Los Angeles, CA -- (SBWIRE) -- 10/09/2018 -- In terms of production side, this report researches the Oil Condition Monitoring capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and product type.

In terms of consumption side, this report focuses on the consumption of Oil Condition Monitoring by regions and application. The key regions like North America, Europe, Asia-Pacific, Central & South America, Middle East and Africa etc.

Oil analysis provides a detailed view of what is happening within machine components during operation.

Factors such as growing demand for economical solutions, increasing need for time optimization, and rising demand for electricity that drives the need for continuous oil monitoring in turbines are fueling the market growth. Companies are persistently looking for different cost-effective ways to reduce the cost of oil condition monitoring. However, extra costs incurred in retrofitting existing systems are one of the key factors hampering the market growth.

On-site oil condition monitoring has assisted manufacturers to considerably enhance their productivity, efficiency, and profitability with regard to predictive maintenance. The off-site oil condition monitoring growth can be attributed to the higher adoption of traditional monitoring systems. It mainly consists of testing the oil samples at company-operated laboratories or third-party laboratories. Most of the oil condition monitoring firms is engaged in laboratory testing for better and in-detailed analysis of the sample.

Turbines have vital applications in verticals such as power, locomotive, and aerospace. The turbines used in these verticals work under very high pressure. The turbines are more prone to be broken at such a high pressure, owing to friction, which reduces the life of the system. To stay away from system breakdown, firms use high-quality oil as a lubricant in these turbines, thereby reducing the friction caused due to high pressure. Furthermore, there is a need for continuous monitoring of the oil quality to make sure the smooth operation of the system. There is a growing demand for energy in developing countries such as China, India, and Brazil, which would boost the need for oil condition monitoring services.

Some of the key players in the market include Bureau Veritas, Castrol Limited, Chevron Corporation, SGS, Intertek Group, Shell, Test Oil (Insight Services Inc) and Unimarine.

The Oil Condition Monitoring market was valued at 470 Million US$ in 2017 and is projected to reach 970 Million US$ by 2025, at a CAGR of 9.4% during the forecast period. In this study, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Oil Condition Monitoring.

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This report includes the following manufacturers; we can also add the other companies as you want.

Bureau Veritas

SGS

Intertek Group

Shell

Chevron Corporation

Castrol Limited

Unimarine

Veritas Petroleum Services

Insight Services Inc

Market Segment by Product Type

On-site

Off-site

Market Segment by Application

Transportation

Industrial

Oil & Gas

Energy & Power

Mining

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