Oil Condition Monitoring Market Is Expected to Grow to USD 1.4 Billion by 2026; at a CAGR of 6.1%
October 21, 2021 at 14:06 PM EDT
Northbrook, IL -- (SBWIRE) -- 10/21/2021 -- According to a research report "Oil Condition Monitoring Market with COVID-19 Impact Analysis by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type, Vertical (Transportation, Industrial, Oil & Gas), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Oil Condition Monitoring Market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021–2026. Key factors fueling this markets growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs. Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.
