COVID-19 impact on Oil Condition Monitoring Market and its Future Growth
Oil Condition Monitoring is a very important element for any prophetic maintenance schedule. Oil condition monitoring consists of monitoring, measuring, and analyzing the changes in fuel oils and lubricants for chemical content and contamination, along with tracking decrease in oil quality from new to end-of-life. These collected data helps the user to analyses and examine the performance of the machines and can maintain them timely.
1 Porter's Five Forces Analysis for Oil Condition Monitoring Market
1 Bargaining Power of Suppliers: The key players present in this market are very high due to which the supplier's power is high.
The bargaining power of suppliers is High.
2 Bargaining Power of Consumers: The number of consumers is very high thus the bargaining power of consumers in high.
The bargaining power of consumers is High.
Check out How COVID-19 impact on the Market. Click here to Speak with Analyst @ https://www.researchdive.com/connect-to-analyst/161
3 Threat of new entrants: Initial investment to develop an oil condition monitoring device is very high thus the threat of new entrants is low
The threat of new entrants is Low.
4 Threat of substitutes:There is no alternative for Oil Condition Monitoring, and thus the threat of substitutes is low.
The threat of substitutes is Low.
5 Competitive rivalry in the industry:This market includes a few market participants. Many of the key players are following similar strategies for the improvement of technologies.
The competitive rivalry in the industry is High.
Growing awareness among the people regarding the importance of the oil levels in machineries is anticipated to drive the oil condition monitoring market @ https://www.researchdive.com/purchase-enquiry/161
The high-quality oil state examination helps in understanding the status and the health of the machineries. Pollution caused by acid or water or fuel, has the ability to lead the oil to lose its lubrication properties which can in turn damage the equipment. Thus, to overcome these issues oil condition monitoring devices are used. The aforementioned are the key factors driving the oil condition monitoring market over the forecast period.
2 Oil Condition Monitoring Market Segmentation by Sampling Type
o On-site Sampling
o Off-site sampling
Reveal the Market Overview, Opportunity, Expansion, Regional Analysis, Market Trend, Key Companies Profile, Companies Strategies, SWOT analysis and Growth of Oil Condition Monitoring Market @ https://www.researchdive.com/download-sample/161
The cost associated with the installation of oil condition monitoring devices and additional requirement to upgrade the devices to sync with the oil condition monitoring devices is expected to restrain the market growth in the forecasted period.
3 Oil Condition Monitoring Market Segmentation by Product Type
o Gear Systems
o Hydraulic Systems
The global Oil Condition Monitoring market is bifurcated on the basis of sampling type into on-site sampling and off-site sampling. Among these, the on-site sampling segment is anticipated to boost the global Oil Condition Monitoring market, which is expected to reach $878.3 million by 2026, growing at CAGR of 9.5% during the forecasted period. On-site sampling can analyze the oil and can decrease costs incurred by maintenance and servicing, along with improving equipment productivity, reducing the oil wastage and disposal. These key factors are expected to drive the on-site sampling segment in the global oil condition monitoring market. However, off-site sampling segment held the highest market share in the year 2018 accounting for $371.5 million and is expected to reach $689.9 million by 2026 growing at a CAGR of 8.0% during the projected years.
4 Oil Condition Monitoring Market Segmentation by End-use
o Oil & Gas
o Power Generation
On the basis of the product type, the global Oil Condition Monitoring market is divided turbines, engines, hydraulic systems, compressors and gear systems. Among these, the market for engines segment led the market in 2018 accounting for $175.0 million. Turbines segment is projected to rule the Oil Condition Monitoring Market during the projected period. The growth is majorly due to the growing usage of turbines in various applications, that needs regular check-ups for better operations. The turbines that are being used in various industries work under high pressure; at such high pressures, the turbines are widely prone to the damages that can be caused due to friction. To avoid system shutdown, organizations use high-quality oil as the lubricant in the turbines, which reduces the friction that is caused due to the heavy pressures. These keys factors are expected to drive the oil condition monitoring market.
5 Key Companies Profiled
o Parker Hannifin
o General Electric
o Intertek Group
o Bureau Veritas
Get Access to Full Report (TOC, Figures, Chart, etc.) @ https://www.researchdive.com/161/oil-condition-monitoring-market
The oil & gas segment led the global oil condition monitoring market end-user segment accounting for $193.3 million in 2018 and is expected to reach $360.2 million during the forecast period. In addition, the transportation segment is projected to dominate the end-user segment during the recent years accounting for $263.8 million by 2026 growing at a CAGR of 9.6%. The oil condition monitoring aids in overcoming critical engine failures that may occur in ships and airplanes among other transportation mediums. The above-mentioned factor helps to boost the transportation segment during the forecasted timeframe.
The global Oil Condition Monitoring market has been classified regionally into North America, Europe, Asia-Pacific, and LAMEA. The North America region held the largest market value in 2018 accounting for $184.8 million and is anticipated to reach $339.9 million by 2026, growing at a CAGR of 7.9% during the forecast period. Asia-Pacific region is expected to dominate the Oil Condition Monitoring market; this growth is majorly due to the growing transportation expenditure in this region along with the growing mining and automotive industries. Asia-Pacific region accounted for $149.0 million in 2018 and is expected to reach $300.6 million by 2026, growing at a CAGR of 9.2 during the forecast period.
Top gaining participants of global Oil Condition Monitoring market are Parker Hannifin, Chevron, General Electric, Shell, BP, Intertek Group, Eaton, SGS, Trico and Bureau Veritas many others. These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall Oil Condition Monitoring industry.
Mr. Abhishek Paliwal
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
+1 (917) 444-1262 (US)
Toll Free: +1-888-961-4454
Follow us: https://marketinsightinformation.blogspot.com/
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release COVID-19 impact on Oil Condition Monitoring Market and its Future Growth here
News-ID: 2030592 • Views: 442
More Releases from Research Dive
COVID-19 Impact Review: What to Expect from Portable Oxygen Kit Industry in 2020 …
According to a new report published by Research Dive, the global portable oxygen kits market was accounted for $1,372.6 million in 2018, is projected to reach $2,616.8 million by 2026, and at 8.4% CAGR. Growing awareness among the people about prevalence of chronic obstructive pulmonary disease (COPD) and importance of portable oxygen kits while mountain climbing and participating in adventure activities are key drivers for the portable oxygen kit market growth.
Corona Impact: Is Enterprise Data Management Market will Propel with its Advance …
Our digital world is built entirely on different forms of data. Data is a crucial part of almost every business and everyone utilizes it for different purposes. The demand for enterprise data management systems has recently witnessed a significant rise in popularity across multiple organizations, companies, and also among business analysts and consultants. Today, tremendous interest is seen in enterprise data management, and this is specifically because of the advent
Early Impacts of COVID-19: Is Contactless Payment Market will Propel with its Ad …
Contactless payment, also called as a tap-and-go system is a secure mode where the transactions are done using technologies such as NFC (near field communication), RFID (radio frequency identification), infrared, and bluetooth. Contactless payment is hassle-free and convenient for customers as it takes only one-tenth of the time taken by the old-style electronic transaction. Contactless payment is becoming popular owing to its benefits such as secure and fast payments without
The COVID-19 Fallout: Construction Chemicals Industry- Watchout for These Trends …
The construction industry is under constant pressure of mega trends such as scarcity of materials and resources as well as the impact of climate change. For fulfilling these demands, there arises a need to manufacture chemical additives that can enhance the properties of several construction materials. Construction chemicals are among the vital components that are extensively used in the construction industry to meet the requirements of modern constructions. Applications of
More Releases for Oil
Base Oil Market
Base Oil Market Size Worth $ 48,347.04 Million By 2026 | CAGR: 1.2% The global Base Oil market size is expected to reach USD 48,347.04 million by 2026 according to a new study by WhipSmart MI Research. The report “Base Oil Market by Type (Group I, Group II, Group III, Group IV and Group V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil and Others) and By Regions,
Oil Refining Pumps Market |
The global demand for oil refining pumps is expected to surpass 3 million tons by 2018 end, according to a latest Fact.MR report on oil refining pumps market. Rising oil and gas production, and increase in petroleum-based power generation are driving oil refining pumps demand. The oil supply has sharply increased from Russia, Middle East, and the US, compensating for fall in oil production in Iran and Venezuela. The demand for
Gingelly oil Market
https://www.qandqmarketresearch.com/reports/7431261/gingelly-oil-market-48 The global Gingelly oil market is valued at million US$ in 2018 is expected to reach million US$ by the end of 2025, growing at a CAGR of during 20192025. This report focuses on Gingelly oil volume and value at global level, regional level and company level. From a global perspective, this report represents overall Gingelly oil market size by analyzing historical data and future prospect. Regionally, this report focuses on
Oil & Gas Explosion Lawyer
Concerns about gas and oil explosions and worker safety have been at the forefront of Oklahoma state officials’ minds as they continue to investigate a recent Pittsburg County explosion that left five workers dead and 17 with minor injuries. The explosion has shaken a state that is heavily invested in the fuel industry and has been said to be the worst incident of its kind since the Deepwater Horizon tragedy. Oklahoma
Cottonseed Oil Market
Global cottonseed oil market is expected to grow at a steady rate as the product is used in processing of many food & beverage products. It has neutral flavour and is said to enhance the natural taste of food products in which they are used. Thus, they are used extensively for frying and baking purposes. Margarines, whipped toppings, icings, salads, potato chips & french fries, cereals, baked goods, stir-fried and
Automotive Gear Oil Market
Automobile gears (or cogs) are rotating machine part having cut teeth, or cogs which mesh with another toothed part in order to transmit torque. The arrangement of two or more gears forms automotive transmission system. Automotive gear oil can be petroleum or synthetic based, used especially for lubricating automotive gears for all class of vehicles. It provide high transmission efficiency, reduce engine heating, provides proper clutch friction, insure better oxidation