Maharashtra, India -- (SBWire) -- 02/13/2019 --Oil Condition Monitoring Market: Summary: 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.

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According to this study, over the next five years the Oil Condition Monitoring market will register a 9.5% CAGR in terms of revenue, the global market size will reach US$ 820 million by 2024, from US$ 470 million in 2019. 

Technological Advancements

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.

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This study considers the Oil Condition Monitoring value and volume generated from the sales of the following segments:

Segmentation by product type: 
On-site
Off-site

Segmentation by application: 
Transportation
Industrial
Oil & Gas
Energy & Power
Mining

The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: 
Bureau Veritas, SGS, Intertek Group, Shell, Chevron Corporation, Castrol Limited, Unimarine, Veritas Petroleum Services, Insight Services Inc

Key Regions for this market: North America, Europe, APAC, Latin America, and the Middle East & Africa.

Key Benefits:

1.The research report provides a detailed analysis of the Oil Condition Monitoring Market along with the current and future growth prospects so as to shed light on the prominent investment pockets.

2.Information regarding key growth factors, constraints, and opportunities, along with their impact analysis on the Oil Condition Monitoring Market is provided.

3.Porter's fives forces analysis elaborates the effectiveness of buyers and suppliers operating in the market, globally and regionally.

4.The qualitative and quantitative analysis of the market from 2019 to 2024 is provided to put forth the market potential.

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Overall, this Oil Condition Monitoring market research report depicts thorough overview of the market, which, in turn, will help the industry participants, consultants, equipment manufacturers, as well as the existing key players searching for potential growth opportunities and the stakeholders to align their market-centric strategies in view of the on-going and projected trends in the coming years.

Key questions answered in the report include:

What will the market size and the growth rate by the end of the forecast period?
What are the key industry trends impacting the growth of the market?
What are the key factors driving and restraining the Oil Condition Monitoring market?
What are the challenges to market growth?
What are the market opportunities and threats faced by the key players in the market?
Who are the leading competitors functioning in the market for Oil Condition Monitoring?
What are the key outcomes of Porter's five forces analysis of the Oil Condition Monitoring market?
Conclusion:

The report concludes with the profiles of major players in the Oil Condition Monitoring Market. The foremost market performers are accessed on the basis of various parameters such as company overview, product portfolio, and do on., as well as the latest development trends of the Market.

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