NEW JERSEY, UNITED STATES, December 8, 2021 /EINPresswire.com/ — The description
New research study “”Online Oil Condition Monitoring Market The 2021 analysis by market trends (drivers, restraints, opportunities, threats, challenges and investment opportunities), size, share and outlook “” has been added to Coherent Market Insight
The global online oil condition monitoring (OCM) market was valued at US $ 258,935.37 thousand in 2020 and is expected to exceed US $ 430,531.31 thousand by 2028, registering a 7.32% CAGR during the forecast period (2021-2028)
Oil conditioning monitoring is divided into three types of off-site, on-site, or on-line sampling. Online oil sampling is a relatively new method compared to other types. In the online monitoring of oil conditioning, the various sensors are used instead of taking samples in the laboratory, which enables fast and accurate analysis. In addition, online oil conditioning monitoring allows users to continuously monitor the equipment through the use of various sensors such as temperature, pressure, viscosity and others.
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The market research on the Online Oil Condition Monitoring market provides a comprehensive overview of the industry including definitions, classifications, applications, and industry chain frameworks. It highlights the most important characteristics of the market as well as current developments in the industry. The study takes an in-depth look at key sectors to determine what is driving the growth of the market, such as trends and opportunities that can negatively or positively impact the market in the long run. It also emphasizes the many applications and industries. The study includes data that matches historical milestones and current trends. Each segment has been thoroughly researched, each major such as market development potential, Oil Condition Monitoring Market dynamics, market CAGR and value. market taken into account.
Main key players in this market:
Intertek Plc Group
Bureau Veritas SA
SPECTRO Analytical Instruments GmbH
INC. (TestOil) and Parker Hannifin Corp, among others. Companies such as SPM Instrument
David Brown Santasalo
Drivers and trends
Market forecast in the Online Oil Condition Monitoring industry is based on research and established assumptions based on current drivers and trends. Accordingly, the research report serves as a repository of analysis and data for every aspect of the market including Applications, SWOT analysis, future potential, new developments, etc. To gain a solid understanding of the overall market, several growth factors and possible risks are assessed.
Online Oil Condition Monitoring Market Segmentation
By product type: gear systems, hydraulic systems, turbines, motors and others (compressors)
By system component: software and hardware (oil quality sensor, wear debris sensor, moisture content sensor, in-line particle detector / oil contamination monitoring, oil contamination measurement instrument density and viscosity, and others (acoustic emission sensor, etc.)
By type of measurement: pressure, temperature, total acid number (TAN), total base number (TBN), water dilution, fuel dilution, density and viscosity, and others (soot, dielectric, etc. )
By end-use industry: oil and gas, power generation, mining, transportation and others (industrial, etc.)
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The online oil condition monitoring market is divided into five zones, each with its own development possibilities and current trends: Latin America, North America, Asia Pacific (APAC), Europe, Middle -East and Africa. The report was created through extensive research and analysis, as well as the examination of many elements that may influence regional growth, such as the economic, political, environmental, technical and social situation in each region. It also includes a comprehensive analysis of each region’s recognized manufacturers, production and revenue, along with key influencers, critical data, and segmented data both regionally and globally.
Key Trends and Analysis of the Global Online Oil Condition Monitoring (OCM) Market:
· Asia-Pacific accounted for a significant market share in the global online oil condition monitoring (OCM) market. Asia-Pacific is the fastest growing region in the Oil Condition Monitoring (OCM) market. Countries like India and China are investing heavily in improving the manufacturing sector and attracting global companies to the country. For example, in 2014, the Indian government launched the Make in India initiative to attract global manufacturing companies and improve manufacturing standardization in the country.
Thus, many global players are focusing on partnering with major Indian companies to expand their presence in India. For example, in January 2019, Shell announced a partnership with Mahindra Group, a multinational manufacturing company based in India. Through this partnership, Shell and Mahindra Group manufacture high performance products such as engine oil, transmission & axle oils. These companies are also committed to developing innovative, unique and differentiated technologies and products.
· Among system components, the hardware segment is the fastest growing segment in the global online oil condition monitoring (OCM) market. The hardware segment mainly includes a wide range of sensors and other communication and data collection devices. As the adoption of Industry 4.0 technology increases in manufacturing and other industries, the demand for sensors is expected to increase for accurate data collection. For example, according to Coherent Market Insights analysis, the global Industry 4.0 market is expected to reach US $ 161.3 billion in 2024, up from US $ 73.2 billion in 2019, with a CAGR of 17.2. % from 2019 to 2024. In addition, in order to increase operational convenience, many key market players adopt advanced technologies such as wireless sensors and others. For example, in May 2019, SPM Instrument AB, a
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About Coherent Market Insights: –
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, custom research reports, and advisory services. We are known for our actionable insights and authentic reports in a variety of fields including aerospace and defense, agriculture, food and beverage, automotive, chemicals and materials, and virtually every field. and a comprehensive list of subdomains under the sun. We create value for our clients through our highly reliable and accurate reporting. We are also committed to playing a leading role in providing insight in various post-COVID-19 sectors and continuing to deliver measurable and sustainable results for our clients.