FTIR Oil Condition Monitoring Market Forecast and CAGR
According to latest research by Future Market Insights, FTIR Oil Condition Monitoring market is set to witness a robust growth during 2021-2031. Key end use industries to subscribe this service are expected to be petrochemicals, automotive and industrial machinery domains where lubrication quality is consistently checked to ensure its desirable functioning. In wake of ongoing pandemic the financial quarters of 2020 witnessed subdued growth in most of the industry verticals where only prudent investments and expenditures were undertaken by the stakeholders. The situation is expected to improve post 2nd quarter of 2021, with a prominent share of industry verticals resuming the operations at threshold rate.
What is Driving Demand for FTIR Oil Condition Monitoring?
.Checking the condition of lubricant oil regularly is essential for monitoring the performance of the equipment. The service provides sensitive data about presence of hazardous chemicals in the oil. Furthermore, the composition of the oil is a crucial factor in chemical processes, where they generally prefer FTIR Oil Condition Monitoring due to its high accuracy analysis. Moreover, FTIR oil condition monitoring services can reduce the maintenance expenses by suggesting particular lubricants for machinery, replacement needs and identifying wear-down.
Most of the synthetic lubricant oils are made from bi-products of natural gas/oil, which have almost similar price increases to mineral oils. Therefore, the industries such as chemical, oil & gas, automotive, machinery manufacturing, etc. are preferring the service to get information about used lubricant oil in machinery/process. Moreover, these industries are expanding rapidly all around the globe. These factors are estimated to boost the growth of the market.
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Off-Site testing Services leading the end user demand share
The off-site testing services provide a range of testing services due to the availability of instruments such as FTIR, UV, Mass spectroscopy, etc. These instruments give accurate information about testing samples. Moreover, many clients prefer FTIR technology for lubricant analysis due to its high accuracy, which is driving the growth of FTIR oil condition monitoring market. Furthermore, FTIR oil condition monitoring services include additional services like expert guidance about fault detection in-process and suggestion to choose suitable lubricants for machinery/process. These factors are stimulating the growth of FTIR oil condition monitoring market.
U.S. Demand Scenario
With the nation being a prominent hub of automotive production as well as manufacturing sector comprising of MSME and Heavy Engineering industries, the periodic overhaul and maintenance of machinery and lubrication is expected to generate a significant demand considering the industrial bases and its growth in last 2-3 years with opening of new facilities in the industrial hubs. Defence and Aerospace is also expected to incur a promising quota of FTIR oil condition monitoring services.
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South East Asia market Outlook
Countries in South East Asia such as China, India and Vietnam currently recording the high indices of industrialization and related production output is set to become the next market of prime growth. With continued investments in setting up of manufacturing facilities by domestic as well as foreign based enterprises, the demand potential is projected to of an encouraging type to the services. Also with objective of economic means of operations, the market growth does appears to be lucrative in the region.
Who are the Key Manufacturers and Suppliers of FTIR Oil Condition Monitoring?
Some of the prominent service providers of FTIR oil condition monitoring are some of the prominent manufacturers of the flashpoint analyzers SGS SA, Bureau Veritas Intertek Group plc, PerkinElmer Inc., eralytics, Optimus Instruments, Parker Hannifin Manufacturing Ltd, Oil Check Laboratory Services Ltd, and Runningland Metrology & Testing (Shanghai) Co., Ltd. Companies are developing new technology to enhance the FTIR oil condition monitoring services due to increasing demand and unique requirements of oil analysis. For instance, eralytics Company developed new portable infrared analyzer for high-speed lubricant oil analysis.
An Adaptive Approach to Modern-day Research Needs
FTIR Oil Condition Monitoring Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- On-field Services
- Off-field Services
- Gear Systems
- Hydraulic Systems
End Use Industry,
- Oil & Gas
- Aerospace & Defense
- Others (Mining, etc.)
- North America
- Latin America
- South Asia & Pacific
- East Asia
- South Korea
- Middle East and Africa
- GCC Countries
- Northern Africa
- South Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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