Press release
Oil Condition Monitoring Market is predicted to rise at 6.3% CAGR during 2022-2029, reaching USD 1483.6 billion | Size, Share, Trends & Forecast
Oil Condition Monitoring Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/oil-condition-monitoring-market/
The factors driving the growth of Oil Condition Monitoring Market includes rising awareness amongst end-users about the benefits of using oil condition monitoring machines, increasing consumption of electricity around the world, strict regulations imposed by Governments regarding workplace safety and improvements in the living standards. As per the data available at Statista, the world electricity consumption has increased from 20,873 terawatt-hours in 2014 to 23,900 terawatt-hours in 2019, which will accelerate the Oil Condition Monitoring Market size in the approaching years. Moreover, integration of advanced technologies such as Artificial Intelligence, Big Data Analytics and IIoT with oil condition monitoring systems, emerging need to conserve energy and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing application of oil condition monitoring solutions in end-use industries such as Aerospace, Automotive and Oil and Gas, rising investments by major players on research and development and growing population growth rates, are further contributing towards the market growth.
However, growth of the Oil Condition Monitoring Market is hindered due to insufficient availability of skilled technical resources.
The major players operating in the market are Parker Hannifin Corp, Chevron Corporation, General Electric Company, BP Plc, Eaton Corporation Plc, Intertek Group Plc, Shell Oil Company, Bureau Veritas SA, SGS SA, and Total Group, among others.
Based On Sampling, the On-site segment is predicted to expand at a significant CAGR during the forecast period
On-site oil condition monitoring solutions enhances efficiency and minimizes maintenance and servicing costs, are some of the factors propelling growth of the segment.
Based on Application, the Transportation segment is projected to grow at a robust CAGR over the forecast period
The oil condition monitoring systems aids in managing the vehicles components wear and eliminates machine failures, are some of the factors pushing segment's growth.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Growing demand for advanced oil condition monitoring systems, presence of the leading companies such as shell Oil Company, General Electric Company, and Chevron Corporation, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Market Segmentation
Segmentation by Product
Turbines
Compressors
Engines
Gear Systems
Hydraulic Systems
Segmentation by Sampling
On-site
Off-site
Segmentation by Application
Transportation
Automobile
Aerospace
Marine
Heavy Vehicles
Locomotive Engines
Industrial
Oil & Gas
Power
Mining
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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