Global Oil Condition Monitoring Market
Global Oil Condition Monitoring Market By Sampling Type, By Product Type, By Measurement Type, By Industry, By Geographic Scope And Forecast
According to Verified Market Research, The Global Oil Condition Monitoring Market was valued at USD 650.8 Million in 2018 and is projected to reach USD 1,280.6 Million by 2026, growing at a CAGR of 9.01% from 2019 to 2026.
Oil Condition Monitoring (OCM) is a component of Condition Monitoring (CM) that focuses on monitoring the working of any machinery to help predict and identify developing or worsening faults. Oil condition monitoring (OCM) mainly identifies minute problems within machinery components before they become catastrophic failures that can incur costly repairs and bring production to a halt by increasing the downtime. In simpler words, the main purpose of oil condition monitoring and degradation detection is to determine whether the oils have deteriorated to such a degree that they no longer fulfill their functions. Oil condition monitoring helps in determining significant diagnosis and prognosis of machineries in the factories which are unable to give a valuable output.
With growing advancement in technology, the need for oil condition monitoring is growing. The oil condition monitoring systems can be widely used in Oil & Gas, Energy & Power, Metals & Mining, Chemicals, Aerospace & Defense and various type of industries. However, its use in the oil & gas is growing as oil and gas operations, including offshore, petrochemical, refineries and chemical, top the list of extreme operating environments. The work conditions in the industry are hazardous. Thus, detecting and preventing unexpected oil and gas machinery and component problems is necessary and the use of oil condition monitoring can help overcoming it. This factor fueled the market.
Moreover, need for oil condition monitoring in industries is increasing due to its applications in numerous industries is growing with rapid industrialization. This factor will also contribute in the growth of the oil condition market. However, fluctuations in raw material prices will affect the charges for installing oil condition monitoring systems that in turn hampers the overall market at a global level.
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