Industry Background:
The testing of oil condition monitoring is done in order to avoid machinery failures. The machinery failures may cause by the contamination or because of the wrong lubricant. As the proper lubrication of machinery is the significant contributor to the long, problem free life of machinery. The effective monitoring of lubricant oil enables maintenance to be scheduled efficiently, minimizing the risk of damage to expensive plants and avoiding unscheduled downtime. The analysis of greases, lubricating oil, and hydraulic fluids offers a fast as well as an accurate picture of what is happening inside gearboxes, power generators, compressors, hydraulic systems, and other critical machines. Different types of tests are conducted for the oil condition monitoring including marine lubricants quality scanning, wear metals testing, OCM testing, ferrography testing, and others.According to AMA Research, the market for Oil Condition Monitoring is expected to register a CAGR of 9.2% during the forecast period to 2026. This growth is primarily driven by Increasing Requirement for the Time Optimization, Growing Demand for the Solutions That Will Be Cost-Effective, The Growing Demand for Electricity and The Increasing Need for the Energy Management.
Globally, a noticeable market trend is evident Latest Technological Advancements in Oil Condition Monitoring. Major Manufacturers, such as Bureau Veritas (France), Castrol Limited (United Kingdom), Chevron Corporation (United States), General Electric (United States), Intertek Group Plc (United States), Parker Hannifin Manufacturing Ltd (United States), SPECTRO Analytical Instruments GmbH (Germany), Royal Dutch Shell plc (Netherlands), TRIBOMAR GmbH (Germany) and Unimarine (Singapore) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 27 Feb 2019, Bureau Veritas, a world leader in testing, inspection and certification, and Microsoft, the leader in productivity platforms and services, has announced the conclusion of a global technical & business collaboration for the development of laboratory testing services based on artificial intelligence. and On 21 Nov 2017, Veritas Petroleum Services has announced the latest expansion of the company’s lubricant oil condition monitoring (OCM) service.
Market Drivers
- Increasing Requirement for the Time Optimization
- Growing Demand for the Solutions That Will Be Cost-Effective
- The Growing Demand for Electricity
- The Increasing Need for the Energy Management
Market Trend
- Latest Technological Advancements in Oil Condition Monitoring
Restraints
- Oil Prices and Geopolitical Factors
- Low Adoption of Oil Condition Monitoring Solutions in Emerging Countries
Opportunities
The Rising Demand from Emerging Countries
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Oil Condition Monitoring Study Sheds Light on
The Oil Condition Monitoring Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Oil Condition Monitoring industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Oil Condition Monitoring industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.