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2021
Oil Condition Monitoring Market

Oil Condition Monitoring Market By Product Type (Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems), Sampling Type (On-Site and Off-Site), and Industry Vertical (Transportation, Oil & Gas, Mining, and Energy & Power): Global Opportunity Analysis and Industry Forecast, 2020–2027

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COVID-19

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Oil Condition Monitoring Market Outlook – 2027 

Oil condition monitoring (OCM) detects minor issues within components of machinery until they become catastrophic failures that can cause expensive repairs and interrupt production. Hence helping customers prevent costly equipment, engine and power-train failures by monitoring improvements in the consistency of machine lubricants. Providing critical 'early notice' of imminent problems, and enabling smooth and efficient running of machinery. For more simple terms, the main aim of tracking the oil condition and detecting deterioration is to assess if the oils have degraded to an extent that they no longer perform their functions.

The global oil condition monitoring market is segmented on the basis of product type, sampling type, industry vertical, and region. Based on product type, the oil condition monitoring market is divided into turbines, compressors, engines, gear systems, and hydraulic systems. In terms of sampling type, the market is bifurcated into on-site and off-site. On the basis of industry vertical, the market is divided into transportation, oil & gas, mining, and energy & power. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global oil condition monitoring industry include Honeywell International Inc., Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, Poseidon Systems, LLC, Shell, SPECTRO Analytical Instruments GmbH, Test Oil (Insight Services Inc.), TRIBOMAR GmbH, and Castrol Limited. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global oil condition monitoring market. 

Top Impacting Factors 

The key factors which are leading to the oil condition monitoring market are growing requirement for the time management, rising need for the approaches that will be cost effective, and the rising demand for electricity. The growing need for the energy conservation has sparked the need for the oil condition monitoring market. Nonetheless, factors like increased costs incurred in renovating existing structures, and insufficient professional workers capacity hinder the growth of the business.

Turbine Segment Anticipated to Dominate the Market 

Turbine oil analysis is among the predictive-maintenance technologies most frequently used. The turbines have been used in different applications that require scheduled inspections for efficient operations. The turbines that are used in the factories work under very high pressure. The turbines are much more vulnerable to damage due to friction at these high pressures, which reduces the machine life. Companies use high quality oil as a lubricating oil in the turbines to prevent machine failure, thus reducing friction induced by heavy pressure.

On-Site Sampling to Monitor the Global Oil Condition Monitoring Market

Oil analysis on site will lower the cost of servicing and repairs, increase the efficiency of equipment, mitigate oil waste and disposal and avoid delays. The consumer should ensure that engines utilized in industries like power generation, transportation and marine are working properly.

North America to Have the Largest Market Share 

The main market in oil quality control systems is North America. The region has many major players in industries like the automotive, oil & gas, electricity generation, and mining. The developments in predictive maintenance technology are enabling end-users to implement industry-wide oil condition monitoring technologies.

Transport Segment to Have the Largest Market Share 

The transport industry covers motorcycles, aircraft, marine, heavy-duty vehicles and engines for the locomotive business. Tracking the oil condition helps to prevent serious engine failures that may occur in ships and aircraft. Consequently, demand for controlling the oil condition is anticipated to accelerate in the marine and aerospace industries. The growth in the automotive industry is due to car manufacturers' growing focus on installing real-time oil monitoring sensors in automobiles.

To prevent engine and power train failures and to stop expensive equipment, the oil condition monitoring check is conducted. Repair work of engines, equipment, and other devices is effectively achieved with the aid of the oil condition monitoring and it helps reduce downtime expenses. Oil condition monitoring helps to assess the important diagnosis and prognosis of factory types of machinery that cannot produce a successful production.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2020–2027

Base Year Considered

2019

Forecast Period

2020–2027

Forecast Units

Value (USD)

Segments Covered

Product Type, Sampling Type, Industry Vertical, and Region

Regions Covered

North America (Canada, Mexico, U.S.), Europe (France, Germany, UK, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific), LAMEA (Africa, Latin America, Middle East)

Companies Covered

Honeywell International Inc., Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, Poseidon Systems, LLC, Shell, SPECTRO Analytical Instruments GmbH, Test Oil (Insight Services Inc.), TRIBOMAR GmbH, and Castrol Limited

 

COVID-19 Scenario Analysis 

  • COVID-19 has affected the global market in various manners such as by directly impacting production and demand, has created supply chain disruption, and has also financial impact on corporations and financial markets.
  • Honeywell in accordance to COVID-19 scenario has transitioned its meeting with onsite visitor to virtual conference or has postponed such meetings altogether where necessary or where the meetings are not financial critical and also has tried to address for any potential supply chain disruptions.
  • Castrol has enabled its business continuity plans to adapt to the everyday changes as quickly as possible. Deliveries will no longer need a signature and deliveries will be delivered at a location where it is possible to sustain social distancing.

Oil Condition Monitoring Market Key Segments

Segments

Sub-Segments

Product Type

  • Turbines

  • Compressors

  • Engines

  • Gear Systems

  • Hydraulic Systems

Sampling Type

  • On-site

  • Off-site

Industry Vertical

  • Transportation

  • Oil and Gas

  • Mining

  • Energy and Power

 

Key Benefits of the Report

  • This study presents the analytical depiction of the global oil condition monitoring market forecast along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oil condition monitoring market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global oil condition monitoring market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global oil condition monitoring market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Oil Condition Monitoring Market Research Report

  • Which are the leading market players active in the oil condition monitoring market?
  • What would be the detailed impact of COVID-19 on the oil condition monitoring market size?
  • How current oil condition monitoring market trends would influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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