Oil Conditioning Monitoring Market Revenue to Cross US$ 1,572.93 Million by 2028: The Insight Partners

November 30 12:34 2021
Oil Conditioning Monitoring Market Revenue to Cross US$ 1,572.93 Million by 2028: The Insight Partners
The Insight Partners
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.

Strategic Insights         

Report Coverage

Details

Market Size Value in

 US$ 982.96 Million in 2021

Market Size Value by

 US$ 1,572.93 Million by 2028

Growth rate

 CAGR of 6.9% from 2021-2028

Forecast Period

 2021-2028

Base Year

 2021

No. of Pages

 218

No. Tables

 110

No. of Charts & Figures

 142

Historical data available

 Yes

Segments covered

 Sampling, Sensor Type, Product, Measurement, and Industry

Regional scope

 North America; Europe; Asia Pacific; Latin America; MEA

Country scope

 US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South  Korea, Saudi Arabia, Brazil, Argentina

Report coverage

 Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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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.

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.

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Rising Demand for Power Generation across the Globe Fuels Growth of 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.

Oil Conditioning Monitoring Market: Competitive Landscape and Key Developments

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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In August 2020, ALS had begun a strategic collaboration with Poseidon Systems, a Rochester-based developer of advanced online oil condition monitoring (OCM) solutions. The firms have a common goal of transforming OCM by combining Poseidon Systems’ award-winning online OCM technology with ALS’ experience in oil analysis and testing.

In August 2020, Des-Case Corporation, a global manufacturer of specialty filtration products that improve process equipment reliability and extend lubricant life, has announced the launch of a new remote diagnostic monitoring subscription plan for industrial lubricated assets, giving customers peace of mind that the lubricant health, cleanliness, and humidity inside their critical assets are monitored in real time.

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