The Oil & Gas Condition Monitoring System Market was estimated to grow from US$ 979.8 Mn in 2021 to US$ 1,328.9 Mn in 2027 at a CAGR of 4.6% during the forecast period.
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 detect 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.
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