New York, USA, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global oil condition monitoring market is expected to garner a revenue of $1,387.5 million by 2031 and rise at a stable CAGR of 7.5% in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the oil condition monitoring market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Rising awareness with respect to extending the operational life of industrial machines and equipment is predicted to be the primary growth driver of the oil condition monitoring market in the forecast period. Additionally, increase in the use of predictive maintenance mechanisms is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Increasing use of big data analytics to process large volumes of datasets extracted from oil condition monitoring is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing adoption of predictive maintenance techniques in various industries is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, lack of skilled personnel may become a restraint in the growth of the oil condition monitoring market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The oil condition monitoring market, too, faced tremendously negative impact of the pandemic. Due to the lockdowns, the manufacturing industries were largely shut which brought down the demand for predictive maintenance techniques like oil condition monitoring. This decrease in demand for oil condition monitoring affected the growth rate of the market.
Segments of the Market
The Research Dive report has fragmented the oil condition monitoring market across different segments such as sampling type, product type, end use, and region.
Sampling Type: Off-site Sampling Sub-segment to be Highly Dominant
By sampling type, the off-site sampling sub-segment is expected to be highly dominant sub-segment by 2031. Off-site oil condition monitoring is used extensively across various sectors such as transportation, industrial, oil & gas, power generation, etc. This wide range of applicability is expected to push the growth of this sub-segment in the forecast period.
Product Type: Engine Sub-segment to have a Significant Market Share
By product type, the engine sub-segment of the oil condition monitoring market is predicted to garner high market share by 2031. The massive growth in engine oil condition monitoring systems is anticipated to help this sub-segment to grow in the forecast period.
End Use: Oil & Gas Sub-segment to Flourish Immensely
By end use, the oil and gas sub-segment is expected to generate huge revenue in the forecast timeframe. Oil condition monitoring plays a crucial role in oil and gas sector so as to prevent breakdowns of oil refineries. This utility of oil condition monitoring in oil and gas sector is expected to boost the growth of this sub-segment in the forecast period.
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Market in the North America Region to be the Most Profitable
By regional analysis, the oil condition monitoring market in North America region is predicted to be the most profitable in the forecast period. Rise in the adoption of predictive maintenance in the U.S. is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the oil condition monitoring market are
- Celanese Corporation
- BP p.l.c.
- Intertek Group plc
- Chevron Corporation.
- Shell
- SGS SA
- PARKER HANNIFIN CORP
- Eaton
- Bureau Veritas
- General Electric
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in January 2021, SGS, a leading testing, inspection, and certification company, announced that it had signed an acquisition agreement with SYNLAB Analytics & Services (A&S), an environmental and food testing company. The acquisition is aimed at enhancing its oil condition monitoring portfolio and will help the company to push its market share forward in the next few years.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Oil Condition Monitoring Market:
- The Need for Oil Condition Monitoring in Today's Industrial World
- Oil Condition Monitoring, And How It Is Going To Save You Money
- Global Oil Condition Monitoring Market to Generate $1,387.5 Million in the 2022–2031 Timeframe Due to Increase in Use of Predictive Maintenance Practices
