Manufacturers to Benefit from Lucrative Growth Prospects in the Global Oil Condition Monitoring Market

According to a report published by Research Dive, the global oil condition monitoring market is forecasted to garner a revenue of $1,268.3 million by 2026, at a CAGR of 8.7% during 2018-2026. The extensive report puts forth a brief summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.

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Market Dynamics

When oil condition monitoring is performed correctly,it avoids machinery failures, leakages and thus avoids unnecessary wastage of time. Due to this factor, the need for oil condition monitoring is increasing at a rapid pace. Besides this, increase in the need for cost-effective solutions and electricity are some other factors anticipated to fuel the growth of the oil condition monitoring market.

Unavailability of skilled labor to analyze the oil condition monitoring is anticipated to hinder the growth of this market. Moreover, the cost associated with the training that is required to analyze these tools is high. These factors are anticipated to hinder the growth of the oil condition monitoring market.

The report has segmented the market based on deployment model, platform, application, technology and regional analysis.

The On-Site Sampling Sub-Segment is Anticipated to Witness Rapid Growth

The on-site sampling sub-segment is anticipated to witness rapid growth and is projected to surpass $578.3 million by 2026 at a CAGR of 9.5%. Factors like reduction in servicing cost, cost of maintenance and increase in productivity are anticipated to boost the growth of the global on-site sampling sub-segment during the estimated timeframe.

Turbines Sub-Segment is Projected to be the Most Lucrative

The turbines sub-segment is anticipated to garner a revenue of $210.5 million by 2026. The demand for turbines is growing rapidly as they are built with longer and larger shafts and have the ability to be operational under heavy loads with a higher temperature with decreasing oil reservoir volumes. These factors are anticipated to drive the growth of the turbines sub-segment during the estimated timeframe.

Transportation Sub-Segment is Anticipated to Witness Significant Growth

The transportation sub-segment is anticipated to garner $263.8 million by 2026, growing at a CAGR 9.6% during 2018-2026. The oil condition monitoring systems assist in managing vehicle components’ wear and failure effectively in the transportation industry. Moreover, the transportation end-user sub-segment is dependent on the performance of assets to effectively operate the business. This assists in system downtime which can positively affect the revenue of the business. These factors are projected to drive the transportation sub-segment growth in the estimated timeframe.

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Asia Pacific Region will be the Most Lucrative

Asia-Pacific region is anticipated to lead the market and garner a revenue of $300.6 million at a CAGR of 9.2% during 2018-2026. The growth is majorly attributed to the increasing number of transportations rising in this region. This is anticipated to drive the growth of the oil condition monitoring market in this region during the estimated timeframe.

Key Players and Business Strategies

The report enlists the most significant players of the global oil condition monitoring market. It includes the profiling of companies such as -

Trico
Chevron
Bureau Veritas
Parker Hannifin
SGS
General Electric
Intertek Group
BP
Eaton
Shell
These market players are adopting various organic and inorganic growth strategies such as partnership and acquisitions to increase their market share in the global oil condition monitoring market. For instance, in December 2020, Eaton, an American Irish-domiciled multinational power management company, partnered up with Enel X to work on the microgrid development project in Puerto Rico.

The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.

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This release was published on openPR.