Oil Condition Monitoring Market by Sampling Type (On-Site and Off-Site), Product Type (Turbine, Compressors Engine, Gear System, and Hydraulic System), Measurement Type, Industry (Transportation, Energy & Power), and Geography - Global Forecast to 2023
“The overall oil condition monitoring market is expected to grow at a CAGR of 9.1% between 2017 and 2023”
The overall oil condition monitoring market is expected to be valued at USD 850.1 million by 2023, growing at a CAGR of 9.1% between 2017 and 2023. The growth of this market is driven by factors such as increasing demand for cost-effective solutions, growing need for time optimization, and increasing demand for electricity that drives the need for continuous oil monitoring in turbines. However, additional expenses incurred in retrofitting existing systems are one of the major factors restricting the growth of this market.
“Transportation industry is expected to hold the largest share of the oil condition monitoring market by 2023”
The transportation industry is likely to account for the largest share of 41.6% the oil condition monitoring market by 2023. This growth can be attributed to the increasing demand for oil condition monitoring to avoid critical engines failures that may occur in ships and airplanes.
“Oil condition monitoring market for the turbines is expected to grow at a high rate between 2017 and 2023”
The oil condition monitoring market for the turbines is expected to grow at the highest CAGR of 9.3% between 2017 and 2023. Turbines are expected to hold a significant share of the oil condition monitoring market by 2023, owing to its extensive use in critical applications in industries such as power, locomotive, and aerospace.
“Americas is likely to dominate the oil condition monitoring market by 2023”
Americas is expected to hold the largest share of the oil condition monitoring market between 2017 and 2023. This region is home to several oil condition monitoring manufacturing companies as well as commercial laboratories. The oil condition monitoring market in the Americas is expected to grow at a high CAGR during the forecast period. The high growth of this market can be attributed to the increasing adoption of oil condition monitoring solutions in the logistics and transportation industry.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the oil condition monitoring market. Following is the break-up of the primary participants for the report:
• By Company Type: Tier 1 – 20 %, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C-Level Executives – 50%, Directors – 25%, and Managers – 25%
• By Region: Americas – 60%, Europe – 20%, APAC – 10%, and RoW – 10%
The report profiles the key players in the oil condition monitoring market. The prominent players profiled in this report include Bureau Veritas SA (France), Intertek Group plc (UK), Parker Hannifin Corporation (US), Castrol Limited (UK), General Electric Company (US), TestOil (Insight Services, Inc.) (US), and Spectro Analytical Instruments GmbH (Germany).
This research report categorizes the overall oil condition monitoring market on the basis of sampling type, product type, measurement type, industry, and region. The report discusses the major drivers, restraints, challenges, and opportunities, as well as the value chain analysis pertaining to this market.
Reasons to Buy the Report
The report would help leaders/new entrants in the oil condition monitoring market in the following ways:
1. This report segments the oil condition monitoring market comprehensively and provides the closest market size estimation for subsegments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain insights to improve their position in the business. The competitive landscape section includes the information on the competitors’ ecosystem, product launches, acquisitions, partnerships, agreements, contracts, and collaborations.
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