Oil Condition Monitoring Market Size was valued at USD 1.17 billion in 2022 and is expected to reach USD 1.93 billion by 2030, and grow at a CAGR of 6.5% over the forecast period 2023-2030.
Oil conditional monitoring (OCM) detects minor problems within machinery components to catastrophic failures that can result in costly repairs and disrupt production. Therefore, to help customers to prevent the failure of expensive machinery, engine and power train by monitoring the constant development of mechanical lubricants. Providing an important 'early notification' of impending problems, as well as allowing efficient operation of equipment. In simple terms, the main purpose of oil tracking and detection of deterioration is to check that the oil has dropped to a level that no longer performs its function.
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KEY DRIVERS:
A growing emphasis is being placed on lowering maintenance expenses.
Increased need for low-cost solutions for preserving the health of machines.
RESTRAINTS:
Inadequate technological resources for data analysis.
Expenses incurred as a result of retrofitting existing systems.
OPPORTUNITIES:
Big data analytics and IIoT are high in demand.
Rising energy demand.
CHALLENGES:
Demand from the oil and gas industry has decreased as a result of COVID-19.
Difficulties with offline oil sampling.
The Oil Condition Monitoring Market has seen unprecedented growth over the past decade due to increasing market competition. This, in turn, increases the need to monitor the condition of the machine as the most preferred method of forecasting. However, COVID-19 has faced a major crisis in the industry, which has led to the simultaneous collapse of service delivery and demand. The market has been driven by a sharp increase in the Oil Condition Monitoring in the last few years. However, the epidemic has caused a slowdown in market growth. The market is expected to regain its growth momentum as consumer industries begin to recover from the effects of the epidemic.
Based on Product Type, the Oil Condition Monitoring Market is sub divided into Compressor, Turbine, Engine, Hydraulic System and Other.
The Turbine segment is expected to respond with the largest market share of oil conditioning monitoring by 2030. Turbine oil analysis is one of the most commonly used methods of adjustment forecasting technology. Turbines are used in a variety of applications, which require systematic testing in order to function properly. Turbines used in industries such as power generation and transport operate under very high pressure. In addition, there is a need to constantly monitor oil quality to ensure the efficiency of turbines.
Based on Industry Vertical, the Oil Condition Monitoring Market is sub divided into Industrial, Mining, Transportation, Oil & Gas and Power Generation.
Power generation is one of the few emerging industries that is experiencing the rapid adoption of oil conditioning monitoring. The power generating sector employs a variety of machinery, equipment, and components. Appliances such as engines, wind turbines, gearboxes, and compressors operate at high temperatures and pressures, thus reducing the quality of the oil used in the equipment. Monitoring the oil condition helps to identify minor problems inside the equipment before any catastrophic failure.
By Product Type
Turbine
Engine
Hydraulic System
Other
By Sampling Type
On-site
Off-site
By Industry Vertical
Industrial
Mining
Transportation
Oil & Gas
Power Generation
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The North American market is holding a large size and it is estimated that it will continue to do so during the 2023-2030 forecast period. Things like extra focus on the proper use of assets; strict government regulations for the workplace and employee safety; and strict quality control in the oil and gas industries, transportation, and manufacturing drives the need for oil conditioning monitoring systems and solutions in North America.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key player in the Oil Condition Monitoring Market are General Electric, BP plc, Parker-Hannifin Corporation, Shell plc, Bureau Veritas, Intertek Group plc, Eaton Corporation, Chevron Corporation, SGS SA, TotalEnergies & Other Players.
Intertek Group plc-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 1.17 Bn |
| Market Size by 2030 | US$ 1.93 Mn |
| CAGR | CAGR of 6.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Compressor, Turbine, Engine, Hydraulic System, Other) • By Sampling Type (On-Site, Off-Site) • By Industry Vertical (Industrial, Mining, Transportation, Oil & Gas, Power Generation) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | General Electric, BP plc, Parker-Hannifin Corporation, Shell plc, Bureau Veritas, Intertek Group plc, Eaton Corporation, Chevron Corporation, SGS SA and TotalEnergies |
| Key Drivers | • A growing emphasis is being placed on lowering maintenance expenses. • Increased need for low-cost solutions for preserving the health of machines. |
| Restraints | • Inadequate technological resources for data analysis. • Expenses incurred as a result of retrofitting existing systems. |
The market value will be expected to reach USD 1.93 billion by 2030, and grow at a CAGR of 6.5% over the forecast period 2023-2030.
The market has been segmented with respect to product type, sampling type and industry vertical.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Oil Condition Monitoring Market Segmentation, by product type
8.1Introduction
8.2 Compressor
8.3 Turbine
8.4 Engine
8.5 Hydraulic System
8.6 Other
9. Oil Condition Monitoring Market Segmentation, by sampling type
9.1 Introduction
9.2 On-site
9.3 Off-site
10. Oil Condition Monitoring Market Segmentation, by industry vertical
10.1 Introduction
10.2 Industrial
10.3 Mining
10.4 Transportation
10.5 Oil & Gas
10.6 Power Generation
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12.Company Profiles
12.1 Parker-Hannifin Corporation
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 General Electric
12.3 BP plc
12.4 Shell plc
12.5 Bureau Veritas
12.6 Intertek Group plc
12.7 Eaton Corporation
12.8 Chevron Corporation
12.9 SGS SA
12.10 TotalEnergies
12.11 Other
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14.Conclusion
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