North America Oil Conditioning Monitoring Markets, 2021-2028: Increasing Usage of IIoT, Increasing Demand of Cost-Effective Services, & Opportunities in the Adoption of Big Data - ResearchAndMarkets.com

Increasing demand of cost-effective services is the major factor driving the growth of the North America oil conditioning monitoring market.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, March 29, 2022
Information
Tags: 
Energy, Other Manufacturing, Manufacturing, Oil, Gas, Adoption, CAGR, TBN, Transport, Growth, Milltown Biomass-to-Energy Power Station, Mining, SGS, TAN, Pressure, Government, Viscosity, COVID-19, OCM, Soot, Aviation, Temperature, Infection, Animal, Oil, Pharmaceutical industry, Industry
Geotags: 
NORTH AMERICA, UNITED STATES, MEXICO, CANADA, US
Summary
Key Points: 
  • Increasing demand of cost-effective services is the major factor driving the growth of the North America oil conditioning monitoring market.
  • However, concerns about extra costs associated with retrofitting of current systems hinder the growth of North America oil conditioning monitoring market.
  • In 2020, the oil quality sensors segment held the largest share North America oil conditioning monitoring market.
  • In 2020, the transportation segment held the largest share North America oil conditioning monitoring market.


The "North America Oil Conditioning Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Sampling, Sensor Type, Product, Measurement, and Industry" report has been added to ResearchAndMarkets.com's offering.

Off-Site Segment to Dominate North America Oil Conditioning Monitoring Market during 2020-2028

North America Oil Conditioning Monitoring Market is expected to reach US$ 513.81 million by 2028 from US$ 321.97 million in 2021 and is estimated to grow at a CAGR of 6.9% from 2021 to 2028.

Increasing demand of cost-effective services is the major factor driving the growth of the North America oil conditioning monitoring market. However, concerns about extra costs associated with retrofitting of current systems hinder the growth of North America oil conditioning monitoring market.

North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth.

Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. The oil sector is in the midst of its third price crash in the last twelve months.

The industry recovered after the first two shocks, and business as usual resumed. This time, though, things are different. The current situation includes a supply shock, a historically low demand, and a worldwide humanitarian catastrophe. Furthermore, the financial and structural health of the sector is worse than in past crises.

Poor returns have been attributed to the introduction of shale, excess production, and liberal finance markets that disregarded the lack of capital discipline. With prices nearing 30-year lows and public pressure increasing, leaders recognized that change is unavoidable. The COVID-19 problem is intensifying. Therefore, the COVID-19 epidemic and its repercussions are wreaking havoc on North America's oil conditioning monitoring market

Leading companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

For instance, in 2021, SGS SA has launched a new testing facility, dedicated to Oil Conditioning Monitoring (OCM), in Coatzacoalcos, Mexico. The new laboratory provides a complete range of OCM services for many industries, including oil and gas, power generation, mining, aviation, transportation, seaports, building maintenance and construction

Report Highlights

  • In 2020, the off-site segment held the largest share North America oil conditioning monitoring market. By sensors type, the market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors.
  • In 2020, the oil quality sensors segment held the largest share North America oil conditioning monitoring market. The oil conditioning monitoring market, based on product, is segmented into turbines, compressors, engines, gear systems, and hydraulic systems.
  • In 2020, the turbines segment held the largest share North America oil conditioning monitoring market. By measurement, the market is segmented into temperature, pressure, density, viscosity, dielectric, TAN, TBN, water dilution, fuel dilution, soot, and wear particles.
  • In 2020, the viscosity segment held the largest share North America oil conditioning monitoring market. The oil conditioning monitoring market, based on industry, is segmented into transportation, industrial, oil & gas, energy & power, and mining.
  • In 2020, the transportation segment held the largest share North America oil conditioning monitoring market. The oil conditioning monitoring market, based on country, is segmented into US, Canada, and Mexico.

Key Market Dynamics

Key Market Drivers

  • Increasing Demand of Cost-Effective Services
  • Rising Demand for Power Generation

Key Market Restraints

  • Concerns about Extra Costs Associated with Retrofitting of Current Systems

Key Market Opportunities

  • Adoption of Big Data

Future Trends

  • Increasing Usage of IIoT

Company Profiles

  • CM Technologies GmbH
  • Des-Case
  • Hydac Technology Limited
  • Intertek Group Plc
  • Poseidon Systems
  • Rheonics Group
  • SGS SA
  • Veritas Petroleum Services

For more information about this report visit https://www.researchandmarkets.com/r/5luvic

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