The Asia Pacific Oil Condition Monitoring Market should witness market growth of 8.1% CAGR during the forecast period (2023-2029).
In energy & power, rotating machinery issues are identified and fixed via oil condition monitoring. OCM is mostly used in this industry to increase the dependability and accessibility of crucial equipment and to cut maintenance expenses. Additionally, it can help maximize energy use, reduce environmental hazards, and lengthen the lifespan of oil-based lubricants. To identify and stop equipment breakdowns, mining uses oil condition monitoring. Companies can reduce the expense of replacing or maintaining the machinery by using oil condition monitoring. Identifying possible issues before they arise also increases safety. It can also increase production by decreasing downtime.
Data storage technologies and Big data analytics will likely advance, creating a profitable market potential for oil condition monitoring. Big data analytics aids in the effective processing of massive amounts of datasets. As a result, it aids in accurately processing the information gathered by sensors measuring oil quality. Real-time viscosity information is invaluable for monitoring oil aging, entering impurities during commercial operations, and preventing mechanical failures that may otherwise occur owing to a loss of oil lubrication qualities.
Asian nations like China, India, and Vietnam are poised to become the next major growth markets due to their high industrialization indices and associated manufacturing output. The potential for demand for the services is expected to be encouraging with sustained investments in establishing manufacturing plants by domestic and foreign-based businesses. In terms of economic means of operation, the market expansion in the region seems profitable.
In oil, Asia has been responsible for 66% of the increase in the world's oil demand over the previous two decades. Furthermore, the International Energy Agency's 2011 World Energy Outlook predicts that over the next 20 years, Asia will likely account for over 85% of the total rise in demand, with practically all of that growth taking place in emerging Asia. Megacities and rapid urbanization increase the likelihood that expansion will outpace planning and investment. This may lead to accessibility issues, congestion, mobility gaps, and personal safety threats. Hence, the region presents exponential growth potential for the market.
The China market dominated the Asia Pacific Oil Condition Monitoring Market by Country in 2022; thereby, achieving a market value of $97.1 million by 2029. The Japan market is anticipated to grow at a CAGR of 7.5% during (2023-2029). Additionally, The India market would showcase a CAGR of 8.8% during (2023-2029).
Based on Product Type, the market is segmented into Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor. Based on Sampling Type, the market is segmented into Off-site Sampling and On-site Sampling. Based on End-user, the market is segmented into Oil & Gas, Industrial, Power Generation, Transportation and Mining. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Parker Hannifin Corporation, General Electric Company, Bureau Veritas S.A., Intertek Group PLC, SGS S.A., Eaton Corporation PLC, BP p.l.c., TotalEnergies SE, Shell plc, Chevron Corporation.
In energy & power, rotating machinery issues are identified and fixed via oil condition monitoring. OCM is mostly used in this industry to increase the dependability and accessibility of crucial equipment and to cut maintenance expenses. Additionally, it can help maximize energy use, reduce environmental hazards, and lengthen the lifespan of oil-based lubricants. To identify and stop equipment breakdowns, mining uses oil condition monitoring. Companies can reduce the expense of replacing or maintaining the machinery by using oil condition monitoring. Identifying possible issues before they arise also increases safety. It can also increase production by decreasing downtime.
Data storage technologies and Big data analytics will likely advance, creating a profitable market potential for oil condition monitoring. Big data analytics aids in the effective processing of massive amounts of datasets. As a result, it aids in accurately processing the information gathered by sensors measuring oil quality. Real-time viscosity information is invaluable for monitoring oil aging, entering impurities during commercial operations, and preventing mechanical failures that may otherwise occur owing to a loss of oil lubrication qualities.
Asian nations like China, India, and Vietnam are poised to become the next major growth markets due to their high industrialization indices and associated manufacturing output. The potential for demand for the services is expected to be encouraging with sustained investments in establishing manufacturing plants by domestic and foreign-based businesses. In terms of economic means of operation, the market expansion in the region seems profitable.
In oil, Asia has been responsible for 66% of the increase in the world's oil demand over the previous two decades. Furthermore, the International Energy Agency's 2011 World Energy Outlook predicts that over the next 20 years, Asia will likely account for over 85% of the total rise in demand, with practically all of that growth taking place in emerging Asia. Megacities and rapid urbanization increase the likelihood that expansion will outpace planning and investment. This may lead to accessibility issues, congestion, mobility gaps, and personal safety threats. Hence, the region presents exponential growth potential for the market.
The China market dominated the Asia Pacific Oil Condition Monitoring Market by Country in 2022; thereby, achieving a market value of $97.1 million by 2029. The Japan market is anticipated to grow at a CAGR of 7.5% during (2023-2029). Additionally, The India market would showcase a CAGR of 8.8% during (2023-2029).
Based on Product Type, the market is segmented into Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor. Based on Sampling Type, the market is segmented into Off-site Sampling and On-site Sampling. Based on End-user, the market is segmented into Oil & Gas, Industrial, Power Generation, Transportation and Mining. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Parker Hannifin Corporation, General Electric Company, Bureau Veritas S.A., Intertek Group PLC, SGS S.A., Eaton Corporation PLC, BP p.l.c., TotalEnergies SE, Shell plc, Chevron Corporation.
Scope of the Study
By Product Type
- Engine
- Gear Systems
- Turbine
- Hydraulic Systems
- Compressor
By Sampling Type
- Off-site Sampling
- On-site Sampling
By End-user
- Oil & Gas
- Industrial
- Power Generation
- Transportation
- Mining
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Parker Hannifin Corporation
- General Electric Company
- Bureau Veritas S.A.
- Intertek Group PLC
- SGS S.A.
- Eaton Corporation PLC
- BP p.l.c.
- TotalEnergies SE
- Shell plc
- Chevron Corporation
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 4. Asia Pacific Oil Condition Monitoring Market by Product Type
Chapter 5. Asia Pacific Oil Condition Monitoring Market by Sampling Type
Chapter 6. Asia Pacific Oil Condition Monitoring Market by End user
Chapter 7. Asia Pacific Oil Condition Monitoring Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Parker Hannifin Corporation
- General Electric Company
- Bureau Veritas S.A.
- Intertek Group PLC
- SGS S.A.
- Eaton Corporation PLC
- BP p.l.c.
- TotalEnergies SE
- Shell plc
- Chevron Corporation
Methodology
LOADING...
