The Insight Partners the EMC testing market is expected to grow from US$ 2,116.9 million in 2021 to US$ 3,066.7 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. All electrical and electronic devices generate some form of unwanted interference/radiation that is unavoidable. As these gadgets are increasingly being used in proximity to one another, they should function normally without interfering with or being hampered by other devices. Thus, electromagnetic compatibility (EMC) is a critical feature of electrical and electronic devices. They should, however, release limited radiations and be impervious to a particular degree of electromagnetic radiation to ensure proper functioning. As different electronic devices play pivotal roles in of business environment, the compliance demands pertaining to EMC and electromagnetic immunity (EMI) testing are becoming highly challenging with the introduction of new business rules. The ability of the EMC testing chamber(s) to be certified ensures that the items will be precisely measured for EMC approval. Certification services are expected to increase at a rapid pace during the forecast period. These services ensure the functionality and safety of products. They entail aspects such as safety and health, quality, environment, social responsibility, and customized audits. Businesses can buy certification services to bind to present processes to improve their business performance. Thus, a surge in demand for certification services is bolstering the EMC testing market growth.
INTERTEK GROUP PLC.; SGS SA; HYDAC TECHNOLOGY LIMITED; VERITAS PETROLEUM SERVICES; AND DES-CASE PROMINENT MARKET PARTICIPANTS IN OIL CONDITIONING MONITORING MARKET
The increasing demand of cost-effective services and rising demand for power generation are the major factors driving the growth of the oil conditioning monitoring market. Oil conditioning monitoring are majorly used for oil quality detection. Countries in various regions, such as Asia Pacific, Europe, North America, Middle East & Africa, and South America, are significantly investing in procuring the most advance and highly capable oil conditioning monitoring. Based on sampling the oil conditioning monitoring market is segmented into on-site and off-site. In 2020, off-site held the maximum market share. Based on sensor type the oil conditioning monitoring market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. Similarly, based on product the oil conditioning monitoring market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems.
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The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mechanical equipment’s, including the hardware component of oil conditioning monitoring. The emergence of COVID-19 virus across the globe, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in mechanical equipment supply chain. This disruption is expected to create tremors through till mid-2021. The mechanical equipment and oil and gas industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily in order to revive the economy. The manufacturing plants and industries is anticipated to gain pace from 2022, which is further foreseen to positively influence the demand for oil and gas, including hardware components of oil conditioning monitoring.
The top five companies in the market DES-CASE; Hydac Group; Intertek Group Plc; SGS SA and Veritas Petroleum Services. The above listing of key players is derived by considering multiple factors such as overall revenue, current oil conditioning monitoring portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities
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