The global oil condition monitoring market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021–2026. Key factors fueling this markets growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs. Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.
Key players in the oil condition monitoring market comprise companies operating at different stages of the value chain. These include Parker-Hannifin Corporation (US), General Electric (US), Shell plc (Netherlands), BP plc (UK), Bureau Veritas (France), Chevron Corporation (Switzerland), Intertek Group plc (UK), SGS SA (France), Eaton Corporation (Ireland), and TotalEnergies (France). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, acquisitions, partnerships, collaborations, contracts, and agreements to strengthen their position in the market.
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Top 2 players in oil condition monitoring market:
Parker-Hannifin Corporation (US) is one of the leading manufacturers of diversified motion and control technologies and systems, providing precision-engineered solutions. The company operates through two business segments, namely, Diversified Industrial and Aerospace Systems. Oil condition monitoring systems are offered through its Filtration group under the Diversified Industrial segment. Moreover, the company provides its products through its divisions operating in 50 countries. It caters to defense, life science, mining industry, mobile construction, oil & gas, and power generation & renewables through the Diversified Industrial segment. The company is also focused on strategic acquisitions to expand its product portfolio, gain access to new technologies, and enter new markets. Moreover, it focuses on R&D for products and services through its development laboratories and testing facilities.
Chevron Corporation (US) is one of the leading integrated energy producers and has expertise in Upstream, Midstream, and Downstream operations, offering oil analysis under the Downstream division. It offers engine oils, fuel additives, coolants, and oils for hydraulics, industrial, and transmission. The company provides services for heavy-duty diesel vehicles, recreational vehicles, and industrial machinery. The products and services are offered under brands such as Delo, Havoline, ISOCLEAN, and Techron. Moreover, the company focuses on providing innovative products according to the customers’ demand to enhance the performance of industrial engines. Chevron offers its premium lubricants under Chevron, Texaco, and Caltex brands, thereby catering to the requirements of its customers effectively.
Oil Condition Monitoring Market with COVID-19 Impact Analysis by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type, Vertical (Transportation, Industrial, Oil & Gas), and Region - Global Forecast to 2026
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