Global Oil Condition Monitoring Market Overview
Oil Condition Monitoring Market accounted for US$ 779 million in 2020 and is estimated to be 1,175 million by 2025 and is anticipated to register a CAGR of 8.5%.
Oil is a vital source utilized in several engines and machineries in order to provide lubrication and for temperature control. Oil condition monitoring is used to avoid machine failure by the utilization of machine operation and failure analysis program. It provides information about the actual condition of oil used inside compressors, gearboxes, engines, and hydraulic systems. As machines and equipment have to work under demanding conditions, such as constant high temperatures & pressures, the properties of lubricating oil can change and might cause damage.
Global Oil Condition Monitoring Market Drivers & Restraints
Increasing demand for industrial applications
The turbines have wide range of applications, which requires scheduled check-ups for proper operations. Turbine oil analysis is most regularly used, one of the predictive-maintenance technologies. Industrial turbines operate under very high pressure. At such high pressures, there are chances of turbines to get damaged due to friction, which reduces the life of the system. In order to avoid system failure, manufactures make use of high-quality oil as a lubricant in the turbines. Thus, reducing the friction produced due to heavy pressure. Further, there is a need for regular observing of the oil quality to ensure the smooth operation of the system.
Increasing key player strategies
Parker Hannifin (US) is one of the leading expanded manufacturers of control and motion systems and technologies, offering precision-engineered solutions. The company functions in two commercial segments, namely, aerospace systems and diversified industrial. It provides oil condition monitoring systems under its filtration group through the diversified industrial segment. Additionally, the company provides its products to its units operating in 50 countries. Its manufacturing, sales, service, distribution, and administrative facilities are situated in 39 states within the U.S. and 49 other countries.
However, geopolitical factors and oil prices are projected to be major restraints of market growth. Moreover, lack of awareness, unpredictable maintenance periods, and low adoption of oil condition monitoring solutions in emerging countries are expected to hamper the market growth.
Global Oil Condition Monitoring Market Segmentations & Regional Insights
The global oil condition monitoring market is segmented based on product type, sampling type, industry, and region.
On the basis of product type, the global oil condition monitoring market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. Based on sampling type, the target market is segmented into on-site and off-site. Based on industry, the target market is segmented into transportation (automobile, aerospace, marine, heavy vehicles, and locomotive engines), industrial, oil & gas, power, and mining.
Regional Insights:
On region the global oil condition monitoring market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading market for oil condition monitoring system, owing to presence of several major players in industries such as oil & gas, automotive, mining, and power generation. The developments in predictive maintenance technologies are inspiring end-users to implement oil condition monitoring systems across industries. Asia-pacific growth in the oil condition monitoring market is driven by countries such as India, China, and Japan. China has developed as one of the most attractive investment destinations for automotive and mining companies in past few years.
Report Scope:
|
Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2025 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2025 |
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Market Segmentation |
By Product type - Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems By Sampling type- On-site and Off-site By Industry– Transportation (Automobile, Aerospace, Marine, Heavy Vehicles, and Locomotive Engines), Industrial, Oil & Gas, Power, and Mining |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2025. For the purpose of this study, has segmented the global oil condition monitoring market report based on product type, sampling type, industry, and region.
Global Oil Condition Monitoring Market, By Product type:
- Turbines
- Compressors
- Engines
- Gear Systems
- Hydraulic Systems
Global Oil Condition Monitoring Market, By Sampling Type:
- On-site
- Off-site
Global Oil Condition Monitoring Market, By Industry:
- Transportation
- Automobile
- Aerospace
- Marine
- Heavy Vehicles
- Locomotive Engines
- Industrial
- Oil & Gas
- Power
- Mining
Global Oil Condition Monitoring Market, By Region:
- North America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- U.S.
- Canada
- Middle East & Africa
Global Oil Condition Monitoring Market Competitive Landscape & Key Players
The key players operating the global oil condition monitoring market includes Avenisense S.A., Bureau Veritas, Castrol Limited, Chevron Corporation, Delta Services Industriels (DSi), GE, Intertek Group Plc, Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, and Poseidon Systems, LLC. Various companies are focusing on utilizing different oil condition monitoring services, which include ferrography testing, tribology testing, lubricant and oil testing, in order to expand the operational life of their machinery as well as the oil being used. In January 2018, Bureau Veritas acquired a majority shareholding in Lubrication Management SL (earlier the industrial oil analysis business segment of IK4-TEKNIKER), a European oil analysis leader.
Global Oil Condition Monitoring Market Company Profile
- Avenisense S.A.
- Bureau Veritas
- Castrol Limited
- Chevron Corporation
- Delta Services Industriels (DSi)
- General Electric Company
- Intertek Group Plc
- Micromem Applied Sensor Technologies Inc.
- Parker Hannifin Manufacturing Ltd
- Poseidon Systems, LLC
FAQs
The oil condition monitoring market is segmented into product type, sampling type, industry, and region.
Driving factors in the Global Oil Condition Monitoring Market include the increasing demand for proactive maintenance strategies, the need for efficient machinery operation, and the growing adoption of IoT-based condition monitoring systems.
The Global Oil Condition Monitoring Market faces challenges such as high implementation costs, data security concerns, and the need for skilled professionals for effective monitoring and analysis.
The report considers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is anticipated to dominate the Global Oil Condition Monitoring Market, with a significantly high estimated revenue share over the forecast period.
The key players operating in the target market include Bureau Veritas, Castrol Limited, Chevron Corporation, Delta Services Industriels (DSi), General Electric Company, Intertek Group Plc, Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, and Poseidon Systems, LLC.