DUBLIN--(BUSINESS WIRE)--The "Oil Conditioning Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Sampling, Sensor Type, Product, Measurement, and Industry" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow from US$ 982.96 million in 2021 and is projected to reach US$ 1,572.93 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.
Increasing Usage of IIoT to Drive Market Growth during Forecast Period
The use of the industrial internet of things is reducing the oil and gas industry's environmental impact substantially, from increased efficiency to reduced safety risk and reduced travel. Oil and gas firms are paying attention to the IIoT because it can help them save energy, avoid oil spills and other catastrophes, and emit less carbon. The IIoT may also monitor energy and resource consumption.
Intelligent technologies are influencing practically every area of the oil and gas supply chain, from operations to consumer interaction. Smart devices in the supply chain are giving the oil and gas industry a chance to compete in a commoditized world, as well as a chance to modernize quickly in a legacy sector.
In addition, the Internet of Things (IoT) has the potential to significantly improve data collection methods. The oil and gas sector values efficiency and precision almost more than any other industry.
The global market for oil conditioning monitoring is expanding at a rapid rate, owing to increased demand for cost efficient services. Oil conditioning monitoring is included in a wide range of industries. For instance, automobiles, aircraft, maritime, heavy vehicles, and locomotive engines are all part of the transportation sector. Oil conditioning monitoring aids in the prevention of major engine breakdowns in ships and aeroplanes.
As a result, the need for oil conditioning monitoring in the maritime and aircraft industries is projected to rise. Furthermore, the worldwide oil conditioning monitoring market is expected to increase due to the increasing usage of predictive maintenance across various sectors. In addition, a spike in demand for cost-effective solutions, a rise in the requirement for time optimization, and an increase in the need for energy production are projected to propel this market forward.
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mechanical equipment's, including the hardware component of oil conditioning monitoring.
The emergence of COVID-19 virus across the globe, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in mechanical equipment supply chain. This disruption is expected to create tremors through till mid-2021.
The mechanical equipment and oil and gas industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily in order to revive the economy. The manufacturing plants and industries is anticipated to gain pace from 2022, which is further foreseen to positively influence the demand for oil and gas, including hardware components of oil conditioning monitoring.
Key Market Drivers
- Increasing Demand of Cost-Effective Services
- Rising Demand for Power Generation
Key Market Restraints
- Concerns about Extra Costs Associated with Retrofitting of Current Systems
Key Market Opportunities
- Adoption of Big Data
- Increasing Usage of IIoT
- CM Technologies GmbH,
- Hydac Technology Limited
- Intertek Group Plc.
- Poseidon Systems
- Rheonics Group
- SGS SA
- Special Oilfield Services Co. LLC
- TAN Delta Systems Limited
- Veritas Petroleum Services
For more information about this report visit https://www.researchandmarkets.com/r/t4ua6l