According to a research report “Oil Condition Monitoring Market with COVID-19 Impact Analysis by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type, Vertical (Transportation, Industrial, Oil & Gas), and Region – Global Forecast to 2026″ published by MarketsandMarkets, The global oil condition monitoring market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021–2026. Key factors fueling this markets growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs. Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.
• Informational PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=62105661
Browse 163 market data Tables and 50 Figures spread through 241 Pages and in-depth TOC on “Oil Condition Monitoring Market – Global Forecast to 2026”
View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/oil-condition-monitoring-market-62105661.html
Off-site sampling type is expected to gain a significant share of oil condition monitoring market by 2026
Off-site sampling type is expected to account for the largest share of the oil condition monitoring market by 2026. Off-site oil quality monitoring mainly involves the testing of oil samples at company-operated laboratories or third-party laboratories. The majority of the oil quality monitoring companies are involved in laboratory testing for better and in-depth analyses of samples.
Based on product type, turbines to witness the highest CAGR in oil condition monitoring market during 2021–2026
The oil condition monitoring market for turbines is expected to grow with the highest CAGR during the forecast period. Turbine oil analysis is one of the most commonly used predictive maintenance technologies. Turbines are used for various applications, which need scheduled check-ups for efficient operations. The turbines used in the industries operate under very high pressure. To avoid failure, companies use high-quality oil as a lubricant in the turbines, thereby reducing the friction caused due to heavy pressure.
Oil condition monitoring market in APAC to grow at the highest CAGR during the forecast period
The oil condition monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. The growing industrial activities and investments in the region are expected to boost the oil condition monitoring market. Countries such as China, India, and Japan have investments for industries such as oil & gas, manufacturing, and mining. The oil condition monitoring helps users to give warning of possible machinery malfunction, allowing early remedial action to be taken.
Key players in the market include Parker-Hannifin Corporation (US), General Electric (US), Shell plc (Netherlands), BP plc (UK), Bureau Veritas (France), Chevron Corporation (Switzerland), Intertek Group plc (UK), SGS SA (France), Eaton Corporation (Ireland), and TotalEnergies (France). These players are increasingly undertaking product launches and developments, acquisitions, partnerships, collaborations, contracts, and agreements, to increase their market shares.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: Marketsandmarkets pvt ltd
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/oil-condition-monitoring-market-62105661.html