This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global oil and gas condition monitoring system market.
This report focuses on the market dynamics, current and emerging trends, competitive landscape, and regional analysis of the market. The study also includes an elaborated detail on the industry forecast and potential of this market.
What are Condition monitoring systems for oil and gas?
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, platform, and overall oil & gas project.
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 in the detection of 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.
What were the impacts of COVID-19 on this Market?
The COVID-19 outbreak wrought havoc on the oil & gas condition monitoring market. 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 production cut amid the pandemic resulted in the 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.
Key players in the O&G Condition Monitoring market –
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 a large number of companies in which some of the companies are pioneers in the oil & gas industry and have 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:
Baker Hughes Company
Emerson Electric Co.
PARKER HANNIFIN CORP
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