Press release
Oil and Gas Condition Monitoring System Market is Forecasted to Reach US$ 1328.9 million in 2027, Says Stratview Research
The global Oil and Gas Condition Monitoring System Market is projected to witness a growth rate of 4.6% annually from 2022 to 2027, with an anticipated size of US$ 1328.9 million in 2027, according to an analysis by Stratview Research.Stratview Research, a global market research firm has launched a report on the global Oil and Gas Condition Monitoring System Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2586/oil-and-gas-condition-monitoring-system-market.html#form
Report Highlights:
Market Size in 2027: US$ 1328.9 million
Growth (CAGR): 4.6% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 7
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights on the Oil and Gas Condition Monitoring System Market:
The global Oil and Gas Condition Monitoring System Market is segmented drilling type, sector type, monitoring technique type, product type, application type and region
Based on drilling type: The condition monitoring system market for the oil & gas industry is bifurcated as onshore and offshore. Onshore held a significant market share of more than 80% in 202. The onshore segment accounts for the maximum market share during the forecast period, mainly due to higher oil production paired with the use of a large number of rotating equipment during production and refinery. Offshore also generates an ample demand for condition monitoring systems.
Based on monitoring technique type: The market is segmented into vibration analysis, thermography, oil analysis, and others. Vibration monitoring systems held a significant market share of more than 85% in 2021. Among these technique types, vibration monitoring systems held a significant market during the forecast period. Vibration analysis is of paramount importance, particularly for rotating equipment. There is a lot of rotating equipment used in the oil & gas industry, mainly during oil & gas production. It is extremely important to keep monitoring the health of such crucial equipment to have smooth production without any interruptions and keep the cost of maintenance low.
Based on application Type: The market is segmented into pumps & motors, fans & blowers, compressors, gearboxes, power generators, and others. Pumps & motors are likely to remain the largest application with a market share of more than 45% in 2021. Pumps & motors are likely to remain the largest application during the forecast period. Pumps & motors play a decisive role in the oil & gas industry from production to refinery.
Furthermore, there has been an increase in the use of condition-monitoring systems in pumps & motors over the years. Compressors and power generators are also generating a sizeable demand for condition-monitoring systems in the industry.
To know the most attractive segments, click here for a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2586/oil-and-gas-condition-monitoring-system-market.html#form
Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis North America is expected to remain the largest market with a share of 47.8% in 2021.This growth outlook is majorly attributed to the following-
• North America has the highest adoption rate of sophisticated technologies because of favorable government policies to encourage industrial innovation and develop infrastructure capacities.
• Predictive analytics is being used by several oil & gas companies in the region to reduce the oil & gas production and refining equipment downtime along with their maintenance costs.
• Over the years, the oil & gas community has shifted to analytics solutions.
• For instance, Shell gathers data from low-frequency seismic waves beneath the earth's surface to help predict the quantity of oil & gas resources that may be available.
Oil and Gas Condition Monitoring System Market Drivers:
The Oil and Gas Condition Monitoring System Market is driven by several key factors, including:
• The growing importance of lean manufacturing
• Just-in-time inventory practices
• Increasing focus on product quality, particularly in process industries
Top 10 Companies in the Oil and Gas Condition Monitoring System Market:
Stratview Research has identified the following companies as the top market players:
• Baker Hughes Company
• Eaton
• Emerson Electric Co.
• Meggitt PLC
• PARKER HANNIFIN CORP
• Siemens
• SKF
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Oil and Gas Condition Monitoring System Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
Related Reports:
• Drilling and Completion Fluids Market: https://www.stratviewresearch.com/728/drilling-and-completion-fluids-market.html
• Offshore Drilling Rigs Market: https://www.stratviewresearch.com/1275/offshore-drilling-rigs-market.html
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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