Oil Conditioning Monitoring Market Worth US$ 1,572.93 Million, Globally, by 2028 at 6.9% CAGR - Exclusive Report by The Insight Partners

According to our latest market study on "Oil Conditioning Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Sampling, Sensor Type, Product, Measurement, and Industry," the market is expected to grow from US$ 982.96 million in 2021 and is projected to reach US$ 1,572.93 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.

The growing oil imports and exports propel the demand for comprehensive oil monitoring in North America. Several companies in the regional oil conditioning monitoring market are providing specialized monitoring systems for both on- and off-shore units. For example, Parker Hannifin Corporation offers critical oil monitoring systems that can be accessed both off and on-site. The Fluid Condition Sensor (FCS) from the company is an online device that analyses critical fuel and oil properties in hydraulic and marine applications in real-time, such as conductivity, permittivity, moisture content, temperature, and pressure.

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The global oil conditioning monitoring market is segmented into five major regions- North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, North America led the market with a substantial revenue share, followed by APAC and Europe. North America is a prospective market for oil monitoring equipment manufacturers. According to U.S Energy Information Association, in 2020, the US exported around 8.51 MMb/d of petroleum and imported ~7.86 MMb/d, making the US a net yearly petroleum exporter for the first time since at least 1949. Also, in 2020, the US produced ~18.40 million barrels per day (MMb/d) of petroleum and consumed ~18.12 MMb/d.

The report on the Oil Conditioning Monitoring market includes information on the strategic collaborations. The study also mentions the key players across the Oil Conditioning Monitoring market. Here are some prominent participants involved in the Oil Conditioning Monitoring Market - Major Players: CM Technologies GMBH; DES-CASE; Hydac Group; Intertek Group Plc; Poseidon Systems; Rheonics Group; SGS SA; Special Oilfield Services Co. LLC; Tan Delta Systems Limited; and Veritas Petroleum Services.

Furthermore, oil shipments from North America to several nations are likely to increase in the future, increasing the demand for oil monitoring in the coming years. North American oil and gas exports are expected to increase from 9 billion cubic feet per day (bcfd) to 30 billion cubic feet per day (bcfd) between 2019 and 2030 owing to its rising demand, mostly from Asia.

Based on sampling, the oil conditioning monitoring market is segmented into on-site and off-site. In 2020, off-site held the maximum market share. Based on sensor type, the oil conditioning monitoring market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. Similarly, based on product, the oil conditioning monitoring market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. Based on measurement, the oil conditioning monitoring market is segmented into temperature, pressure, density, viscosity, dielectric, TAN/TBN, water dilution, fuel dilution, soot, and wear particles. Based on industry, the oil conditioning monitoring market is segmented into transportation, industrial, oil & gas, energy & power, and mining.

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Hundreds of oil samples are analyzed every day by specialist service laboratories and large plant operators for a variety of constituents to detect component wear and the presence of foreign materials that may accelerate wear. The study of lubricating oils in use helps in lowering operating costs, reducing downtimes, increasing plant and equipment lives, and making effective maintenance plans. Lubricating oil analysis is also being used to check the condition of engines and other machinery. It is used to lubricate most lubricated mechanical systems, such as engines, gear gearboxes, hydraulics, and the like, and has a wide range of applications in industries such as construction, power production, and transportation, including aircraft, fleet operations, and public transit.

Impact of COVID-19 Pandemic on Oil Conditioning Monitoring Market

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mechanical equipment's, including the hardware component of oil conditioning monitoring. The emergence of COVID-19 virus across the world, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in mechanical equipment supply chain. This disruption is expected to create tremors through till mid-2021. The mechanical equipment and oil and gas industry is likely to pick up pace soon after the governments across the world lift the various containment measures steadily to revive the economy.

To comprehend global Oil Conditioning Monitoring market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)

The Key Highlights of the Report:
• Estimates on market size by key regions/countries, product type and application, history data from 2020 to 2028, and forecast to 2028.
• The structure of global Oil Conditioning Monitoring market by identifying its various sub-segments
• Analysis of the value, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
• Detailed information about the key factors influencing the growth of the market including growth potential, opportunities, drivers, industry-specific challenges and risks.

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