| Source: Research and Markets Research and Markets
Dublin, Nov. 30, 2021 (GLOBE NEWSWIRE) — The “Oil Condition Monitoring Market by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type (On-site, Off-site), Industry (Transportation, Industrial, Oil & Gas), and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
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 market’s 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.
Power generation vertical to witness the highest CAGR in oil condition monitoring market during 2021-2026
The oil condition monitoring market for the power generation vertical is expected to grow with the highest CAGR during the forecast period. The power generation is one of the emerging industries witnessing a rapid adoption of oil condition monitoring.
Several machines, equipment, and components are used in the power generation industry. Equipment such as engines, turbines, gearboxes, and compressors operate at high temperature and pressure, thus, degrading the quality of oil used in this equipment. The oil condition monitoring helps to identify small problems within the equipment before any catastrophic failure.
APAC is expected to hold the largest share of oil condition monitoring market by 2026
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.
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) are the major companies operating in the oil condition monitoring market.
Patent Registrations, 2018-2021
Tariffs and Regulations
Government Regulations and Standards
Techniques Used for Oil Condition Monitoring
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