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Global Oil Condition Monitoring Market to reach USD 12.63 billion by 2028

Global Oil Condition Monitoring Market Size study, by Product Type (Turbine, Compressor, Engine, Hydraulic System, Others), by Sampling Type (On-Site, Off-Site) and Regional Forecasts 2022-2028

Product Code: CMOGI-47851575
Publish Date: 30-04-2022
Page: 200

Global Oil Condition Monitoring Market is valued at approximately USD 5.44 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 11.1 % over the forecast period 2022-2028. Oil Condition Monitoring is a type of walk-in clinic that provides ambulatory care in a dedicated medical facility outside of a conventional emergency room (ER). The surging demand for cost-effective solutions for maintaining the health of machinery and continuous developments in the Oil industry such as techniques to extract has led to the adoption of Oil Condition Monitoring across the forecast period. For Instance: In July 2020, Intertek (UK) launched Carbonclear, the world’s first certification program that independently verifies the upstream carbon intensity per barrel of oil. Carbonclear brings unique clarity on the carbon impact of cradle-to-gate operations across all aspects of oil & gas exploration and production. In September 2021, BP, Abu Dhabi National Oil Company (ADNOC) (UAE), and Abu Dhabi Future Energy Company Masdar (UAE) formed a strategic partnership to provide clean energy solutions for the UK and the UAE. Also, with the increasing adoption of big data analytics and growing demand for energy, the adoption & demand for Oil Condition Monitoring is likely to increase the market growth during the forecast period. However, lack of skilled technical resources and expenses incurred in retrofitting existing systems impede the growth of the market over the forecast period of 2022-2028.

The key regions considered for the Global Oil Condition Monitoring Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to the increased focus on optimum asset utilization; stringent government regulations for workplace and personnel safety. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. Factors such as rising energy needs in the region would create lucrative growth prospects for the Oil Condition Monitoring Market across Asia-Pacific region.

Major market players included in this report are:
Eaton Corporation (Ireland)
TotalEnergies
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)

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Turbine
Compressor
Engine
Hydraulic System
Others
By Sampling Type:
On-Site
Off-Site
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Oil Condition Monitoring Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Oil Condition Monitoring Market, by Region, 2020-2028 (USD Billion)
1.2.2. Oil Condition Monitoring Market, by Product Type, 2020-2028 (USD Billion)
1.2.3. Oil Condition Monitoring Market, by Sampling Type, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Oil Condition Monitoring Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Oil Condition Monitoring Market Dynamics
3.1. Oil Condition Monitoring Market Impact Analysis (2020-2028)
3.1.1. Market Drivers
3.1.1.1. Surging demand for cost-effective solutions for maintaining health of machinery
3.1.1.2. Continuous developments in the Oil industry such as techniques to extract
3.1.2. Market Challenges
3.1.2.1. Lack of skilled technical resources
3.1.2.2. Expenses incurred in retrofitting existing systems
3.1.3. Market Opportunities
3.1.3.1. Increasing adoption of big data analytics
3.1.3.2. Growing demand for energy
Chapter 4. Global Oil Condition Monitoring Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Oil Condition Monitoring Market, by Product Type
6.1. Market Snapshot
6.2. Global Oil Condition Monitoring Market by Product Type, Performance – Potential Analysis
6.3. Global Oil Condition Monitoring Market Estimates & Forecasts by Product Type, 2019-2028 (USD Billion)
6.4. Oil Condition Monitoring Market, Sub Segment Analysis
6.4.1. Turbine
6.4.2. Compressor
6.4.3. Engine
6.4.4. Hydraulic System
6.4.5. Others
Chapter 7. Global Oil Condition Monitoring Market, by Sampling Type
7.1. Market Snapshot
7.2. Global Oil Condition Monitoring Market by Sampling Type, Performance – Potential Analysis
7.3. Global Oil Condition Monitoring Market Estimates & Forecasts by Sampling Type, 2019-2028 (USD Billion)
7.4. Oil Condition Monitoring Market, Sub Segment Analysis
7.4.1. On-Site
7.4.2. Off-Site
Chapter 8. Global Oil Condition Monitoring Market, Regional Analysis
8.1. Oil Condition Monitoring Market, Regional Market Snapshot
8.2. North America Oil Condition Monitoring Market
8.2.1. U.S. Oil Condition Monitoring Market
8.2.1.1. Product Type breakdown estimates & forecasts, 2019-2028
8.2.1.2. Sampling Type breakdown estimates & forecasts, 2019-2028
8.2.2. Canada Oil Condition Monitoring Market
8.3. Europe Oil Condition Monitoring Market Snapshot
8.3.1. U.K. Oil Condition Monitoring Market
8.3.2. Germany Oil Condition Monitoring Market
8.3.3. France Oil Condition Monitoring Market
8.3.4. Spain Oil Condition Monitoring Market
8.3.5. Italy Oil Condition Monitoring Market
8.3.6. Rest of Europe Oil Condition Monitoring Market
8.4. Asia-Pacific Oil Condition Monitoring Market Snapshot
8.4.1. China Oil Condition Monitoring Market
8.4.2. India Oil Condition Monitoring Market
8.4.3. Japan Oil Condition Monitoring Market
8.4.4. Australia Oil Condition Monitoring Market
8.4.5. South Korea Oil Condition Monitoring Market
8.4.6. Rest of Asia Pacific Oil Condition Monitoring Market
8.5. Latin America Oil Condition Monitoring Market Snapshot
8.5.1. Brazil Oil Condition Monitoring Market
8.5.2. Mexico Oil Condition Monitoring Market
8.6. Rest of The World Oil Condition Monitoring Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Eaton Corporation (Ireland)
9.2.1.1. Key Information
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
9.2.2. TotalEnergies
9.2.3. Parker-Hannifin Corporation (US)
9.2.4. General Electric (US)
9.2.5. Shell plc (Netherlands)
9.2.6. BP plc (UK)
9.2.7. Bureau Veritas (France)
9.2.8. Chevron Corporation (Switzerland)
9.2.9. Intertek Group plc (UK)
9.2.10. SGS SA (France)
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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