Press release
North America Oil Condition Monitoring Services Market To Grow At A CAGR Of 5.7%
The widespread application of oil condition monitoring services in automotive, utilities, and marine is creating stable revenue streams for market stakeholders.Predictive maintenance activities are emerging as a driver for the growth of the North America oil condition monitoring services market. The burgeoning growth of the Industry 4.0 is providing impetus to predictive maintenance activities, which includes oil condition monitoring services. Predictive maintenance evaluates the condition of in-service equipment to estimate the maintenance period and early indicator for the machine downtime. This helps to minimize unplanned downtime in various operations.
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Energy and Oil & Gas Industries Revive Market Growth Post Coronavirus Outbreak
After a slowdown due to the coronavirus outbreak, the economy of North America is recovering post the ongoing vaccination measures. The reopening of various end markets such as energy industry, transportation, and construction activities are contributing to the growth of the North America oil condition monitoring services market.
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Stakeholders of the North America oil condition monitoring services market are reviving their supply chains to ensure business continuity. Business activities have been affected most where physical presence of human are most necessary. Major demand drivers for the market such as power, energy, and oil & gas is creating income sources for participants in the market landscape. Market stakeholders are witnessing a push and pull effect since in some regions oil prices are declining due to an oversupply of oil reserves. However, on the other hand, oil prices are soaring due to supply disruptions.
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Online Oil Condition Monitoring Services Overcome Shortcomings of Offline Methods
Offline lab procedures require routine screening and external lab research, which are potentially time consuming. Hence, market stakeholders are growing interest in online condition monitoring services to overcome the drawbacks of offline methods.
The delay in obtaining oil analysis from labs is hampering business activities in the market. Hence, participants in the market are turning toward online condition monitoring services.
Global Sustainability Aspirations Help Save Gallons of Oil
The overuse or inappropriate use of energy and other resources such as oil can elevate carbon footprints & greenhouse gas emissions (GHGs). Global sustainability aspirations are helping to reduce the environmental carbon footprint. The wear and tear due to friction affects the performance of machines. Such findings are fueling the demand for oil products and contributing to the expansion of the North America oil condition monitoring services market.
Companies in the North America oil condition monitoring services market are increasing R&D in oil and lubricants to evaluate their chemical & physical properties based on their tribological application. This analysis helps to save gallons of oil and other natural resources every year, along with a decline in carbon emissions.
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Integration of Online & Offline Services Allows Optimization of Manufacturing Processes
Industry 4.0 is significantly changing the North America oil condition monitoring services market landscape. The collaboration of online and offline services is generating incremental opportunities for market stakeholders. The integration of traditional laboratory analysis merged with data produced from online sensors is transforming business operations in the market. The proliferation of the Industrial Internet of Things (IIoT) network is emerging as a market driver.
Oil analysis in the future might not be limited to assessing the health of the lubricant or a specific component, but may play an integral role in optimizing manufacturing processes and remote monitoring of plants. Such trends are fueling the growth of the North America oil condition monitoring services market.
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