Dublin, Nov. 04, 2021 (GLOBE NEWSWIRE) -- The "Middle East and Africa Oil Conditioning Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Sampling, Sensor Type, Product, Measurement, and Industry" report has been added to ResearchAndMarkets.com's offering.
The MEA Oil Conditioning Monitoring Market is expected to reach US$ 86.66 million by 2028 from US$ 62.46 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028.
The report provides trends prevailing in the MEA oil conditioning monitoring market along with the drivers and restraints pertaining to the market growth. Adoption of big data is the major factor driving the growth of the MEA oil conditioning monitoring market. However, worries about extra costs associated with retrofitting of current systems hinder the growth of MEA oil conditioning monitoring market.
Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the main MEA countries that are facing the effects of COVID-19 pandemic. The majority of operations in the region have been suspended due to an increase in the number of cases in the region. In order to deal with the pandemic, countries have been compelled to redirect funds to improve their healthcare infrastructure. Although oil prices have rebounded since the production reduction deal went into force in early May, the negative impact on the Middle Eastern oil producers' economies, and the energy industry has not subsided. A complete recovery might take another year or two. As a result of lower oil prices, the economies of Middle Eastern oil producers, notably Gulf Arab producers, would suffer, requiring governments in the area to slash fiscal expenditure and devote cash for rescue packages. The crisis has shown the flaws in our present economic and energy models, requiring changes to handle the post-crisis era. As a result, the demand for monitoring equipment's in the oil industry is dwindling. As a result, the COVID-19 pandemic is limiting the demand development of oil conditioning monitoring in the Middle East and Africa
The market for oil conditioning monitoring market is segmented into sampling, sensor type, product, measurement, industry, and country. Based on sampling, the market is bifurcated into on-site and off-site. In 2020, the off-site segment held the largest share MEA oil conditioning monitoring market. By sensors type, the market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. In 2020, the oil quality sensors segment held the largest share MEA oil conditioning monitoring market. The oil conditioning monitoring market, based on product, is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. In 2020, the turbines segment held the largest share MEA oil conditioning monitoring market. By measurement, the market is segmented into temperature, pressure, density, viscosity, dielectric, TAN, TBN, water dilution, fuel dilution, soot, and wear particles. In 2020, the viscosity segment held the largest share MEA oil conditioning monitoring market.
The oil conditioning monitoring market, based on industry, is segmented into transportation, industrial, oil & gas, energy & power, and mining. In 2020, the transportation segment held the largest share MEA oil conditioning monitoring market. The oil conditioning monitoring market, based on country, is segmented into UAE, Saudi Arabia, South Africa Rest of MEA.
Key Market Drivers
Growing Demand of Cost-Effective Services
Rise in Demand for Power Generation
Key Market Restraints
Worries about Extra Costs Associated with Retrofitting of Current Systems
Key Market Opportunities
Adoption of Big Data
Surge in Usage of IIoT
Impact Analysis of Drivers and Restraints
Key report benefits:
To understand the MEA oil conditioning monitoring market landscape and identify market segments that are most likely to guarantee a strong return
Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA oil conditioning monitoring market
Efficiently plan M&A and partnership deals in MEA oil conditioning monitoring market by identifying market segments with the most promising probable sales
Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA oil conditioning monitoring market
Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region
CM Technologies GmbH
Hydac Technology Limited
Intertek Group Plc
Special Oilfield Services Co. LLC
Veritas Petroleum Services
For more information about this report visit https://www.researchandmarkets.com/r/h0aqwp
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