PUBLISHER: Allied Market Research | PRODUCT CODE: 1193065
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193065
The global oil condition monitoring is anticipated to reach $1,387.5 million by 2031, growing from $689.7 million in 2021, at a CAGR of 7.5% from 2022 to 2031.
Oil is important for fuelling engines and for greasing moving components of machines and equipment across various industries such as power generation, transportation, industrial, and oil & gas plants. By monitoring the characteristics and quality of the oil, the efficiency and condition of machines and equipment can be monitored and unintended downtimes of machines can be avoided. Oil condition monitoring is usually used to analyze and measure degradation and contamination in lubricants and fuel oils throughout their lifecycle, which is an important factor in the predictive maintenance method. Furthermore, it avoids leakages and machinery failures, and thus it helps to save the machine's downtime. Due to these characteristics, the need for oil condition monitoring is increasing at a rapid rate. The increase in the prevalence of predictive maintenance across various industries is also expected to boost the market growth.
The market expansion, however, is projected to be hampered by a lack of qualified workforce to interpret oil condition monitoring data. Another significant issue anticipated to hamper the oil condition monitoring market is the high installation cost of oil condition monitoring sensors.
The COVID-19 pandemic halted many business activities worldwide, as several countries imposed strict lockdowns and social isolation. For instance, both China and India imposed strict lockdowns and social isolation to curb COVID-19 transmission. Which in turn, severely affected manufacturing operations in the region. The Asia-Pacific comprises the world's most manufacturing hubs. The COVID-19 pandemic has slowed down India and China's economies, which has negatively affected the oil conditioning market development across the Asia-Pacific. In addition to this, the economic slowdown has affected the business R&D activities in oil condition monitoring projects across the world. However, various sectors are recovering back stronger post-COVID-19 pandemic. Hence, substantial growth is expected for the oil condition monitoring market.
The key players profiled in the report include Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p.l.c., Shell, Eaton, Intertek Group plc, SGS SA, and Bureau Veritas.
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