The oil conditioning monitoring market in APAC is expected to grow from US$ 270.36 million in 2021 to US$ 485.91 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028.
The rise in usage of IIoT is bolstering the growth of the market.The use of the Industrial Internet of Things (IIoT) helps reduce the oil and gas industry’s environmental impact substantially by increasing efficiency, lowering safety risk, and reducing travel.
Oil and gas firms are paying attention to the IIoT because it helps them save energy, avoid oil spills and other catastrophes, and emit less carbon.The IIoT may also monitor energy and resource consumption.
Intelligent technologies are influencing practically every area of the oil and gas supply chain, from operations to consumer interaction.Smart devices in the supply chain are giving the oil and gas industry a chance to compete in a commoditized world and to modernize quickly in the legacy sector.
In addition, the Internet of Things (IoT) has the potential to significantly improve data collection methods. The oil and gas sector values efficiency and precision almost more than any other industry, which is expected to positively influence the demand for oil conditioning monitoring in APAC during the forecast period.
The COVID-19 pandemic has severely impacted APAC due to wide spread of novel coronavirus.The region has highly populated countries, which leads to a greater risk of the infection spread.
According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation.India is the worst-hit country in the region due to the pandemic.
Many global brands and technology companies are headquartered in the region.The limitations imposed by governments to control the spread of the novel coronavirus, the impact of the disease on populations of different countries in the region and current inability to utilize production capabilities are key factors impacting the oil market in Asian countries.
Therefore, the COVID-19 pandemic is likely to hinder the growth of the oil conditioning monitoring market in APAC in the coming years.
Based on product type, the turbines segment led the APAC oil conditioning monitoring market in 2020.Turbines are used in applications that require regular maintenance to run smoothly.
One of the most often utilized predictive maintenance technologies is turbine oil analysis.Turbines used in industry are subjected to extremely high pressures.
They are prone to damage due to friction at high pressures, reducing the system’s life.Companies utilize high-quality oil as a lubricant in turbines to minimize system failure by reducing friction generated by high pressure.
Additionally, regular oil quality monitoring is required to ensure the system’s smooth operation, which drives the growth of the APAC oil conditioning monitoring market.
The overall APAC oil conditioning monitoring market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the APAC oil conditioning monitoring market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC oil conditioning monitoring market. CM Technologies GmbH, Hydac Technology Limited, Intertek Group Plc, SGS SA, and Veritas Petroleum Services are a few players operating in the market.
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