Oil Condition Monitoring Market Share, Growth, Size, Trends, Regional Overview, Leading Company Analysis and Forecast to 2020

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Japan, Japan, Fri, 25 Dec 2020 07:26:53 / Comserve Inc. / — The oil condition monitoring market size accounted for more than $650.7 million in 2018 and is estimated to witness a lucrative growth of over 8.7% during the forecast period.

The oil condition monitoring market size accounted for more than $650.7 million in 2018 and is estimated to witness a lucrative growth of over 8.7% during the forecast period.

The companies are focusing more on maintaining the machineries to decrease the downfall of the performance of these machines and no additional time is required in case of any huge damages are incurred due to the insufficient oil present in the machines. These factors are expected to drive the market in the near future.

Based on sampling type, the oil condition monitoring market is bifurcated into On-Site Sampling and Off-Site Sampling. On-site Sampling segment is projected to boost the market growth in the coming years and is anticipated to reach $578.3 million growing at a CAGR of 9.5% during the projected time frame.

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On the basis of product type, oil condition monitoring market is categorized into turbines, compressors, engines, gear systems and hydraulic systems. Engines segment held the largest market value accounting for more than $175.0 million in 2018. However, Turbines segment is projected to boost the global Oil Condition Monitoring market during forecast period and accounted for $210.5 million, boosting at a CAGR of 9.3% by 2026.

Based on end-user, the oil condition monitoring market is divided into Transportation, Industrial, Oil & Gas, Power Generation, and Mining. Oil & Gas is expected to lead the market in the year 2018 accounting for $193.3. in addition, transportation segment is anticipated to drive the market during the forecasted period accounting for $263.8 million by 2026 and in projected to grow at a CAGR of 9.6% during the projected timeframe.

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Depending on the region, the market is segregated into North America, Europe, Asia-Pacific and LAMEA. North America region accounted for $184.8 million in 2018 and is expected to grow at a CAGR of 7.9% during the forecast period. Asia-Pacific region is projected to dominate the oil condition monitoring market during the forecast period, the Asia-Pacific region is anticipated to account for $300.6 million, growing at CAGR of 9.2% during the projected time frame.
The key market players in oil condition monitoring market include Intertek Group, Parker Hannifin, Bureau Veritas, General Electric, Chevron, Shell, BP, SGS, Eaton, and Trico among many others.

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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The post Oil Condition Monitoring Market Share, Growth, Size, Trends, Regional Overview, Leading Company Analysis and Forecast to 2020 appeared first on Comserveonline.

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The MarketWatch News Department was not involved in the creation of this content.