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A market intelligence study delivers key insights on the global oil condition monitoring services market. In terms of revenue, the global oil condition monitoring services market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights in its report on the global oil condition monitoring services market.
Oil condition monitoring is a vital element of the predictive maintenance schedule of any equipment. It comprises measurement, monitoring, and analysis of the changes in lubricant and fuel oils for contamination and chemical content, as well as identifying any degradation in oil quality. Oil condition monitoring helps companies identify machine wear before it leads to any serious damage. It also helps reduce unplanned downtime; increases the lifespan of equipment; and safely extends oil change intervals; which is a costly task. Therefore, a large number of industries are opting for oil condition monitoring services in an attempt to minimize the prescheduled replacement of oil and equipment, and extend the operational life of their equipment. This factor is expected to have a positive impact on the global oil condition monitoring market during the forecast period.
Oil condition monitoring services have evolved significantly since their introduction a few years ago. The growing adoption of predictive maintenance among industries has led to significant growth of the global oil condition monitoring services market.
The global oil condition monitoring services market is witnessing significant advancements and innovations. Due to this, the market is expected to expand at a significant rate during the forecast period. The growing importance of extending the operational life of critical assets is another factor boosting the global oil condition monitoring services market. Oil condition monitoring services are employed in various applications such as engines, turbines, and hydraulic systems.
Global Oil Condition Monitoring Services Market: Prominent Regions
North America accounted for a key share of the global oil condition monitoring services market in 2018. The region is expected to continue to dominate the global market between 2019 and 2027, owing to the rising use of oil condition monitoring services among various end-use industries in the region. The U.S. constituted a significant share of the market in North America in 2018. The country witnesses high investments in R&D activities aimed at innovating new technologies. Also, North America is the most technologically-advanced region.
Europe has emerged as the second-largest market for oil condition monitoring services across the world. The region is anticipated to hold a considerable share of the global oil condition monitoring services market during the forecast period, owing to the increasing adoption of oil condition monitoring services in countries of Western Europe and Central Europe. Furthermore, the region is a home to several prominent players providing oil condition monitoring services. The rising adoption of oil condition monitoring services in the energy & utility sector in the region is also expected to augment the adoption of oil condition monitoring services in Europe during the forecast period.
Asia Pacific is anticipated to be a highly lucrative market for oil condition monitoring services throughout the forecast period, owing to the growing popularity of these services in developing economies in the region, such as China. The lucrativeness of the market in Asia Pacific is anticipated to increase in the next few years, owing to rapid industrialization in the region. Furthermore, key players are opening oil quality testing laboratories in the region.
Global Oil Condition Monitoring Services Market: Key Players
Key players operating in the global oil condition monitoring services market are Exxon Mobil Corporation, Intertek Group plc, SGS SA, Bureau Veritas, and Veritas Petroleum Services.
These and other key players operating in the global oil condition monitoring services market are displaying synergies through close cooperation and collaborations in the areas of sales, marketing, and production. Oil condition monitoring service providers are also expanding through organic methods, such as expanding their existing laboratory facilities, in order to provide breakthrough services to their customers and establish themselves as distinguished players in the global oil condition monitoring services market.
These insights are based on a report on Oil Condition Monitoring Services Market by Transparency Market Research.
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