Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Global Oil Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Product Type (Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor), By Sampling Type, By End User, By Regional Outlook and Forecast, 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Oil Condition Monitoring Market size is expected to reach $1.2 Billion by 2029, rising at a market growth of 7.7% CAGR during the forecast period.
Oil condition monitoring is a well-known predictive maintenance technology. It involves calculating, monitoring, and examining the oil and lubricant of machinery and equipment for any contamination. A thorough understanding of the state and status of machinery and equipment can be gained from meticulously monitoring oil conditions.
The need to maximize asset availability, save maintenance costs, and prevent unplanned machine downtimes has resulted in a considerable rise in the usage of predictive maintenance procedures over the past few years across various industries. Oil condition monitoring (OCM) uses data management systems to prevent catastrophic maintenance occurrences.
Monitoring oil conditions can assist in identifying patterns in wear and tear as well as any changes in the physical characteristics of fuels, lubricants, and coolants. For example, oil may lose its ability to lubricate due to contamination with lubricants, fuels, acids, or coolants, which may result in equipment damage. Therefore, to preserve the functionality of crucial equipment, businesses are increasingly using oil condition monitoring.
The expanding automotive sector, as well as the rising demand for preventative maintenance, are the primary forces propelling the oil condition monitoring market. As more people throughout the world want their cars, the automotive sector is expanding at a breakneck speed all over the world. During the period under consideration, this will likely act as a primary driver of demand for oil condition monitoring.
COVID-19 Impact Analysis
Due to growing market competitiveness over the past ten years, the oil condition monitoring market has experienced unheard-of growth. As a result, machine condition monitoring has become the most popular method of predictive maintenance, increasing demand for it. However, COVID-19 severely impacted the sector, causing supply and demand to plummet simultaneously. The pandemic slowed down the market's expansion.
Market Growth Factors
Increasing Demand for Affordable Solutions to Preserve the Health of Machinery
The demand for monitoring solutions for oil conditions is anticipated to increase as just-in-time inventories and lean manufacturing techniques become more crucial, with a greater emphasis on product quality, especially in the process industries. Predictive maintenance is a technique that has recently come into favor among asset managers and industrial operators. The use of predictive maintenance can assist businesses in assessing the condition of their assets and forecasting when a certain system or component is likely to break down and require replacement or repair.
Growing Importance of Improving Operational Life of Important Assets
When it pertains to an asset's lifecycle, businesses anticipate it to carry out its intended purpose as effectively and for as many years as possible. Design, operation, installation, and decommissioning are all parts of an asset's lifecycle in a system. Asset performance and asset health are influenced by various factors. For example, the lubricants in the machinery must constantly operate in hazardous situations and are subject to continuous high pressures. With adequate oil condition monitoring services, the cost of replacing the equipment can be reduced by as much as half. As a result, many businesses are choosing real-time oil condition monitoring services to reduce equipment failure and further increase the operating life of such equipment. Therefore, the expansion of the market is being propelled by these factors.
Market Restraining Factors
Challenges In Integration with Already-Existing Systems
To achieve operational excellence in their production processes, several businesses heavily utilize on-site oil condition monitoring systems, including portable kits, sensors, and on-site laboratories. To operate these systems correctly, a certain amount of knowledge is needed. The lack of competent workers in these regions is a worry because some systems are placed in isolated or difficult-to-reach areas. The widespread resistance to alteration in end-user verticals is another significant issue that the industry actors must address. Potential customers may be reluctant to buy due to issues including the scarcity of qualified personnel and concerns about dependability. Therefore, all these elements are hampering the market's growth in the coming years.
Product Type Outlook
On the basis of product type, the oil condition monitoring market is classified into turbine, compressor, engine, gear systems, and hydraulic systems. The engine segment acquired the largest revenue share in the oil condition monitoring market in 2022. The expansion of R&D efforts to enhance engine performance in the automotive industry is responsible for developing the engine sub-segment. To prevent unintended engine breakdown, the level of lubricant and engine oil degradation must be checked. Oil and lubricant quality directly affect an engine's productivity as well as output.
Sampling Type Outlook
Based on sampling type, the oil condition monitoring market is characterized into on-site sampling and off-site sampling. The on-site sampling segment procured a considerable growth rate in the oil condition monitoring market in 2022. The oil's condition is monitored at the location where a sample of the lubricant was taken for analysis. This is known as "on-site" monitoring. The main benefit of this technology is that it may be used in real-time, making it possible to identify mechanical failure before deterioration has occurred.
End-user Outlook
By end user, the oil condition monitoring market is divided into transportation, industrial, oil & gas, power generation, and mining. The oil & gas segment garnered the maximum revenue share in the oil condition monitoring market in 2022. As the primary source of fuel for the world, the oil and gas sector is important to the international economy. To boost the effectiveness and efficiency of their refineries, this sector is investing heavily in oil condition monitoring.
Regional Outlook
Region wise, the oil condition monitoring market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the highest revenue share in the oil condition monitoring market in 2022. Due to the prevalence of several businesses implementing cutting-edge technology for preventive maintenance in the automotive, mining, and power & generation industries, the oil condition monitoring market prognosis in the North America region is favorable.
Companies Mentioned
- Parker Hannifin Corporation
- General Electric Company
- Bureau Veritas S.A.
- Intertek Group PLC
- SGS S.A.
- Eaton Corporation PLC
- BP p.l.c.
- TotalEnergies SE
- Shell plc
- Chevron Corporation
Scope of the Study
By Product Type
- Engine
- Gear Systems
- Turbine
- Hydraulic Systems
- Compressor
By Sampling Type
- Off-site Sampling
- On-site Sampling
By End-user
- Oil & Gas
- Industrial
- Power Generation
- Transportation
- Mining
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Strategies Deployed in Oil Condition Monitoring Market
Chapter 4. Global Oil Condition Monitoring Market by Product Type
4.1 Global Engine Market by Region
4.2 Global Gear Systems Market by Region
4.3 Global Turbine Market by Region
4.4 Global Hydraulic Systems Market by Region
4.5 Global Compressor Market by Region
Chapter 5. Global Oil Condition Monitoring Market by Sampling Type
5.1 Global Off-site Sampling Market by Region
5.2 Global On-site Sampling Market by Region
Chapter 6. Global Oil Condition Monitoring Market by End user
6.1 Global Oil & Gas Market by Region
6.2 Global Industrial Market by Region
6.3 Global Power Generation Market by Region
6.4 Global Transportation Market by Region
6.5 Global Mining Market by Region
Chapter 7. Global Oil Condition Monitoring Market by Region
7.1 North America Oil Condition Monitoring Market
7.2 Europe Oil Condition Monitoring Market
7.3 Asia Pacific Oil Condition Monitoring Market
7.4 LAMEA Oil Condition Monitoring Market
Chapter 8. Company Profiles
8.1 Parker Hannifin Corporation
8.2 General Electric Company
8.3 Bureau Veritas S.A.
8.4 Intertek Group PLC
8.5 SGS S.A.
8.6 Eaton Corporation PLC
8.7 BP p.l.c.
8.8 TotalEnergies SE
8.9 Shell plc
8.10. Chevron Corporation
For more information about this report visit https://www.researchandmarkets.com/r/igjbjf
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