The oil conditioning monitoring market in MEA is expected to grow from US$ 62.46 million in 2021 to US$ 86.66 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028.
The rise in demand for power generation is bolstering the growth of the market.Industry machinery and other equipment designers and manufacturers are constantly looking for ways to improve the energy efficiency of their products by reducing heating and cooling losses, improving heat transfer, and improving electric motors.
Nuclear power remains necessary owing to factors such as the necessity for reliable and baseload electricity, and the threat of climate change.Furthermore, nuclear power is a critical component of energy strategy since it is the only large-scale source of almost carbon-free electricity.
It produces about 20% of the power and more than 60% of the low-carbon energy.Nuclear power plants have emerged as a source of energy to meet the increased demand for electricity.
The plants face the issue of the nuclear fuel cycle, and eventually, the decommissioning of such facilities as part of their life cycle or in the event of a natural or man-made disaster, which is propelling the demand for oil conditioning monitoring in the facilities.
Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are key countries in the MEA that are facing the effects of the COVID-19 pandemic.The majority of operations in the region have been suspended due to the increasing number of COVID-19 confirmed cases in the region.
To deal with the pandemic, countries have been compelled to redirect funds to improve their healthcare infrastructure.Although oil prices rebounded since the production reduction deal went into force in early May, the negative impact on the economies of Middle Eastern oil producers and the energy industry has not subsided.
A complete recovery might take another year or two.As a result of lower oil prices, the economies of Middle Eastern oil producers, notably Gulf Arab producers, would suffer in the coming years, requiring governments in the area to slash fiscal expenditure and devote cash for rescue packages.
The crisis has shown the flaws in our present economic and energy models, requiring changes to handle the post-crisis era. As a result, the demand for monitoring equipment in the oil industry is dwindling. Therefore, the COVID-19 pandemic is limiting the demand for oil conditioning monitoring in the MEA.
Based on industry type, the transportation segment led the MEA oil conditioning monitoring market in 2020.The transportation industry relies on asset performance to properly perform its principal business activities, as system downtime harms revenue.
Automobiles, airplanes, maritime, heavy vehicles, and locomotive engines are part of the transportation business.Oil conditioning monitoring aids in the prevention of catastrophic engine problems in ships and airplanes.
As a result, the demand for oil conditioning monitoring (OCM) in the maritime and aircraft industries is rising.The OCM solutions monitor aircraft engines for symptoms of overheating, unusual wear, contamination, water, and loss of lubricant characteristics over time, much as they do in the aerospace sector, where reliability, timing, fast access to test data, and solutions are critical.
All these factors drive the growth of the MEA oil conditioning monitoring market for the transportation segment.
The overall MEA 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 MEA 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 MEA oil conditioning monitoring market. CM Technologies GmbH, Hydac Technology Limited, Intertek Group Plc, SGS SA, Veritas Petroleum Services, and Special Oilfield Services Co. LLC are a few players operating in the market
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