The use of the industrial internet of things is reducing the oil and gas industries environmental impact substantially, from increased efficiency to reduced safety risk and reduced travel. Oil and gas firms are paying attention to the IIoT because it can help them save energy, avoid oil spills and other catastrophes, and emit less carbon. The IIoT may also monitor energy and resource consumption. Intelligent technologies are influencing practically every area of the oil and gas supply chain, from operations to consumer interaction. Smart devices in the supply chain are giving the oil and gas industry a chance to compete in a commoditized world, as well as a chance to modernize quickly in a legacy sector. In addition, the Internet of Things (IoT) has the potential to significantly improve data collection methods. The oil and gas sector values efficiency and precision almost more than any other industry.
The COVID-19 pandemic has shaken several industries across the world. The lockdown hindered the operations of various industries, including manufacturing and IT. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceutical had to continue their operations. The oil sector is during its third price crash in the last twelve months. The industry recovered after the first two shocks, and business as usual resumed. This time, though, things are different. The current situation includes a supply shock, a historically low demand, and a worldwide humanitarian catastrophe. Furthermore, the financial and structural health of the sector is worse than in past crises. Poor returns have been attributed to the introduction of shale, excess production, and liberal finance markets that disregarded the lack of capital discipline. With prices nearing 30-year lows and public pressure increasing, leaders recognized that change is unavoidable. The COVID-19 problem is intensifying. Therefore, the COVID-19 epidemic and its repercussions are wreaking havoc on oil conditioning monitoring market
Energy consumption across the world is anticipated to increase in coming years, with yearly usage reaching ~778 Etta Joule by 2035 due to the projected increase in global population and economic and industrial growth in developing nations, such as China and India. Industry machinery and other equipment designers and manufacturers are constantly looking for ways to improve the energy efficiency of their products by reducing heating and cooling losses, improving heat transfer, and improving electric motors. Nuclear power remains necessary owing to factors such as necessity for reliable and baseload electricity, and the threat of global climate change. Furthermore, nuclear power is a critical component of energy strategy since it is the only large-scale source of almost carbon-free electricity. It produces about 20% of the global power and more than 60% of the low-carbon energy. Nuclear power plants have emerged as a source of energy to meet the increased demand for electricity. The plants face the issue of the nuclear fuel cycle, and eventually, the decommissioning of such facilities as part of their life cycle or in the event of a natural or man-made disaster, which is propelling the demand for oil conditioning monitoring in the facilities.
Based on industry, the oil conditioning monitoring market is segmented transportation, industrial, oil and gas, energy and power, and mining. In 2020, the transportation segment led the oil conditioning monitoring segment accounted for the largest share in the market.
The players operating in the oil conditioning monitoring market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
The regional trends and factors influencing the Oil Conditioning Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Oil Conditioning Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 982.96 Million |
| Market Size by 2028 | US$ 1,572.93 Million |
| Global CAGR (2021 - 2028) | 6.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Sampling
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Oil Conditioning Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Oil Conditioning Monitoring Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The global oil conditioning monitoring market has been segmented as mentioned below:
The List of Companies - Oil Conditioning Monitoring Market
The major companies in oil condition monitoring market includes Intertek Group Plc.; SGS SA; Hydac Technology Limited; Veritas Petroleum Services; and Des-Case.
The major industries in oil condition monitoring includes transportation, power generation, industrial, mining, and oil &gas. Oil and gas is contributing a substantial revenue to the market growth.
In 2020, North America led the market with a substantial revenue share, followed by APAC and Europe. North America is a prospective market for oil monitoring equipment manufacturers.
The study of lubricating oils in use helps in lowering operating costs, reducing downtimes, increasing plant and equipment lives, and making effective maintenance plans. Lubricating oil analysis is also being used to check the condition of engines and other machinery. It is used to lubricate most lubricated mechanical systems, such as engines, gear gearboxes, hydraulics, and the like, and has a wide range of applications in industries such as construction, power production, and transportation, including aircraft, fleet operations, and public transit. In addition, under fault circumstances, many additional changes may occur in oils, such as dilution by fuels or contamination by water or anti-freeze. As a result, efficient oil monitoring aids in the provision of cost-effective services in a variety of industrial surroundings.
The global oil conditioning monitoring market was dominated by the oil quality sensors during the forecast period, which accounted for 61.0% in 2020. Oil Quality Sensors conditioning monitoring are traditional equipment that are used majorly for oil quality detection.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including oil conditioning monitoring market. In order to improve the overall infrastructure, government authorities in these countries are planning and investing huge amount in machines and technologies.