North America Oil Conditioning Monitoring Market

Market Introduction

The discovery of significant tight oil and unconventional natural gas resources boosts the economic growth of the region and increases the region's competitiveness in markets. However, the development of these resources along with changing demands require the expansion of energy infrastructure and a reevaluation of North America's position in the oil market. The physical infrastructure change is well underway, but it is lagging behind the fast expansion of the resource base by its very nature. The capacity to ease the transition is crucial in realizing the potential advantages of the increasing resource base's growth. As a result, the oil industry in North America is changing dramatically. North America is a prospective market for oil monitoring equipment manufacturers. According to U.S Energy Information Association, in 2020, the US exported around 8.51 MMb/d of petroleum and imported ~7.86 MMb/d, making the US a net yearly petroleum exporter for the first time since at least 1949. Also, in 2020, the US produced ~18.40 million barrels per day (MMb/d) of petroleum and consumed ~18.12 MMb/d. The growing oil imports and exports propel the demand for comprehensive oil monitoring in North America. Several companies in the regional oil conditioning monitoring market are providing specialized monitoring systems for both on- and off-shore units. For example, Parker Hannifin Corporation offers critical oil monitoring systems that can be accessed both off and on-site. The Fluid Condition Sensor (FCS) from the company is an online device that analyses critical fuel and oil properties in hydraulic and marine applications in real-time, such as conductivity, permittivity, moisture content, temperature, and pressure.

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

Market Overview and Dynamics

The oil conditioning monitoring market in North America is expected to grow from US$ 321.97 million in 2021 to US$ 513.81 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028. Adoption of big data; a lot of data Oil and gas firms are focusing on predictive analytics to reduce refining equipment downtime and maintenance costs, hence improving asset management. With rising prices and dwindling natural resources, it's more important than ever to drill where the most benefits may be reaped. Businesses are using analytics solutions to deal with such situations. Shell, for example, collects data from low-frequency seismic waves beneath the earth's surface to assist anticipate the possible amount of oil and gas resources. These waves move through the earth's crust, and depending on whether they pass through solid rock, liquids, or gaseous substances, they register differently on sensors, revealing the possible location of hydrocarbon reserves. As a result of adopting a data-driven approach, companies are focusing on big data analytics as a key change in oil conditioning monitoring systems. This is bolstering the growth of the oil conditioning monitoring market.

Key Market Segments

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.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the oil conditioning monitoring market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are CM Technologies GmbH; Des-Case; Hydac Technology Limited; Intertek Group Plc; Poseidon Systems; Rheonics Group; SGS SA; Veritas Petroleum Services are among a few players.

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• To understand the North America oil conditioning monitoring market landscape and identify market segments that are most likely to guarantee a strong return
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• Obtain market revenue forecast for market by various segments from 2021-2028 in North America region

NORTH AMERICA OIL CONDITIONING MONITORING MARKET SEGMENTATION

By Sampling

• On-Site
• Off-Site

By Sensor Type

• Oil Quality Sensors
• Metallic Particle Sensors
• Density/Viscosity Sensors

By Product

• Turbines
• Compressors
• Engines
• Gear Systems
• Hydraulic Systems

By Measurement

• Temperature
• Pressure
• Density
• Viscosity
• Dielectric
• TAN/TBN
• Water Dilution
• Fuel Dilution
• Soot
• Wear Particles

By Industry

• Transportation
• Industrial
• Oil and Gas
• Energy and Power
• Mining

By Country

• US
• Canada
• Mexico

Companies Mentioned

• CM Technologies GmbH
• Des-Case
• Hydac Technology Limited
• Intertek Group Plc
• Poseidon Systems
• Rheonics Group
• SGS SA
• Veritas Petroleum Services

North America Oil Conditioning Monitoring Market Strategic Insights

North America Oil Conditioning Monitoring Market Segmentation Analysis

North America Oil Conditioning Monitoring Market Report Highlights

North America Oil Conditioning Monitoring Report Scope

North America Oil Conditioning Monitoring Market Country and Regional Insights