Global Oil Condition Monitoring Market Size By Product Type (Turbines, Compressors, Engines), By Sampling Type (Off-Site, On-Site), By Industry (Transportation, Industrial, Energy And Power), By Geographic Scope And Forecast

Oil Condition Monitoring Market Size And Forecast

Oil Condition Monitoring Market size was valued at USD 912.92 Million in 2022 and is projected to reach USD 1796.37 Million by 2030, growing at a CAGR of 8.83% from 2024 to 2030.

The growing number of applications of oil condition monitoring in different industries such as oil & gas, metals & mining, aerospace & defense, etc. is the primary aspect of the growth of this market. On the flip side, additional expenses incurred in retrofitting existing systems may restrain the growth of this market. The Global Oil Condition Monitoring Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Oil Condition Monitoring Market Definition

Oil Condition Monitoring (OCM) refers to a component of Condition Monitoring (CM) and is an essential element of any predictive maintenance schedule. It helps in monitoring the performance of the machinery to identify any developing or worsening faults. It helps in the identification of problems in the components of machinery which can result in catastrophic failures and incur high costs for repairs along with increasing the downtime and bringing production to a halt. The main purpose of it is to determine whether the oils can fulfill their functions or not. The increasing demand for economic solutions to increase productivity is one of the main drivers that are likely to boost market growth.

Global Oil Condition Monitoring Market Overview

The growing adoption of predictive maintenance among various industries is the major growth factor responsible for the growth of the Global Oil Condition Monitoring Market. Furthermore, a surge in demand for cost-effective solutions, a rise in the need for optimization of time, and an increase in the demand for power generation are also expected to promote the growth of this market. In addition to this, advancements in technologies, rapid industrialization, an increasing number of service providers, mergers and acquisitions, and reduction in maintenance costs are also boosting the growth of this market.

Moreover, the rise in the adoption of big data analytics and the growing use of the industrial Internet of Things is likely to create lucrative opportunities for the market. However, extra costs incurred in retrofitting existing systems and fluctuations in the prices of raw materials which can affect the charges of installation are some of the restraints which are likely to restrict the market growth. Also, the limited availability of skilled personnel at different remote locations is a major challenge faced by the market.

Global Oil Condition Monitoring MarketSegmentation Analysis

The Global Oil Condition Monitoring Market is Segmented on the basis of Product Type, Sampling Type, Industry, and Geography.

Oil Condition Monitoring Market, By Product Type

• Turbines
• Compressors
• Engines
• Gear Systems
• Hydraulic Systems

Based on Product Type, the market is segmented into Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems. The turbines segment is expected to hold the maximum share during the forecast period. The growth can be attributed to its various applications which require time-to-time checkups for efficient operations. these operate under very high pressure and get degraded due to thermal degradation, oxidation, additive depletion, and contamination which decreases the life of the system, hence, to avoid system failure, high-quality oils are used in the turbines as a lubricant. In addition to this, there is a need for oil condition monitoring to ensure the smooth operation of the system.

Oil Condition Monitoring Market, By Sampling Type

• Off-Site
• On-Site

Based on Sampling Type, the market is segmented into Off-Site and On-Site. On-Site Sampling Type is likely to hold the largest share as it helps in reducing the service and maintenance costs along with increasing the productivity of the equipment. It also helps in minimizing oil waste and disposal and reducing downtime which furthers the proper functioning of the engines.

Oil Condition Monitoring Market, By Industry

• Transportation
• Industrial
• Energy & Power
• Oil & Gas
• Mining

Based on Industry, the market is segmented into Transportation, Industrial, Energy & Power, Oil & Gas, and Mining. The transportation segment is anticipated to hold the largest share during the forecast period as it includes aerospace, automobiles, heavy vehicles, marine, and locomotive engines. Oil condition monitoring helps to avoid engine failures which are likely to occur in airplanes and ships and thus, the demand for oil condition monitoring is projected to increase in this industry. Additionally, the growing automobile industry is also expected to boost this segment and overall market growth by installing real-time oil monitoring sensors in cars.

Oil Condition Monitoring Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

On the basis of Regional Analysis, the Global Oil Condition Monitoring Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to hold the largest share during the forecast period owing to the presence of several major players in the industries of power & generation, automotive, oil & gas, industrial, and mining. Furthermore, the number of consumers, as well as producers, is continuously increasing in this region driving the growth of this market in North America.

Key Players

The “Global Oil Condition Monitoring Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Bureau Veritas, National Instruments, Rockwell Automation, Inc., General Electric, Intertek Group Plc, Parker Hannifin Manufacturing Ltd, Honeywell International Inc., Chevron Corporation, Unimarine, and Micromem Applied Sensor Technologies Inc. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In April 2023, Rockwell Automation, Inc. announced a collaboration with TotalEnergies, a worldwide multi-energy corporation, to install a robot fleet management system for its offshore platforms.
• In May 2022, National Instruments introduced ActiveUptime, a Maintenance-as-a-Service solution for condition monitoring and predictive maintenance of test equipment and facilities. This turnkey solution is customized to the user’s environment and offers the data required to proactively monitor system health and prevent crucial test equipment failure.
• In June 2021, Parker Hannifin launched an innovative oil condition monitoring solution that will assist maritime operators in reducing downtime, lowering costs, and safeguarding assets. The DIGI Plus has been built in close collaboration with maritime professionals to provide quick on-site and on-board oil condition monitoring to boost productivity and uptime for the marine sector.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Oil Condition Monitoring Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Oil Condition Monitoring Market, gauge the attractiveness of a certain sector, and assess investment possibilities.