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.
Rising 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 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.
North America is known for the highest rate of the adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities.As a result, any factor adversely affecting the 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 novel coronavirus.The oil sector is witnessing its third price crash in the last 12 months.
The industry recovered after the first two shocks, and businesses as usual resumed.However, things are different this time.
The current situation includes a supply disruption, a historically low demand, and a worldwide humanitarian catastrophe. Furthermore, the financial and structural growth of the sector is worse than in past crises. Poor returns have been attributed to the shale introduction, excess production, and liberal finance markets that disregarded the lack of capital discipline. With prices nearing 30-year lows and increasing public pressure, leaders recognized that change is unavoidable. The COVID-19 crisis is intensifying across the region. Therefore, the epidemic and its repercussions are wreaking havoc on the North America’s oil conditioning monitoring market
Based on sampling, the off-site segment led the North America oil conditioning monitoring market in 2020.Oil analysis is frequently outsourced to an off-site oil laboratory.
Every year, laboratories across the world examine hundreds of millions of oil samples.Collecting oil samples from an asset and delivering them to a lab is what outsourcing oil analysis entails.
A high-quality off-site laboratory uses standard American Society for Testing Materials (ASTM) test techniques and maintains a stringent quality control program to assure repeatability of results.As a result, an off-site laboratory’s equipment is usually of superior quality and accuracy.
Furthermore, due to an availability of Fourier-transform infrared (FTIR), ultraviolet–visible (UV), and Mass spectroscopy, off-site testing services provide a wide range of testing services. The equipment comprises precise information about the samples being tested, which drives the oil conditioning monitoring market in North America.
The overall North America 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 North America 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 North America oil conditioning monitoring market. CM Technologies GmbH, Des-Case, Hydac Technology Limited, Intertek Group Plc, Poseidon Systems, Rheonics Group, SGS SA, and Veritas Petroleum Services are a few players operating in the market.
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