Press release
Technological Innovations Drive Strong Growth in Oil Condition Monitoring Market, Set to Reach $1.97 Billion by 2028
Oil Condition Monitoring Market Report
The oil condition monitoring market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to demand for remote monitoring solutions, focus on proactive maintenance strategies, expansion of wind and solar energy, evolving regulatory landscape, rise in demand for condition-based monitoring. Major trends in the forecast period include focus on real-time monitoring, wireless sensor networks, oil quality monitoring, remote oil sampling and analysis, cloud-based monitoring platforms, strategic partnerships and collaborations.
Market Overview -
Oil condition monitoring (OCM) is a predictive maintenance program that assists clients in avoiding expensive machinery, engine, and power-train breakdowns by monitoring changes in the lubricant quality of the machinery. This is used to measure equipment parameters, such as temperature or the condition of oil, to be able to detect future failures.
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Automobile Industry Boom Fuels Expansion Of The Oil Condition Monitoring Market
The boom in the automobile industry is expected to propel the growth of the oil condition monitoring market going forward. The automobile industry refers to the businesses and activities engaged in the production of motor cars, including the majority of their parts, such as their engines and bodies. Oil condition monitoring helps the automobile industry by monitoring, measuring, and analyzing changes in lubricant and fuel oils for chemical content and contamination and tracking degradation in oil quality. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), an Indian not-for-profit apex national body, the automotive industry produced a total of 22.9 million vehicles, including commercial vehicles, passenger vehicles, and two-, three-, and four-wheelers, from April 2021 to March 2022, which shows an increase from the previous years. Therefore, the boom in the automobile industry is driving the oil condition monitoring market.
Competitive Landscape -
Major companies operating in the oil condition monitoring market report are Parker Hannifin Corporation, Royal Dutch Shell plc, Bureau Veritas Group, Intertek Group plc, Société Générale de Surveillance S.A., General Electric Company, British Petroleum Company plc, Chevron Corporation, Baker Hughes Company, Exxon Mobil Corporation, Fluid Life Corporation, Insight Services Inc., Celanese Corporation, Eaton Corporation plc, UNIMARINE LLC, Honeywell International Inc., Total SE, Rockwell Automation Inc., National Instruments Corporation, Vickers Oils Ltd., Element Materials Technology Group Limited, Eastway Tank Pump & Meter Limited, Blue Oceans Satellite Systems Inc., Anomalous Networks Inc., WearCheck Africa (Pty) Ltd., Wärtsilä Corporation, Société Générale de Surveillance SA, Intertek Group plc, TotalEnergies, Techenomics International
Technological Advancements In Oil Condition Monitoring
Technological advancement is a key trend in the oil condition monitoring market. Many companies operating in oil condition monitoring are focusing on innovating new products with advanced technologies to strengthen their position in the market. For instance, in August 2021, Parker Hannifin, a US-based leader in motion and control technologies, launched an innovative oil condition monitoring technology, DIGI Plus, that helps marine operators reduce costs and downtime and protect assets. The DIGI Plus combined test cell allows users to swiftly and easily test for the presence of water in oil and the base number of oil samples. It also enables users to find out-of-spec oils and lubricants and spot potential issues before they become crucial.
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Key Segments -
The oil condition monitoring market covered in this report is segmented -
1) By Product: Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems
2) By Sampling: On Site, Off Site
3) By End User: Transportation, Oil And Gas, Mining, Energy And Power
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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