Oil and Gas Condition Monitoring System Market Analysis | 2022-2027

“The Oil and Gas Condition Monitoring System Market was estimated at US$ 979.8 million in 2021 and is expected to grow at a CAGR of 4.6% during 2022-2027 to reach US$ 1328.9 million by 2027.”

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Market Dynamics

Introduction

Oil exploration & production equipment are exposed to tough and demanding environments regularly. Unplanned shutdowns and repairs can be expensive due to equipment failures and mechanical difficulties, that pose safety, environmental, and operational concerns for employees, the platform, and the overall oil & gas projects. Therefore, condition monitoring for oil & gas exploration/production facilities improves their dependability and serves as a handy tool for the site’s predictive maintenance.

It helps detect mechanical problems, monitors the machinery's health, and offers early warning of defects and potential damage using various techniques such as vibration analysis and thermography.

Market Drivers

The oil and gas condition monitoring system market is driven by a host of factors, some of which are noted below:

• The growing importance of lean manufacturing

• Just-in-time inventory practices 

• Increasing focus on product quality, particularly in process industries

COVID-19 Impact

The COVID-19 outbreak wrought havoc on the oil & gas condition monitoring market. A huge decline in the demand for crude oil across regions paired with the collapse of a pact between Russia and Saudi Arabia due to a clash related to a production cut amid the pandemic resulted in a hefty decline in the price. 

The impact of such trends was quite visible on the demand for condition monitor systems, which plunged by about 19% in 2020. However, the year 2021 proves to be iconic for the industry stakeholders since the crude oil demand is quickly growing with the crunched supply base, which soared the price above the normal levels. Such trends are positively impacting the market for condition monitoring systems.

Segment Analysis

Drilling Trends

“Onshore held a significant market share of more than 80% in 2021.”

The condition monitoring system market for the oil & gas industry is bifurcated as onshore and offshore. The onshore segment accounts for the maximum market share during the forecast period, mainly due to higher oil production paired with the use of a large number of rotating equipment during production and refinery. Offshore also generates an ample demand for condition monitoring systems.   

Monitoring Technique Trends

“Vibration monitoring systems held a significant market share of more than 85% in 2021.”

The market is segmented into vibration analysis, thermography, oil analysis, and others. Among these technique types, vibration monitoring systems held a significant market during the forecast period. Vibration analysis is of paramount importance, particularly for rotating equipment. There is a lot of rotating equipment used in the oil & gas industry, mainly during oil & gas production. It is extremely important to keep monitoring the health of such crucial equipment to have smooth production without any interruptions and keep the cost of maintenance low. 

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Application Trends

“Pumps & motors are likely to remain the largest application with a market share of more than 45% in 2021.”

The market is segmented into pumps & motors, fans & blowers, compressors, gearboxes, power generators, and others. Pumps & motors are likely to remain the largest application during the forecast period. Pumps & motors play a decisive role in the oil & gas industry from production to refinery.

Furthermore, there has been an increase in the use of condition-monitoring systems in pumps & motors over the years. Compressors and power generators are also generating a sizeable demand for condition-monitoring systems in the industry.

Regional Analysis

“North America is expected to remain the largest market with a share of 47.8% in 2021.”

North America has the highest adoption rate of sophisticated technologies because of favorable government policies to encourage industrial innovation and develop infrastructure capacities. Predictive analytics is being used by several oil & gas companies in the region to reduce the oil & gas production and refining equipment downtime along with their maintenance costs.

Over the years, the oil & gas community has shifted to analytics solutions. For instance, Shell gathers data from low-frequency seismic waves beneath the earth's surface to help predict the quantity of oil & gas resources that may be available.

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Key Players

Oil & gas applications remain in the limelight when we talk about condition monitoring systems. The competitive landscape is quite different than other markets. The market is marked by many companies pioneers in the oil & gas industry and has a high focus on the oil & gas industry concerning condition monitoring systems.

The following are some of the key players in the oil and gas condition monitoring system market (arranged alphabetically).

• Baker Hughes Company
• Eaton
• Emerson Electric Co.
• Meggitt PLC
• PARKER HANNIFIN CORP
• Siemens
• SKF

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s oil and gas condition monitoring system market realities and future market possibilities for the forecast period of 2022 to 2027.

The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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