New York, United States, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Global Oil Condition Monitoring (OCM) Market Size is to Grow from USD 1,035 Million in 2022 to USD 2,178 Million by 2032, at a Compound Annual Growth Rate CAGR of 7.7% during the projected period.
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Any predictive maintenance system must include Oil Condition Monitoring (OCM) or Used Oil Analysis (UOA). OCM comprises measuring, recording, and evaluating lubricant and fuel oil fluctuations for contamination and chemical composition, as well as detecting oil quality degradation from new to the end of its lifecycle. Oil condition monitoring has a wide range of uses, including lubricating the moving components that power wind turbines, keeping conveyor belts in food processing plants running smoothly, minimizing premature wear of heavy-duty mining machinery, and many more. Rising demand for low-cost alternatives for preserving machinery health, increased industry awareness of the need for oil condition monitoring, and a growing emphasis on lowering maintenance expenditures are the most significant factors driving the steady expansion of the oil condition monitoring market. The advancement of big data analytics and data storage technologies is expected to open up a profitable opportunity in the oil condition monitoring market. Real-time monitoring is an important tool for maximizing lubricant consumption while eliminating machinery delays, resulting in increased savings and efficiency.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Oil Condition Monitoring (OCM) Market Size, Share, and COVID-19 Impact Analysis, By Sampling Type (On-Site, Off-Site), By Product Type (Turbine, Compressor, Transformers, Engine, Gear Systems, Hydraulic Systems, Others), By End-Use Industry (Transportation, Industrial, Oil & Gas, Power Generation, Mining, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The off-site segment is dominating the market with the largest revenue share over the forecast period.
On the basis of technology, the global oil condition monitoring (OCM) market is segmented into the on-site and off-site. Among these, the off-site segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Off-site oil condition monitoring is carried out at service stations equipped with advanced analytical instruments. Off-site oil sample processes are commonly used in a wide range of industries, including transportation, industrial, oil and gas, power generation, and mining. In addition, companies that operate in difficult climatic conditions, such as arctic natural gas extraction plants and wet mining sites, use off-site sample procedures for oil condition analysis.
The engine segment is expected to hold the largest share of the Global Oil Condition Monitoring (OCM) Market during the forecast period.
Based on the product type, the global oil condition monitoring (OCM) market is classified into turbine, compressor, transformers, engine, gear systems, hydraulic systems, and others. Among these, the engine segment is expected to hold the largest share of the Oil Condition Monitoring (OCM) market during the forecast period. This is because there are so many cars and industrial machines that require engine lubricants. Engine oil monitoring is a significant market because of its wide range of applications, which include transportation, construction, and agriculture.
The transportation segment accounted for the largest revenue share of more than 32.7% over the forecast period.
On the basis of end-use industry, the global oil condition monitoring (OCM) market is segmented into transportation, industrial, oil & gas, power generation, mining, and others. Among these, the transportation segment is dominating the market with the largest revenue share of 32.7% over the forecast period. In the transportation industry, oil condition monitoring is commonly utilized for engines in vehicles such as cars, trucks, buses, airplanes, and ships. It extends the life and productivity of engines by monitoring oil degradation and pollutants.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. Because of the tangible benefits of preventive maintenance and performance, oil condition monitoring has been quickly adopted by firms operating in the region. Furthermore, North America has a diverse industrial base that includes manufacturing, oil and gas, transportation, and other industries, allowing for a wide range of oil condition monitoring applications. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific region continues to experience significant expansion and may perhaps have the highest share due to its massive manufacturing boom and increased technological usage. As Asia Pacific companies rely more on preventive maintenance and productivity, oil condition monitoring is becoming more common. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Oil Condition Monitoring (OCM) Market include SGS SA, BP plc, Shell plc, General Electric, Eaton Corporation, Chevron Corporation, TotalEnergies SE, Intertek Group plc, Celanese Corporation, Parker-Hannifin Corporation, and several others.
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Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Oil Condition Monitoring (OCM) Market based on the below-mentioned segments:
Oil Condition Monitoring (OCM) Market, Sampling Type Analysis
- On-Site
- Off-Site
Oil Condition Monitoring (OCM) Market, Product Type Analysis
- Turbine
- Compressor
- Transformers
- Engine
- Gear Systems
- Hydraulic Systems
- Others
Oil Condition Monitoring (OCM) Market, End-Use Industry Analysis
- Transportation
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Others
Oil Condition Monitoring (OCM) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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