North America Oil Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Product Type (Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor), By Sampling Type, By End User, By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The North America Oil Condition Monitoring Market would witness market growth of 7.1% CAGR during the forecast period (2023-2029).
Businesses in the commercial world are always looking for new ways to extend the life of their assets, including their machinery, as operational issues with the machine and its other components are frequently caused by coupling problems, shaft misalignment, bearing defects, and chipped gear teeth, among other things. As a result, businesses frequently rely on lubricant inspection solutions like oil condition monitoring. For instance, the industries that use oil-dependent machinery and vehicles with engines, hydraulics, gearboxes, and transformers must undergo routine health and status inspections to function at their peak effectiveness, including power, logistics, mining, and manufacturing.
Additionally, this situation becomes crucial to take into account because these industries operate in harsh and often extreme climatic conditions, such as humid mine sites and arctic natural gas processing plants, with oil conditions deteriorating over time and losing their lubrication properties, eventually leading to equipment damage. Organizations are looking to invest in dependable in-line oil analysis remedies like oil condition monitoring because conventional oil analysis techniques like laboratory testing have drawbacks like high upfront costs, delays, and sporadic malfunctions that could cost the businesses thousands of dollars per hour.
North America holds a significant demand for the oil condition monitoring market due to established industries, including transportation and logistics, oil & gas, among others. The presence of major players like General Electric, Parker-Hannifin Corporation, as well as Chevron Corporation, aids in the growth of the market. Additionally, the Federal Aviation Administration of the United States has asked the president for a budget of USD 18.5 billion for the fiscal year 2022. This budget is intended, among other things, to promote market expansion by ensuring aviation safety and facilitating new entrants into the national airspace. Over the following several years, such projects are anticipated to significantly increase the need to implement oil condition monitoring in the sector. Hence, all these developments and initiatives propel the growth of the regional oil condition monitoring market.
The US market dominated the North America Oil Condition Monitoring Market by Country in 2022; thereby, achieving a market value of $306.6 million by 2029. The Canada market is poised to grow at a CAGR of 9.6% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 8.6% during (2023 - 2029).
Based on Product Type, the market is segmented into Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor. Based on Sampling Type, the market is segmented into Off-site Sampling and On-site Sampling. Based on End User, the market is segmented into Oil & Gas, Industrial, Power Generation, Transportation and Mining. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Oil Condition Monitoring Market is Projected to reach USD 1.2 Billion by 2029, at a CAGR of 7.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Parker Hannifin Corporation, General Electric Company, Bureau Veritas S.A., Intertek Group PLC, SGS S.A., Eaton Corporation PLC, BP p.l.c., TotalEnergies SE, Shell plc, Chevron Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Gear Systems
- Hydraulic Systems
By Sampling Type
- Off-site Sampling
- On-site Sampling
By End User
- Oil & Gas
- Power Generation
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Parker Hannifin Corporation
- General Electric Company
- Bureau Veritas S.A.
- Intertek Group PLC
- SGS S.A.
- Eaton Corporation PLC
- BP p.l.c.
- TotalEnergies SE
- Shell plc
- Chevron Corporation
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