Oil Condition Monitoring Market By Product (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), By Sampling (On-Site, Off-Site), By Industry (Transportation, Industrial, Oil & Gas, Power, Mining), By Region – Opportunities and Forecast, 2022-2029
Analysts at GMI Research estimates that the Oil Condition Monitoring Market was worth USD 910.0 billion in 2021, and forecast to touch USD 1,483.6 billion in 2029, growing at a CAGR of 6.3% from 2022-2029.
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Major Oil Condition Monitoring Market Drivers
Increasing need for time optimization, rising demand for power generation, growing demand for cost-efficient solutions, and increased focus towards decreasing the maintenance cost are the key factors proliferating the growth of oil condition monitoring market. In past years, traditional condition monitoring systems used to rely on vibration data and accelerometers for obtaining machine parameters, which consumed large cost. Moreover, high down-time in oil and gas industry, propelled designers to work on new innovations and introduce advancements in hardware and software components of oil condition monitoring solutions. Due to low implementation cost, route-based monitoring is progressively replaced by wireless sensor nodes. Moreover, maintenance and process engineers try to achieve enhanced uptime of plants, avoiding major glitches in order to keep equipment running for 24/7. This eliminates maintenance cost of the equipment, which further drives the growth of the market. However, shortage of skilled professionals in remote locations might hamper the growth of the market.
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Product – Segment Analysis
Based on product, market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. Among these, turbines segment is expected to observe faster CAGR during the forecast period, attributed to high adoption of oil condition monitoring solutions for offshore wind turbines. Offshore wind turbines are located at difficult to access areas, where service is mostly limited to specific period of time. Therefore, oil condition monitoring in such turbines is performed by specialized laboratories, to extract information about impending damage and to know about the appropriate time for oil change, which accelerates the growth of oil condition monitoring solutions in turbines.
Sampling – Segment Analysis
On the basis of sampling, market is segmented into on-site and offsite oil condition monitoring. Among these, on-site segment would exhibit faster CAGR during the forecast period. This attributed to multiple benefits of on-site oil condition monitoring for manufacturing which includes, enhanced efficiency, productivity, and profitability in regard to predictive maintenance. It also enhances equipment productivity, reduces maintenance and servicing costs, decreases oil disposal and waste, and reduces downtime, which further boosts the demand for on-site condition monitoring in the market.
Industry – Segment Analysis
Based on industry, market is segmented into transportation, industrial, oil & gas, power, and mining. Among these, transportation industry is expected to witness faster CAGR during the forecast period, attributed to high demand for solution to eliminate machine failure. In transportation industry, more than 70% of failures are due to lubrication issues. Hence, oil condition monitoring aids in avoiding machine failure by the utilization of machine operation and failure analysis programs, which further catalysis the growth of oil condition monitoring in transportation industry.
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Regional – Segment Analysis
On the basis of region, North America is expected to lead the market during the forecast period attributed to rise in consumer and producers in transportation mode industry. Moreover, rapid advancements in predictive maintenance technologies is increasing the growth of Oil Condition Monitoring market in the region.
Top Market Players
The key players in the market includes Parker Hannifin Corp, Chevron Corporation, General Electric Company, Shell Oil Company, Bureau Veritas SA, BP Plc, Eaton Corporation Plc, Intertek Group Plc, SGS SA, and Total Group.
Segments covered in the Report:
The global oil condition monitoring market has been segmented based on, product, sampling, and industry. based on product, market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. based on sampling, market is segmented on on-site, and off-site. based on industry, market is segmented into transportation, industrial, oil & gas, power, and mining.
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Report Coverage |
Details |
| Market Revenues (2021) |
USD 910.0 billion |
| Market Base Year |
2021 |
| Market Forecast Period |
2022-2029 |
| Base Year & Forecast Units |
Revenues (USD Billion) |
| Market Segment | By Product, By Sampling, By Industry, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | Parker Hannifin Corp, Chevron Corporation, General Electric Company, Shell Oil Company, Bureau Veritas SA, BP Plc, Eaton Corporation Plc, Intertek Group Plc, SGS SA, Total Group, among other; a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Oil Condition Monitoring Market by Product
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- Turbines
- Compressors
- Engines
- Gear Systems
- Hydraulic Systems
Global Oil Condition Monitoring Market by Sampling
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- On-site
- Off-site
Global Oil Condition Monitoring Market by Application
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- Transportation
- Automobile
- Aerospace
- Marine
- Heavy Vehicles
- Locomotive Engines
- Industrial
- Oil & Gas
- Power
- Mining
- Transportation
Global Oil Condition Monitoring Market by Region
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North America Oil Condition Monitoring Market (Option 1: As a part of the free 25% customization)
- By Product
- By Sampling
- By Application
- US All-Up
- Canada All-Up
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Europe Oil Condition Monitoring Market (Option 2: As a part of the free 25% customization)
- By Product
- By Sampling
- By Application
- UK All-Up
- Germany All-Up
- France All-Up
- Spain All-Up
- Rest of Europe All-Up
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Asia-Pacific Oil Condition Monitoring Market (Option 3: As a part of the free 25% customization)
- By Product
- By Sampling
- By Application
- China All-Up
- India All-Up
- Japan All-Up
- Rest of APAC All-Up
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RoW Oil Condition Monitoring Market (Option 4: As a part of the free 25% customization)
- By Product
- By Sampling
- By Application
- Brazil All-Up
- South Africa All-Up
- Saudi Arabia All-Up
- UAE All-Up
- Rest of world (remaining countries of the LAMEA region) All-Up
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Major Players Operating the Oil Condition Monitoring (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Parker Hannifin Corp
- Chevron Corporation
- General Electric Company
- Shell Oil Company
- Bureau Veritas SA
- BP Plc
- Eaton Corporation Plc
- Intertek Group Plc
- SGS SA
- Total Group
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