USA, Sept. 13, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global oil condition monitoring market is anticipated to generate a significant revenue of $1,268.3 million at a CAGR of 8.7% during the forecast period, 2019-2026.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Download PDF Sample Report of Oil Condition Monitoring
Dynamics of the Market
Drivers: Oil condition monitoring is performed across manufacturing and construction companies to prevent oil leakages and machinery failure. The cost-effectiveness of the system is one of the major factors for the increasing the demand and growth of the global oil condition monitoring market.
Restraint: Installation cost of oil condition monitoring devices is very high, which is expected to restrain the growth of the market during the forecast period.
Opportunity: Rising demand of the oil condition monitoring devices from the end-users is expected to create many opportunities for the market in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on sampling type, product type, end-user, and regional analysis.
Sampling Type: On-Site Sub-Segment Expected to be the Most Lucrative
The on-site sampling sub-segment is predicted to garner a revenue of $578.3 million at a CAGR of 9.5% during the forecast period. The main attributor of this growth is the benefits of on-site sampling such as less servicing cost, lesser maintenance cost and increased productivity.
Product Type: Turbines Sub-Segment Expected to be the Most Profitable
Turbines sub-segment is expected to garner the highest revenue of $210.5 million by the end of 2026. Turbines are traditionally applied predictive-maintenance technologies. These turbines are built with long and large shafts which make them capable of operating under heavy loads and higher temperature with declining oil reservoir volumes. These factors are expected to enhance the growth of the sector.
End-User: Transportation Sub-Segment Predicted to be the Most Beneficial
The transportation segment is expected to garner $263.8 million by the end of 2026, at a CAGR of 9.6% during the analysis period. Vehicles and the transport industry have been benefitted by the oil condition monitoring system as it increases efficiency and prevents any sort of vehicle failure because of oil leakage or other malfunctions. This is the main factor fueling the growth of the market segment.
Get Access to Comprehensive Analysis of the Impact of Oil Condition Monitoring
Regional Outlook: Asia-Pacific Expected to Dominate the Market
Asia-Pacific regional market is predicted to dominate the market with a revenue of $300.6 million at a CAGR of 9.2% during the forecast period. Increasing rate of vehicle purchasing in the regional countries such as India, China, and Japan is expected to enhance the growth of the market during the forecast period.
Key Players & Strategies
The topmost players of the global oil condition monitoring market include -
- Parker Hannifin
- Chevron
- General Electric
- BP
- Eaton
- Shell
- SGS
- Bureau Veritas
- Intertek Group
- Trico
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Recent Development
In August 2021, Intertek, a foremost Total Quality Assurance solution company, legally launched its novel, Minerals Global Centre of Excellence, a key global center for the minerals and mining industry, in Perth, Western Australia.
The Centre of Excellence is the biggest Intertek Minerals laboratory across the globe and syndicates the Group’s Minerals business into a 20,000 m2, multi-service, and sophisticated service equipped with the newest groundbreaking technology to offer a wide array of Assurance, Testing, Inspection and Certification (ATIC) services to the global industry.
Top Trending Reports-
- 3D Sensor Market - https://www.researchdive.com/89/3d-sensor-market
- Building Automation Market - https://www.researchdive.com/8372/building-automation-system-market
- Fluid Sensors Market - https://www.researchdive.com/5178/fluid-sensors-market
