Oil Condition Monitoring Market Research, 2031
The Global Oil Condition Monitoring Market size was valued at $689.7 million in 2021 and is projected to reach $1.4 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.
Oil condition monitoring is one of the predictive maintenance technologies. It comprises estimating, monitoring, and analyzing the condition of oil and lubricant of equipment and machines for any contamination. Precise monitoring of oil conditions offers a deep understanding of the condition and status of machines and equipment.
The use of various predictive maintenance methods including oil condition monitoring across several sectors has been on a rise recently. Predictive maintenance methods such as oil condition monitoring helps companies determine the machine’s oil condition. Thus, saving companies from unwarranted machine breakdowns. Even though oil condition monitoring requires financial investment, it helps in saving the alternative cost of purchasing new equipment. The growing awareness regarding extending the operational life of machines and equipment along with upsurge in investment in predictive maintenance is anticipated to drive the oil condition monitoring market growth during the forecast period. A shortage of trained technical personnel is projected to affect the market growth. Skilled technicians have special training on how to collect oil condition samples as well as to do an accurate analysis of gathered oil samples.
The advancement in big data analytics and data storage mechanisms is expected to offer lucrative oil condition monitoring market opportunity. Big data analytics helps in the processing of large volume of datasets efficiently. Therefore, it helps in the precise analysis of the data received by oil quality sensors.
The oil condition monitoring industry players are increasingly investing on the R&D of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. For instance, in December 2019, Shell launched an IT platform, known as Shell LubeAnalyst. This platform is used for oil analysis programs. The Shell LubeAnalyst platform is a simpler sample management process than the manual method.
The key players profiled in the report include Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p.l.c., Shell. Eaton, Intertek Group plc, SGS SA, and Bureau Veritas.
The oil condition monitoring market is segmented on the basis of sampling type, product type, end-user, and region. By sampling type, the market is divided into on-site sampling and off-site sampling. By product type, the market is classified into turbines, compressors, engines, gear systems, and hydraulic systems. By end-user, the market is divided into transportation, industrial, oil & gas, power generation, and mining. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Segment Overview
The oil condition monitoring market forecast report is segmented into Sampling Type, Product Type and End user.
By sampling type, the off-site sampling sub-segment dominated the market in 2021. Off-site oil condition monitoring is carried out at service stations, which are equipped with advanced analytical instruments. The analysis at these service centers is performed by a team of skilled personnel to examine the condition of the machine. The off-site oil sampling techniques used extensively across various sectors such as transportation, industrial, oil & gas, power generation, and mining. In addition to this, sectors that operate in extreme climatic conditions such as arctic natural gas processing plants, and humid mine sites are also using off-site sampling methods for oil condition analysis. These are predicted to be the main factors affecting the oil condition monitoring market size during the forecast period.
By product type, the engine sub-segment dominated the global oil condition monitoring market share in 2021. The growth of the engine sub-segment can be attributed to the increased R&D activities in the automobile sector to improve the performance of engines. Checking the engine oil and lubricant degradation level is essential to reduce unwanted engine breakdown. The quality of lubricant and oil has a direct impact on engine output as well as on its productivity. Thus, the engine's condition needs to be checked consistently to protect it from breakdown.
By end-user, the oil and gas sub-segment dominated the global oil condition monitoring market share in 2021. The oil & gas industry plays a key role in the global economy as the industry is the world's major source of fuel. This industry is massively investing in oil condition monitoring to increase the efficiency and productivity of their refineries. These oil and gas refineries operate continuously, hence, monitoring the condition of machines and equipment becomes important to avoid unwarranted breakdowns.
By region, North America dominated the global market in 2021 and LAMEA is projected to be the fastest-growing region during the forecast period. The oil condition monitoring market outlook in the North America region is positive due to the presence of a large number of companies in the power & generation, automotive, and mining industries adopting advanced technologies for predictive maintenance. The LAMEA region is projected to be the fastest growing region in the oil condition monitoring market owing to the presence of the world's top ten oil-producing countries as well as a fully developed oil and gas infrastructure.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the oil condition monitoring market analysis from 2021 to 2031 to identify the prevailing oil condition monitoring market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the oil condition monitoring market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global oil condition monitoring market trends, key players, market segments, application areas, and market growth strategies.
Oil Condition Monitoring Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 1.4 billion |
 Growth Rate | CAGR of 7.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 280 |
 By Sampling Type |
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 By Product Type |
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 By End user |
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 By Region |
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 Key Market Players | Parker-Hannifin Corporation, TotalEnergies, General Electric, Bureau Veritas, Intertek Group plc, Eaton Corporation, SGS SA, Chevron Corporation, BP plc, Shell plc |
Analyst Review
An increase in awareness regarding extending the operational life of machines and equipment is the key factor that is expected to drive the growth of the global oil condition monitoring market during the forecast period. Furthermore, a rise in the prevalence of predictive maintenance is projected to supplement the oil condition monitoring market growth during the forecast period. Shortage of skilled personnel, however, is expected to hamper the oil condition monitoring market. The rise in big data analytics and smart sensors is anticipated to offer remunerative opportunities for key players in the oil condition monitoring market. The use of big data analytics along with smart sensors enables accurate analysis of oil conditions with minimal human errors.
Among the analyzed regions, North America is expected to account for the highest revenue in the market by 2031, followed by Europe, LAMEA, and Asia-Pacific. The presence of major key players and the increase in the adoption of predictive maintenance are the major factors responsible for the leading position of North America in the global oil condition monitoring market.
An increase in the prevalence of predictive maintenance along with rising awareness about extending the operational life of machines and equipment are the major oil condition monitoring market drivers. In addition, advancements in big data analytics and smart sensors are expected to generate excellent opportunities in the oil condition monitoring market.
LAMEA will provide more business opportunities for the global oil condition monitoring market in the future.
Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p.l.c., Shell, Eaton, Intertek Group plc, SGS SA, and Bureau Veritas are the major players in the oil condition monitoring market.
An increase in advancements in big data analytics and smart sensor technology is anticipated to boost the oil condition monitoring market in the upcoming years.
The off-site sampling sub-segment of the sampling type acquired the maximum share of the global oil condition monitoring market in 2021.
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