NEW YORK, United States, May 31, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Oil Condition Monitoring Market By Product Type (Engine, Turbine, Hydraulic System, Compressor, And Others), By Sampling Type (Off-Site And On-Site), By Vertical (Oil & Gas, Power Generation, Industrial, Mining, And Transportation), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
How big is the Oil Condition Monitoring Industry?
“According to the latest research study, the of global Oil Condition Monitoring Market size & share was valued at approximately USD 1.01 in 2022. The market is expected to grow above a CAGR of 7.51% and is anticipated to reach over USD 1.41 by 2030.”
The report analyses the oil condition monitoring market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global oil condition monitoring market.
What are Oil Condition Monitoring?
Market Overview:
Monitoring and analyzing the quality of the oil used in a variety of end-user industries, such as industrial, automotive, aviation, marine, and others, is known as oil condition monitoring (OCM). Analysis of factors including oxidation, viscosity, acidity, and degree of contamination in the oil are central to OCM. By using these metrics, firms may better understand the state of the oil and create plans for any maintenance requirements that may develop as a result of ongoing oil consumption. The data gathered through OCM aids in identifying any potential equipment failure, which may be used to optimize maintenance schedules, increase equipment reliability, and save downtime. It can also be used to extend the equipment's overall lifespan. The term "industry" is used to describe the services and goods related to OCM, such as software, analyzers, sensors, and consultancy systems. The size of the global market for oil condition monitoring is anticipated to increase steadily over the course of the projected period.
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Key Insights from Primary Research
- As per the analysis, the Oil Condition Monitoring market is likely to grow above a CAGR of around 7.51% between 2023 and 2030.
- The Oil Condition Monitoring market size was worth around US$ 1.01 in 2022 and is estimated to hit approximately US$ 1.41 by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to the growing demand for predictive maintenance
- Based on product type segmentation, the engine was predicted to show maximum market share in the year 2022
- Based on vertical segmentation, oil & gas was the leading vertical in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Industry Growth Factors
- Growing demand for predictive maintenance to propel market growth
The demand for predictive maintenance solutions across industrial applications is expected to drive growth in the global market for oil condition monitoring. It is a strategy used in maintenance that makes use of data analysis tools and other instruments to continuously monitor equipment and anticipate any maintenance issues that may occur in the future. It offers a number of advantages, thus the need for such approaches and systems is growing in the modern world that is dominated by machines and technology.
Restraints
- Technical challenges hamper market expansion
In terms of the technical difficulties that arise while employing OCM devices, one of the main growth inhibitors in the oil condition monitoring sector is this. A minor technical issue with data integration or sensor calibration can affect the device's overall accuracy and raise questions about its dependability. A further growth constraint for industrial firms is the absence of standardization across global economies. Players find it challenging to compare the system's performance quality when there are no established measurement standards in place.
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Competitive Players
The report contains qualitative and quantitative research on the global oil condition monitoring market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global oil condition monitoring market include;
- Bharat Petroleum Corporation Limited
- Chevron Corporation
- Parker Hannifin Corporation
- Bureau Veritas
- TestOil
- Castrol Limited
- Swift Technology Group
- Intertek Group plc
- General Electric Company
- AVISTA OIL AG
- Shell Global
- Testo SE & Co. KGaA
- ALS Limited
- Kittiwake Developments Ltd
- Spectro Analytical Instruments GmbH
- Unimarine
- Bureau of Technical Audits
Browse Complete Report Here | Oil Condition Monitoring Market By Product Type, By Sampling Type, By Vertical, And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030
Segmentation Analysis
The global oil conditioning monitoring market is segmented based on product type, sample type, vertical, and region.
Based on product type, the global market segments are engine, turbine, hydraulic system, compressor, and others. In 2022, the industry registered the highest growth in the engine segment since it is one of the most widely used parts in the automotive segment, a fast-growing end-user vertical. Other industries including power generating, aviation, and maritime depend on engines as well. Engines are more prone to wear and tear since they are frequently exposed to varying operating conditions including high pressure, temperature, and speed. OCM in engines can accurately assess the condition of the engine oil and issue a prompt warning to the user to take preventative and remedial action. The OCM programme in diesel-powered engines, according to the US Department of Energy, can help to save engine maintenance costs by 25%.
Based on sampling type, the oil condition monitoring industry segments are off-site and on-site.
Based on vertical, the global market divisions are oil & gas, power generation, industrial, mining, and transportation. The oil and gas sector, where the technology is employed for extensive applications including drilling, oil exploration, and refining operations, generates the majority of the industry's revenue. The OCM technology is used in the power industry to track and assess the health of turbines, generators, and transformers to ensure their dependable and efficient operation. The International Energy Agency (IEA) estimates that just drilling operations in the oil and gas sector use up about 5% of the world's total oil production.
Regional Analysis:
- North America will keep dominating the global market.
North America is anticipated to experience the highest growth in the global oil condition monitoring market, primarily because of the region's extensive oil & gas industry-related activities. Additionally, a significant factor in regional expansion is the growing need for cost-effective operations and maintenance of essential equipment. The increasing automotive, transportation, and manufacturing activities in Europe are the cause of the consistent CAGR.
Due to the rising applications in the technologically advanced automotive sector, Germany is anticipated to have the highest regional CAGR. Its expansion during the anticipated period may be influenced by rising energy consumption as well as increasing investments in transport infrastructure in Asia-Pacific. The segment is also home to some of the biggest players in the oil and gas industry, which has increased demand for cutting-edge OCM systems.
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Recent Industry Developments:
- In August 2021, Shell, a US-based oil and gas company, announced the launch of a new service dedicated to oil condition monitoring and equipment health. The move came in as a response to collaboration between Shell and Baker Hughes and the product is called VitalyX, a highly advanced and intelligent analytics-based oil condition monitoring, and machinery health service, especially for the marine segment
- In June 2021, Parker Hannifin, a leading provider of motion and control technologies, announced the launch of DIGI Plus, which is regarded as an innovative OCM technology. It offers on-board and on-site monitoring of oil condition
- In June 2021, Rexnord Process & Motion Control (PMC) announced a new addition to its existing line of Smart Condition Monitoring Systems called 1030. The OCM system can monitor oil quality, vibration, and temperature on most of the large gear drives
Key questions answered in this report:
- What is the size of the oil condition monitoring market and what is its expected growth rate?
- What are the primary driving factors that push the oil condition monitoring market forward?
- What are the oil condition monitoring Industry's top companies?
- What are the different categories that the oil condition monitoring Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the oil condition monitoring market sample report and company profiles?
Report Scope:
| Report Attributes | Report Details |
| Report Name | Oil Condition Monitoring Market Research Report |
| Market Size in 2022 | USD 1.01 Billion |
| Market Forecast in 2030 | USD 1.41 Billion |
| Growth Rate | CAGR of 7.51% |
| Number of Pages | 210 |
| Key Companies Covered | Bharat Petroleum Corporation Limited, Chevron Corporation, Parker Hannifin Corporation, Bureau Veritas, TestOil, Castrol Limited, Swift Technology Group, Intertek Group plc, General Electric Company, AVISTA OIL AG, Shell Global, Testo SE & Co. KGaA, ALS Limited, Kittiwake Developments Ltd, Spectro Analytical Instruments GmbH, Unimarine, Bureau of Technical Audits, Total S.A., and SGS S.A. |
| Segments Covered | By Product Type, By Sampling Type, By Vertical, and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 - 2030 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global oil condition monitoring market is segmented as follows:
By Product Type
- Engine
- Turbine
- Hydraulic System
- Compressor
- Others
By Sampling Type
- Off-Site
- On-Site
By Vertical
- Oil & Gas
- Power Generation
- Industrial
- Mining
- Transportation
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023 – 2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Product Type, By Sampling Type, By Vertical, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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