The Worldwide Oil Condition Monitoring Market is Projected to reach USD 1.2 Billion by 2029, at a CAGR of 7.7%

Published Date: 26-May-2023

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Oil Condition Monitoring Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Oil Condition Monitoring Market size is expected to reach $1.2 Billion by 2029, rising at a market growth of 7.7% CAGR during the forecast period.

The Turbine market would showcase CAGR of 8.2% during (2023 - 2029). One of the most often employed preventative maintenance techniques is turbine oil analysis. Turbines are used in many different applications, requiring regular maintenance to function properly. For example, turbines utilized in the transportation and power generation sectors work under extremely high pressures.

The Off-site Sampling market dominated the Global Oil Condition Monitoring Market by Sampling Type in 2022; thereby, achieving a market value of $705.9 million by 2029. Service stations that are outfitted with cutting-edge analytical equipment conduct off-site oil condition monitoring. A study is carried out by a group of skilled workers at these service facilities to examine the machine's condition. Techniques for off-site oil sampling are widely utilized in various industries, including transportation, industry, oil & gas, power production, and mining.

The Transportation market would witness a CAGR of 8.1% during (2023 - 2029). Power generation is one of the developing industries that are quickly adopting oil condition monitoring. The industry of power generating makes use of several devices, tools, and parts. High temperature and pressure are utilized in machinery, which degrades the quality of the oil used in machinery.

The North America market dominated the Global Oil Condition Monitoring Market by Region in 2022; thereby, achieving a market value of $424.9 million by 2029. The Europe market is poised to grow at a CAGR of 7.3% during (2023 - 2029). Additionally, The Asia Pacific market would register a CAGR of 8.1% during (2023 - 2029).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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

Global Oil Condition Monitoring Market Segmentation

By Product Type

  • Engine
  • Gear Systems
  • Turbine
  • Hydraulic Systems
  • Compressor

By Sampling Type

  • Off-site Sampling
  • On-site Sampling

By End User

  • Oil & Gas
  • Industrial
  • Power Generation
  • Transportation
  • Mining

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • 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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Related Reports:

North America Oil Condition Monitoring Market size & Opportunities 2023-2029

Europe Oil Condition Monitoring Market & Growth Forecast 2023-2029

Asia Pacific Oil Condition Monitoring Market Share & Industry Outlook to 2029

LAMEA Oil Condition Monitoring Market Growth, Trends & Forecasts 2023-2029

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