Off-Site Segment to Dominate North America Oil Conditioning Monitoring Market during 2020–2028

According to a new market research study on “North America Oil Conditioning Monitoring Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Sampling, Sensor Type, Product, Measurement, and Industry,” is expected to reach US$ 513.81 million by 2028 from US$ 321.97 million in 2021. The market is estimated to grow at a CAGR of 6.9% from 2021 to 2028. The report provides trends prevailing in the North America oil conditioning monitoring market along with the drivers and restraints pertaining to the market growth. Increasing demand of cost-effective services is the major factor driving the growth of the North America oil conditioning monitoring market. However, concerns about extra costs associated with retrofitting of current systems hinder the growth of North America oil conditioning monitoring market.

North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. The oil sector is in the midst of its third price crash in the last twelve months. The industry recovered after the first two shocks, and business as usual resumed. This time, though, things are different. The current situation includes a supply shock, a historically low demand, and a worldwide humanitarian catastrophe. Furthermore, the financial and structural health of the sector is worse than in past crises. Poor returns have been attributed to the introduction of shale, excess production, and liberal finance markets that disregarded the lack of capital discipline. With prices nearing 30-year lows and public pressure increasing, leaders recognized that change is unavoidable. The COVID-19 problem is intensifying. Therefore, the COVID-19 epidemic and its repercussions are wreaking havoc on North America's oil conditioning monitoring market

The market for oil conditioning monitoring market is segmented into sampling, sensor type, product, measurement, industry, and country. Based on sampling, the market is bifurcated into on-site and off-site. In 2020, the off-site segment held the largest share North America oil conditioning monitoring market. By sensors type, the market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. In 2020, the oil quality sensors segment held the largest share North America oil conditioning monitoring market. The oil conditioning monitoring market, based on product, is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. In 2020, the turbines segment held the largest share North America oil conditioning monitoring market. By measurement, the market is segmented into temperature, pressure, density, viscosity, dielectric, TAN, TBN, water dilution, fuel dilution, soot, and wear particles. In 2020, the viscosity segment held the largest share North America oil conditioning monitoring market. The oil conditioning monitoring market, based on industry, is segmented into transportation, industrial, oil & gas, energy & power, and mining. In 2020, the transportation segment held the largest share North America oil conditioning monitoring market. The oil conditioning monitoring market, based on country, is segmented into US, Canada, and Mexico.

CM Technologies GmbH; Des-Case; Hydac Technology Limited; Intertek Group Plc; Poseidon Systems; Rheonics Group; SGS SA; Veritas Petroleum Services; are among the leading companies in the North America oil conditioning monitoring market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, SGS SA has launched a new testing facility, dedicated to Oil Conditioning Monitoring (OCM), in Coatzacoalcos, Mexico. The new laboratory provides a complete range of OCM services for many industries, including oil and gas, power generation, mining, aviation, transportation, seaports, building maintenance and construction.

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