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(IT-NEWSWIRE.COM, November 01, 2017 ) According to Publisher, the Global Oil Condition Monitoring Market accounted for $435.16 million in 2016 and is expected to reach $864.17 million by 2023 growing at a CAGR of 10.3% during the forecast period. 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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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 Avenisense S.A., Bureau Veritas, Castrol Limited, Chevron Corporation, Delta Services Industriels (DSi), GE, Intertek Group Plc, Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, Poseidon Systems, LLC, Shell, SPECTRO Analytical Instruments GmbH, Test Oil (Insight Services Inc.), TRIBOMAR GmbH and Unimarine.
Measurement Type Covered:
-Density
-Dielectric
-Fuel Dilution
-Pressure
-Soot
-TAN
-TBN
-Temperature
-Viscosity
-Water Dilution
-Wear Particles
Sampling Type Covered:
-Off-Site
-On-Site
Product Type Covered:
-Compressors
-Engines
-Gear Systems
-Hydraulic Systems
-Turbines
Industries Covered:
-Mining
-Industrial
-Energy & Power
-Oil & Gas
-Transportation
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Regions Covered:
-North America
US
Canada
Mexico
-Europe
Germany
UK
Italy
France
Spain
Rest of Europe
-Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
-South America
Argentina
Brazil
Chile
Rest of South America
-Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
Company Profiling
11.1 Bureau Veritas
11.2 Castrol Limited
11.3 Chevron Corporation
11.4 GE
11.5 Intertek Group Plc
11.6 Parker Hannifin Manufacturing Ltd
11.7 SPECTRO Analytical Instruments GmbH
11.8 Shell
11.9 Test Oil (Insight Services Inc.)
11.10 TRIBOMAR GmbH
11.11 Unimarine
11.12 Micromem Applied Sensor Technologies Inc.
11.13 Poseidon Systems, LLC
11.14 Delta Services Industriels (DSi)
11.15 Avenisense S.A.
For more information about this report: http://www.reportsweb.com/oil-condition-monitoring-global-market-outlook-2017-2023
ReportsWeb.com
Rajat Sahni
+1-646-491-9876
sales@reportsweb.com
Source: EmailWire.Com 
Source: EmailWire.com
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