Press release
Oil Condition Monitoring Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Parker Hannifin Corporation, Royal Dutch Shell plc, Bureau Veritas Group, Intertek Group plc
Oil Condition Monitoring Market Characteristics
The Business Research Company offers in-depth market insights through Oil Condition Monitoring Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The oil condition monitoring market size has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to asset reliability concerns, stringent quality and safety standards, preventive maintenance practices, complex machinery in oil & gas sector, rising focus on energy efficiency, awareness of environmental impact, growing demand for uninterrupted operations..
The oil condition monitoring market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to demand for remote monitoring solutions, focus on proactive maintenance strategies, expansion of wind and solar energy, evolving regulatory landscape, rise in demand for condition-based monitoring.. Major trends in the forecast period include focus on real-time monitoring, wireless sensor networks, oil quality monitoring, remote oil sampling and analysis, cloud-based monitoring platforms, strategic partnerships and collaborations..
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Market Segmentation:
The oil condition monitoring market covered in this report is segmented -
1) By Product: Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems
2) By Sampling: On Site, Off Site
3) By End User: Transportation, Oil And Gas, Mining, Energy And Power
Major Driver - Automobile Industry Boom Fuels Expansion Of The Oil Condition Monitoring Market
The boom in the automobile industry is expected to propel the growth of the oil condition monitoring market going forward. The automobile industry refers to the businesses and activities engaged in the production of motor cars, including the majority of their parts, such as their engines and bodies. Oil condition monitoring helps the automobile industry by monitoring, measuring, and analyzing changes in lubricant and fuel oils for chemical content and contamination and tracking degradation in oil quality. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), an Indian not-for-profit apex national body, the automotive industry produced a total of 22.9 million vehicles, including commercial vehicles, passenger vehicles, and two-, three-, and four-wheelers, from April 2021 to March 2022, which shows an increase from the previous years. Therefore, the boom in the automobile industry is driving the oil condition monitoring market.
Competitive Landscape:
Major companies operating in the oil condition monitoring market report are Parker Hannifin Corporation, Royal Dutch Shell plc, Bureau Veritas Group, Intertek Group plc, Société Générale de Surveillance S.A., General Electric Company, British Petroleum Company plc, Chevron Corporation, Baker Hughes Company, Exxon Mobil Corporation, Fluid Life Corporation, Insight Services Inc., Celanese Corporation, Eaton Corporation plc, UNIMARINE LLC, Honeywell International Inc., Total SE, Rockwell Automation Inc., National Instruments Corporation, Vickers Oils Ltd., Element Materials Technology Group Limited, Eastway Tank Pump & Meter Limited, Blue Oceans Satellite Systems Inc., Anomalous Networks Inc., WearCheck Africa (Pty) Ltd., Wärtsilä Corporation, Société Générale de Surveillance SA, Intertek Group plc, TotalEnergies, Techenomics International
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Top Trend - Technological Advancements In Oil Condition Monitoring
Technological advancement is a key trend in the oil condition monitoring market. Many companies operating in oil condition monitoring are focusing on innovating new products with advanced technologies to strengthen their position in the market. For instance, in August 2021, Parker Hannifin, a US-based leader in motion and control technologies, launched an innovative oil condition monitoring technology, DIGI Plus, that helps marine operators reduce costs and downtime and protect assets. The DIGI Plus combined test cell allows users to swiftly and easily test for the presence of water in oil and the base number of oil samples. It also enables users to find out-of-spec oils and lubricants and spot potential issues before they become crucial.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oil Condition Monitoring Market Characteristics
3. Oil Condition Monitoring Market Trends And Strategies
4. Oil Condition Monitoring Market - Macro Economic Scenario
5. Oil Condition Monitoring Market Size And Growth
…..
27. Oil Condition Monitoring Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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