The Oil Condition Monitoring market will register a 9.8% CAGR in terms of revenue, and the global market size will reach US$ 881.4 million by 2026. Oil analysis provides a detailed view of what is happening within machine components during operation.
On-site oil condition monitoring has assisted manufacturers in considerably enhance their productivity, efficiency, and profitability with regard to predictive maintenance. The off-site oil condition monitoring growth can be attributed to the higher adoption of traditional monitoring systems. It mainly consists of testing the oil samples at-operated laboratories or third-party laboratories. Most of the oil condition monitoring firms is engaged in laboratory testing for better and in-detailed analysis of the sample.
Turbines have vital applications in verticals such as power, locomotive, and aerospace. The turbines used in these verticals work under very high pressure. The turbines are more prone to be broken at such a high pressure, owing to friction, which reduces the life of the system. To stay away from system breakdown, firms use high-quality oil as a lubricant in these turbines, thereby reducing the friction caused due to high pressure. Furthermore, there is a need for continuous monitoring of the oil quality to make sure the smooth operation of the system. There is a growing demand for energy in developing countries such as China, India, and Brazil, which would boost the need for oil condition monitoring services.
The report also assesses the key opportunities in the Oil Condition Monitoring market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Oil Condition Monitoring Market has also been forecasted for the period 2021-2026, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
KATHRYN DOLAN APPOINTED EXECUTIVE VICE-PRESIDENT HUMAN RESOURCES & QHSE
Bureau Veritas is pleased to announce the appointment of Kathryn Dolan, effective June 1, 2022, as Executive Vice-President Human Resources & QHSE*.
Kathryn Dolan will report to Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas and join the Group Executive Committee. She will replace Helen Bradley, who has decided to leave the company to pursue personal projects.
Oil Condition Monitoring Market is segmented based on the type, applications, companies and regions.
By Type, Oil Condition Monitoring Market has been segmented into
The end user’s industry application on Oil Condition Monitoring Market is,
Oil & Gas
Energy & Power
North America holds a major market share for the oil condition monitoring market owing to established markets including Logistics and Transportation, Oil & Gas, among others, the presence of major players such as General Electric, Parker-Hannifin Corporation, Chevron Corporation sharing significant revenue share from regions aids growth of the market, for instance, General Electric reported 39% of total revenue share from the US alone.
Also, for the fiscal year 2021, the US' The Federal Aviation Administration requested the president budget of USD 17.5 billion is aimed to protect aviation safety and enable new entrants to enter national airspace among others leverages the growth of the market
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2021-2026. The report presents the analysis of Oil Condition Monitoring Market for the historical period of 2017-2021 and the forecast period of 2021-2026.
The key insights of the report have been presented through the frameworks of Major Mergers & Acquisitions, Technological Innovations, and Role of Manufacturers during COVID19 Pandemic. Additionally, the major opportunities, trends, drivers and challenges of the industry has been analyzed in the report.
Forecast Period 2022 to 2027 CAGR
CAGR of 9.8% during the review period (2022 to 2027).
Bureau Veritas SA (Paris :BVI.PA), SGS SA (Swiss :SGSN.SW), Intertek, Shell, Chevron, Castrol, Unimarine, Veritas Petroleum Services
• North America
• Rest of the World
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Middle East & Africa
• Latin America
2017 to 2021
2022 to 2027
Number of Pages
Yes, the report can be customized as per your needs
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
What is the study period of this market?
The Oil Condition Monitoring Market is studied from 2017 - 2027.
Who are the key players in Oil Condition Monitoring Market?
Bureau Veritas SA (Paris :BVI.PA), SGS SA (Swiss :SGSN.SW), Intertek, Shell, Chevron, Castrol, Unimarine, Veritas Petroleum Services, Insight Services Inc and others..
What are the significant types of Oil Condition Monitoring Market?
On-site, Off-site, Others.
What are the major end-use applications of the Oil Condition Monitoring Market?
Transportation, Industrial, Oil & Gas, Energy & Power, Mining, Others.
What segments are covered in the Oil Condition Monitoring Market report?
The Global Oil Condition Monitoring Market is Segmented on the basic of Product, Application, and Geography.
How can I get a sample report/company profile for the Oil Condition Monitoring Market?
The sample report for the Oil Condition Monitoring Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.