The global oil condition monitoring market is anticipated to witness a remarkable growth, owing to its increasing application in various industries. The on-site sub-segment is expected to be most lucrative. The Asia Pacific region is predicted to dominate the market.
According to report published by Research Dive, the global oil condition monitoring market is expected to generate a revenue of $1,268.3 million by 2026, growing at a CAGR of 8.7% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Oil condition monitoring prevents unnecessary leakages, machine malfunctions and also saves a lot of time. These factors are expected to drive the growth of the global oil condition monitoring market during the forecast period. Moreover, increasing importance and application of oil in various machineries in an industrial plant is expected to surge the growth of the market.
Restraints: Unavailability of skilled professionals and extortionate installation pricing of oil condition monitoring devices are expected to be the major factors restricting the growth of the market during the forecast period.
Opportunities: Increasing apprehensions about the salience of oil condition monitoring in developing and developed nations is expected to drive the growth of the market during the forecast period.
Segments of the Market
The report has divided different segments of the market on the basis of sampling, product type, end-user, and regional outlook.
Sampling: On-site Sub-segment Have the Highest Growth Rate
The on-site sub-segment is expected to generate a revenue of $578.3 million during the forecast period. Minimized servicing and maintenance cost and maximized productivity in the off-site sub-segment are the major factors that drive the growth of the sub-segment during the forecast period.
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Product Type: Turbines sub-segment to Have the Highest Growth Rate
The turbines sub-segment is estimated to generate a revenue of $210.5 million over the forecast period. Turbines have the ability to withstand and function under hefty loads with a much higher temperature. This factor surges the demand for turbines which is expected to boost the growth of the sub-segment.
End-User: Transportation Sub-segment Expected Have the Highest Growth Rate
The transportation sub-segment is expected to generate a revenue of $263.8 million over the forecast period. This is mainly because transportation sub-segment significantly relies on the implementation of the assets in order to conveniently operate the business, aiding in system downtime which in turn provides a positive revenue inflow to the organization. In the transportation industry, the oil condition monitoring systems efficiently helps in managing the vehicles components wear and failure. These factors are expected to drive the growth of the sub-segment.
Regional Outlook: Asia-Pacific to Dominate the Market
The Asia-Pacific region of the market is anticipated to generate a revenue of $300.6 million during the forecast period. The increasing number of transportations and industrial establishments are expected to surge the growth of the market in this region.
Major Players of the Market
The key players of the market are
- Chevron
- Parker Hannifin
- General Electric
- BP
- Shell
- Eaton
- Intertek Group
- SGS
- Bureau Veritas
- Trico
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
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For instance, in June 2021, Parker Hannifin, a global leader of motion and control technologies, proclaimed an introduction of DIGI PLUS, an innovative oil condition monitoring technology that enables marine operators to reduce downtime, increase uptime, reduce costs, and protect assets and enhance overall productivity for the marine industry.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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