Oil Condition Monitoring Market Projected to Cross 970 million US$ by 2025

This report studies the global Oil Condition Monitoring market status and forecast, categorizes the global Oil Condition Monitoring market size (value & volume) by manufacturers, type, application, and region. This report focuses on the top manufacturers in North America, Europe, Japan, China, and other regions (India, Southeast Asia, Central & South America, and Middle East & Africa).

Oil analysis provides a detailed view of what is happening within machine components during operation.

Factors such as growing demand for economical solutions, increasing need for time optimization, and rising demand for electricity that drives the need for continuous oil monitoring in turbines are fueling the market growth. Companies are persistently looking for different cost-effective ways to reduce the cost of oil condition monitoring. However, extra costs incurred in retrofitting existing systems are one of the key factors hampering the market growth.

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On-site oil condition monitoring has assisted manufacturers to considerably enhance their productivity, efficiency, and profitability with regard to predictive maintenance. The off-site oil condition monitoring growth can be attributed to the higher adoption of traditional monitoring systems. It mainly consists of testing the oil samples at company-operated laboratories or third-party laboratories. Most of the oil condition monitoring firms is engaged in laboratory testing for better and in-detailed analysis of the sample.

Turbines have vital applications in verticals such as power, locomotive, and aerospace. The turbines used in these verticals work under very high pressure. The turbines are more prone to be broken at such a high pressure, owing to friction, which reduces the life of the system. To stay away from system breakdown, firms use high-quality oil as a lubricant in these turbines, thereby reducing the friction caused due to high pressure. Furthermore, there is a need for continuous monitoring of the oil quality to make sure the smooth operation of the system. There is a growing demand for energy in developing countries such as China, India, and Brazil, which would boost the need for oil condition monitoring services.

Some of the key players in the market include Bureau Veritas, Castrol Limited, Chevron Corporation, SGS, Intertek Group, Shell, Test Oil (Insight Services Inc) and Unimarine.

The global Oil Condition Monitoring market is valued at 470 million US$ in 2017 and will reach 970 million US$ by the end of 2025, growing at a CAGR of 9.4% during 2018-2025.

The major manufacturers covered in this report

Bureau Veritas

SGS

Intertek Group

Shell

Chevron Corporation

Castrol Limited

Unimarine

Veritas Petroleum Services

Insight Services Inc

Geographically, this report studies the top producers and consumers, focuses on product capacity, production, value, consumption, market share and growth opportunity in these key regions, covering

North America

Europe

China

Japan

Southeast Asia

India

On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into

On-site

Off-site

On the basis of the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate for each application, including

Transportation

Industrial

Oil & Gas

Energy & Power

Mining

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QY Research, INC.
17890 Castleton,
Suite 218,
City of industry, CA - 91748
USA: +1 626 295 2442
Email – inquiry@qyrsearch.com
Web – www.qyresearch.com

This release was published on openPR.