Report : Oil Conditioning Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Sampling (On-Site and Off-Site), Sensor Type (Oil Quality Sensors, Metallic Particle Sensors, and Density/Viscosity Sensors), Product ( Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems), Measurement (Temperature, Pressure, Density, Viscosity, Dielectric, TAN/TBN, Water Dilution, Fuel Dilution, Soot, and Wear Particles), and Industry (Transportation, Industrial, Oil & Gas, Energy & Power, and Mining)
Increasing Demand of Cost-Effective Services to Provide Growth Opportunities for Oil Conditioning Monitoring Market during 2021–2028
According to our latest market study on “Oil Conditioning Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Sampling, Sensor Type, Product, Measurement, and Industry,” the market is expected to grow from US$ 982.96 million in 2021 and is projected to reach US$ 1,572.93 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.
The global oil conditioning monitoring market is segmented into five major regions— North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. 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. According to U.S Energy Information Association, in 2020, the US exported around 8.51 MMb/d of petroleum and imported ~7.86 MMb/d, making the US a net yearly petroleum exporter for the first time since at least 1949. Also, in 2020, the US produced ~18.40 million barrels per day (MMb/d) of petroleum and consumed ~18.12 MMb/d. The growing oil imports and exports propel the demand for comprehensive oil monitoring in North America. Several companies in the regional oil conditioning monitoring market are providing specialized monitoring systems for both on- and off-shore units. For example, Parker Hannifin Corporation offers critical oil monitoring systems that can be accessed both off and on-site. The Fluid Condition Sensor (FCS) from the company is an online device that analyses critical fuel and oil properties in hydraulic and marine applications in real-time, such as conductivity, permittivity, moisture content, temperature, and pressure.
Furthermore, oil shipments from North America to several nations are likely to increase in the future, increasing the demand for oil monitoring in the coming years. North American oil and gas exports are expected to increase from 9 billion cubic feet per day (bcfd) to 30 billion cubic feet per day (bcfd) between 2019 and 2030 owing to its rising demand, mostly from Asia.
Hundreds of oil samples are analyzed every day by specialist service laboratories and large plant operators for a variety of constituents to detect component wear and the presence of foreign materials that may accelerate wear. 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. For example, oxidation can cause changes in lubricant characteristics such as viscosity, resulting in faster wear rates. Because elemental analysis cannot identify all these processes, a combination of physical and chemical measuring techniques is required for complete condition monitoring, although elemental analysis has emerged as the most important instrument for wear detection. As a result, efficient oil monitoring aids in the provision of cost-effective services in a variety of industrial surroundings.
Based on sampling, the oil conditioning monitoring market is segmented into on-site and off-site. In 2020, off-site held the maximum market share. Based on sensor type, the oil conditioning monitoring market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. Similarly, based on product, the oil conditioning monitoring market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. Based on measurement, the oil conditioning monitoring market is segmented into temperature, pressure, density, viscosity, dielectric, TAN/TBN, water dilution, fuel dilution, soot, and wear particles. Based on industry, the oil conditioning monitoring market is segmented into transportation, industrial, oil & gas, energy & power, and mining.
Impact of COVID-19 Pandemic on Oil Conditioning Monitoring Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mechanical equipment’s, including the hardware component of oil conditioning monitoring. The emergence of COVID-19 virus across the world, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in mechanical equipment supply chain. This disruption is expected to create tremors through till mid-2021. The mechanical equipment and oil and gas industry is likely to pick up pace soon after the governments across the world lift the various containment measures steadily to revive the economy. The manufacturing plants and industries is anticipated to gain pace from 2022, which is further foreseen to positively influence the demand for oil and gas, including hardware components of oil conditioning monitoring.
CM Technologies GMBH; DES-CASE; Hydac Group; Intertek Group Plc; Poseidon Systems; Rheonics Group; SGS SA; Special Oilfield Services Co. LLC; Tan Delta Systems Limited; and Veritas Petroleum Services are among the major companies operating in the oil conditioning monitoring market.
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