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Oil Condition Monitoring Market

Oil Condition Monitoring Market Size, Share & Segment 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), By Regions And Global Forecast 2022-2028

Report Id: SNS/SEMI/2053 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

The Oil Condition Monitoring Market Size was valued at USD 1.1 billion in 2021, and is expected to reach USD 1.7 billion by 2028, and grow at a CAGR of 6.5% over the forecast period 2022-2028.

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.

Oil Condition Monitoring Market Revenue Graph

MARKET DYNAMICS:

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.

IMPACT OF COVID-19: 

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 2028. 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.

COMPETITIVE LANDSCAPE:

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 and TotalEnergies.

MARKET 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

Oil Condition Monitoring Market Segment Pie Chart

REGIONAL ANALYSIS:

The North American market is holding a large size and it is estimated that it will continue to do so during the 2022-2028 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

 

Oil Condition Monitoring Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 1.1 Bn
Market Size by 2028 US$ 1.7 Mn
CAGR CAGR of 6.5% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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.


Frequently Asked Questions (FAQ) :

The market value will be expected to reach USD 1.7 billion by 2028, and grow at a CAGR of 6.5% over the forecast period 2022-2028.

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

 

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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Secondary Research

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