Global Oil Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Product Type (Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor), By Sampling Type, By End User, By Regional Outlook and Forecast, 2023 - 2029

Global Oil Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Product Type (Engine, Gear Systems, Turbine, Hydraulic Systems and Compressor), By Sampling Type, By End User, By Regional Outlook and Forecast, 2023 - 2029


The Global Oil Condition Monitoring Market size is expected to reach $1.2 Billion by 2029, rising at a market growth of 7.7% CAGR during the forecast period.

Oil condition monitoring is a well-known predictive maintenance technology. It involves calculating, monitoring, and examining the oil and lubricant of machinery and equipment for any contamination. A thorough understanding of the state and status of machinery and equipment can be gained from meticulously monitoring oil conditions.

The need to maximize asset availability, save maintenance costs, and prevent unplanned machine downtimes has resulted in a considerable rise in the usage of predictive maintenance procedures over the past few years across various industries. Oil condition monitoring (OCM) uses data management systems to prevent catastrophic maintenance occurrences.

Monitoring oil conditions can assist in identifying patterns in wear and tear as well as any changes in the physical characteristics of fuels, lubricants, and coolants. For example, oil may lose its ability to lubricate due to contamination with lubricants, fuels, acids, or coolants, which may result in equipment damage. Therefore, to preserve the functionality of crucial equipment, businesses are increasingly using oil condition monitoring.

The expanding automotive sector, as well as the rising demand for preventative maintenance, are the primary forces propelling the oil condition monitoring market. As more people throughout the world want their cars, the automotive sector is expanding at a breakneck speed all over the world. During the period under consideration, this will likely act as a primary driver of demand for oil condition monitoring.

COVID-19 Impact Analysis

Due to growing market competitiveness over the past ten years, the oil condition monitoring market has experienced unheard-of growth. As a result, machine condition monitoring has become the most popular method of predictive maintenance, increasing demand for it. However, COVID-19 severely impacted the sector, causing supply and demand to plummet simultaneously. The pandemic slowed down the market's expansion.

Market Growth Factors

Increasing Demand for Affordable Solutions to Preserve the Health of Machinery

The demand for monitoring solutions for oil conditions is anticipated to increase as just-in-time inventories and lean manufacturing techniques become more crucial, with a greater emphasis on product quality, especially in the process industries. Predictive maintenance is a technique that has recently come into favor among asset managers and industrial operators. The use of predictive maintenance can assist businesses in assessing the condition of their assets and forecasting when a certain system or component is likely to break down and require replacement or repair.

Growing Importance of Improving Operational Life of Important Assets

When it pertains to an asset's lifecycle, businesses anticipate it to carry out its intended purpose as effectively and for as many years as possible. Design, operation, installation, and decommissioning are all parts of an asset's lifecycle in a system. Asset performance and asset health are influenced by various factors. For example, the lubricants in the machinery must constantly operate in hazardous situations and are subject to continuous high pressures. With adequate oil condition monitoring services, the cost of replacing the equipment can be reduced by as much as half. As a result, many businesses are choosing real-time oil condition monitoring services to reduce equipment failure and further increase the operating life of such equipment. Therefore, the expansion of the market is being propelled by these factors.

Market Restraining Factors

Challenges In Integration with Already-Existing Systems

To achieve operational excellence in their production processes, several businesses heavily utilize on-site oil condition monitoring systems, including portable kits, sensors, and on-site laboratories. To operate these systems correctly, a certain amount of knowledge is needed. The lack of competent workers in these regions is a worry because some systems are placed in isolated or difficult-to-reach areas. The widespread resistance to alteration in end-user verticals is another significant issue that the industry actors must address. Potential customers may be reluctant to buy due to issues including the scarcity of qualified personnel and concerns about dependability. Therefore, all these elements are hampering the market's growth in the coming years.

Product Type Outlook

On the basis of product type, the oil condition monitoring market is classified into turbine, compressor, engine, gear systems, and hydraulic systems. The engine segment acquired the largest revenue share in the oil condition monitoring market in 2022. The expansion of R&D efforts to enhance engine performance in the automotive industry is responsible for developing the engine sub-segment. To prevent unintended engine breakdown, the level of lubricant and engine oil degradation must be checked. Oil and lubricant quality directly affect an engine's productivity as well as output.

Sampling Type Outlook

Based on sampling type, the oil condition monitoring market is characterized into on-site sampling and off-site sampling. The on-site sampling segment procured a considerable growth rate in the oil condition monitoring market in 2022. The oil's condition is monitored at the location where a sample of the lubricant was taken for analysis. This is known as on-site monitoring. The main benefit of this technology is that it may be used in real-time, making it possible to identify mechanical failure before deterioration has occurred.

End User Outlook

By end user, the oil condition monitoring market is divided into transportation, industrial, oil & gas, power generation, and mining. The oil & gas segment garnered maximum revenue share in the oil condition monitoring market in 2022. As the primary source of fuel for the world, the oil and gas sector is important to the international economy. To boost the effectiveness and efficiency of their refineries, this sector is investing heavily in oil condition monitoring.

Regional Outlook

Region wise, the oil condition monitoring market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the highest revenue share in the oil condition monitoring market in 2022. Due to the prevalence of several businesses implementing cutting-edge technology for preventive maintenance in the automotive, mining, and power & generation industries, the oil condition monitoring market prognosis in the North America region is favorable.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Parker Hannifin Corporation, General Electric Company, Bureau Veritas S.A., Intertek Group PLC, SGS S.A., Eaton Corporation PLC, BP p.l.c., TotalEnergies SE, Shell plc, and Chevron Corporation

Scope of the Study

Market Segments covered in the Report:

By Product Type

Engine
Gear Systems
Turbine
Hydraulic Systems
Compressor
By Sampling Type

Off-site Sampling
On-site Sampling
By End User

Oil & Gas
Industrial
Power Generation
Transportation
Mining
By Geography

North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Companies Profiled

Parker Hannifin Corporation
General Electric Company
Bureau Veritas S.A.
Intertek Group PLC
SGS S.A.
Eaton Corporation PLC
BP p.l.c.
TotalEnergies SE
Shell plc
Chevron Corporation
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Chapter
1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Oil Condition Monitoring Market, by Product Type
1.4.2 Global Oil Condition Monitoring Market, by Sampling Type
1.4.3 Global Oil Condition Monitoring Market, by End User
1.4.4 Global Oil Condition Monitoring Market, by Geography
1.5 Methodology for the research
Chapter
2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter
3. Strategies deployed in Oil Condition Monitoring Market
Chapter
4. Global Oil Condition Monitoring Market by Product Type
4.1 Global Engine Market by Region
4.2 Global Gear Systems Market by Region
4.3 Global Turbine Market by Region
4.4 Global Hydraulic Systems Market by Region
4.5 Global Compressor Market by Region
Chapter
5. Global Oil Condition Monitoring Market by Sampling Type
5.1 Global Off-site Sampling Market by Region
5.2 Global On-site Sampling Market by Region
Chapter
6. Global Oil Condition Monitoring Market by End user
6.1 Global Oil & Gas Market by Region
6.2 Global Industrial Market by Region
6.3 Global Power Generation Market by Region
6.4 Global Transportation Market by Region
6.5 Global Mining Market by Region
Chapter
7. Global Oil Condition Monitoring Market by Region
7.1 North America Oil Condition Monitoring Market
7.1.1 North America Oil Condition Monitoring Market by Product Type
7.1.1.1 North America Engine Market by Country
7.1.1.2 North America Gear Systems Market by Country
7.1.1.3 North America Turbine Market by Country
7.1.1.4 North America Hydraulic Systems Market by Country
7.1.1.5 North America Compressor Market by Country
7.1.2 North America Oil Condition Monitoring Market by Sampling Type
7.1.2.1 North America Off-site Sampling Market by Country
7.1.2.2 North America On-site Sampling Market by Country
7.1.3 North America Oil Condition Monitoring Market by End user
7.1.3.1 North America Oil & Gas Market by Country
7.1.3.2 North America Industrial Market by Country
7.1.3.3 North America Power Generation Market by Country
7.1.3.4 North America Transportation Market by Country
7.1.3.5 North America Mining Market by Country
7.1.4 North America Oil Condition Monitoring Market by Country
7.1.4.1 US Oil Condition Monitoring Market
7.1.4.1.1 US Oil Condition Monitoring Market by Product Type
7.1.4.1.2 US Oil Condition Monitoring Market by Sampling Type
7.1.4.1.3 US Oil Condition Monitoring Market by End user
7.1.4.2 Canada Oil Condition Monitoring Market
7.1.4.2.1 Canada Oil Condition Monitoring Market by Product Type
7.1.4.2.2 Canada Oil Condition Monitoring Market by Sampling Type
7.1.4.2.3 Canada Oil Condition Monitoring Market by End user
7.1.4.3 Mexico Oil Condition Monitoring Market
7.1.4.3.1 Mexico Oil Condition Monitoring Market by Product Type
7.1.4.3.2 Mexico Oil Condition Monitoring Market by Sampling Type
7.1.4.3.3 Mexico Oil Condition Monitoring Market by End user
7.1.4.4 Rest of North America Oil Condition Monitoring Market
7.1.4.4.1 Rest of North America Oil Condition Monitoring Market by Product Type
7.1.4.4.2 Rest of North America Oil Condition Monitoring Market by Sampling Type
7.1.4.4.3 Rest of North America Oil Condition Monitoring Market by End user
7.2 Europe Oil Condition Monitoring Market
7.2.1 Europe Oil Condition Monitoring Market by Product Type
7.2.1.1 Europe Engine Market by Country
7.2.1.2 Europe Gear Systems Market by Country
7.2.1.3 Europe Turbine Market by Country
7.2.1.4 Europe Hydraulic Systems Market by Country
7.2.1.5 Europe Compressor Market by Country
7.2.2 Europe Oil Condition Monitoring Market by Sampling Type
7.2.2.1 Europe Off-site Sampling Market by Country
7.2.2.2 Europe On-site Sampling Market by Country
7.2.3 Europe Oil Condition Monitoring Market by End user
7.2.3.1 Europe Oil & Gas Market by Country
7.2.3.2 Europe Industrial Market by Country
7.2.3.3 Europe Power Generation Market by Country
7.2.3.4 Europe Transportation Market by Country
7.2.3.5 Europe Mining Market by Country
7.2.4 Europe Oil Condition Monitoring Market by Country
7.2.4.1 Germany Oil Condition Monitoring Market
7.2.4.1.1 Germany Oil Condition Monitoring Market by Product Type
7.2.4.1.2 Germany Oil Condition Monitoring Market by Sampling Type
7.2.4.1.3 Germany Oil Condition Monitoring Market by End user
7.2.4.2 UK Oil Condition Monitoring Market
7.2.4.2.1 UK Oil Condition Monitoring Market by Product Type
7.2.4.2.2 UK Oil Condition Monitoring Market by Sampling Type
7.2.4.2.3 UK Oil Condition Monitoring Market by End user
7.2.4.3 France Oil Condition Monitoring Market
7.2.4.3.1 France Oil Condition Monitoring Market by Product Type
7.2.4.3.2 France Oil Condition Monitoring Market by Sampling Type
7.2.4.3.3 France Oil Condition Monitoring Market by End user
7.2.4.4 Russia Oil Condition Monitoring Market
7.2.4.4.1 Russia Oil Condition Monitoring Market by Product Type
7.2.4.4.2 Russia Oil Condition Monitoring Market by Sampling Type
7.2.4.4.3 Russia Oil Condition Monitoring Market by End user
7.2.4.5 Spain Oil Condition Monitoring Market
7.2.4.5.1 Spain Oil Condition Monitoring Market by Product Type
7.2.4.5.2 Spain Oil Condition Monitoring Market by Sampling Type
7.2.4.5.3 Spain Oil Condition Monitoring Market by End user
7.2.4.6 Italy Oil Condition Monitoring Market
7.2.4.6.1 Italy Oil Condition Monitoring Market by Product Type
7.2.4.6.2 Italy Oil Condition Monitoring Market by Sampling Type
7.2.4.6.3 Italy Oil Condition Monitoring Market by End user
7.2.4.7 Rest of Europe Oil Condition Monitoring Market
7.2.4.7.1 Rest of Europe Oil Condition Monitoring Market by Product Type
7.2.4.7.2 Rest of Europe Oil Condition Monitoring Market by Sampling Type
7.2.4.7.3 Rest of Europe Oil Condition Monitoring Market by End user
7.3 Asia Pacific Oil Condition Monitoring Market
7.3.1 Asia Pacific Oil Condition Monitoring Market by Product Type
7.3.1.1 Asia Pacific Engine Market by Country
7.3.1.2 Asia Pacific Gear Systems Market by Country
7.3.1.3 Asia Pacific Turbine Market by Country
7.3.1.4 Asia Pacific Hydraulic Systems Market by Country
7.3.1.5 Asia Pacific Compressor Market by Country
7.3.2 Asia Pacific Oil Condition Monitoring Market by Sampling Type
7.3.2.1 Asia Pacific Off-site Sampling Market by Country
7.3.2.2 Asia Pacific On-site Sampling Market by Country
7.3.3 Asia Pacific Oil Condition Monitoring Market by End user
7.3.3.1 Asia Pacific Oil & Gas Market by Country
7.3.3.2 Asia Pacific Industrial Market by Country
7.3.3.3 Asia Pacific Power Generation Market by Country
7.3.3.4 Asia Pacific Transportation Market by Country
7.3.3.5 Asia Pacific Mining Market by Country
7.3.4 Asia Pacific Oil Condition Monitoring Market by Country
7.3.4.1 China Oil Condition Monitoring Market
7.3.4.1.1 China Oil Condition Monitoring Market by Product Type
7.3.4.1.2 China Oil Condition Monitoring Market by Sampling Type
7.3.4.1.3 China Oil Condition Monitoring Market by End user
7.3.4.2 Japan Oil Condition Monitoring Market
7.3.4.2.1 Japan Oil Condition Monitoring Market by Product Type
7.3.4.2.2 Japan Oil Condition Monitoring Market by Sampling Type
7.3.4.2.3 Japan Oil Condition Monitoring Market by End user
7.3.4.3 India Oil Condition Monitoring Market
7.3.4.3.1 India Oil Condition Monitoring Market by Product Type
7.3.4.3.2 India Oil Condition Monitoring Market by Sampling Type
7.3.4.3.3 India Oil Condition Monitoring Market by End user
7.3.4.4 South Korea Oil Condition Monitoring Market
7.3.4.4.1 South Korea Oil Condition Monitoring Market by Product Type
7.3.4.4.2 South Korea Oil Condition Monitoring Market by Sampling Type
7.3.4.4.3 South Korea Oil Condition Monitoring Market by End user
7.3.4.5 Singapore Oil Condition Monitoring Market
7.3.4.5.1 Singapore Oil Condition Monitoring Market by Product Type
7.3.4.5.2 Singapore Oil Condition Monitoring Market by Sampling Type
7.3.4.5.3 Singapore Oil Condition Monitoring Market by End user
7.3.4.6 Malaysia Oil Condition Monitoring Market
7.3.4.6.1 Malaysia Oil Condition Monitoring Market by Product Type
7.3.4.6.2 Malaysia Oil Condition Monitoring Market by Sampling Type
7.3.4.6.3 Malaysia Oil Condition Monitoring Market by End user
7.3.4.7 Rest of Asia Pacific Oil Condition Monitoring Market
7.3.4.7.1 Rest of Asia Pacific Oil Condition Monitoring Market by Product Type
7.3.4.7.2 Rest of Asia Pacific Oil Condition Monitoring Market by Sampling Type
7.3.4.7.3 Rest of Asia Pacific Oil Condition Monitoring Market by End user
7.4 LAMEA Oil Condition Monitoring Market
7.4.1 LAMEA Oil Condition Monitoring Market by Product Type
7.4.1.1 LAMEA Engine Market by Country
7.4.1.2 LAMEA Gear Systems Market by Country
7.4.1.3 LAMEA Turbine Market by Country
7.4.1.4 LAMEA Hydraulic Systems Market by Country
7.4.1.5 LAMEA Compressor Market by Country
7.4.2 LAMEA Oil Condition Monitoring Market by Sampling Type
7.4.2.1 LAMEA Off-site Sampling Market by Country
7.4.2.2 LAMEA On-site Sampling Market by Country
7.4.3 LAMEA Oil Condition Monitoring Market by End user
7.4.3.1 LAMEA Oil & Gas Market by Country
7.4.3.2 LAMEA Industrial Market by Country
7.4.3.3 LAMEA Power Generation Market by Country
7.4.3.4 LAMEA Transportation Market by Country
7.4.3.5 LAMEA Mining Market by Country
7.4.4 LAMEA Oil Condition Monitoring Market by Country
7.4.4.1 Brazil Oil Condition Monitoring Market
7.4.4.1.1 Brazil Oil Condition Monitoring Market by Product Type
7.4.4.1.2 Brazil Oil Condition Monitoring Market by Sampling Type
7.4.4.1.3 Brazil Oil Condition Monitoring Market by End user
7.4.4.2 Argentina Oil Condition Monitoring Market
7.4.4.2.1 Argentina Oil Condition Monitoring Market by Product Type
7.4.4.2.2 Argentina Oil Condition Monitoring Market by Sampling Type
7.4.4.2.3 Argentina Oil Condition Monitoring Market by End user
7.4.4.3 UAE Oil Condition Monitoring Market
7.4.4.3.1 UAE Oil Condition Monitoring Market by Product Type
7.4.4.3.2 UAE Oil Condition Monitoring Market by Sampling Type
7.4.4.3.3 UAE Oil Condition Monitoring Market by End user
7.4.4.4 Saudi Arabia Oil Condition Monitoring Market
7.4.4.4.1 Saudi Arabia Oil Condition Monitoring Market by Product Type
7.4.4.4.2 Saudi Arabia Oil Condition Monitoring Market by Sampling Type
7.4.4.4.3 Saudi Arabia Oil Condition Monitoring Market by End user
7.4.4.5 South Africa Oil Condition Monitoring Market
7.4.4.5.1 South Africa Oil Condition Monitoring Market by Product Type
7.4.4.5.2 South Africa Oil Condition Monitoring Market by Sampling Type
7.4.4.5.3 South Africa Oil Condition Monitoring Market by End user
7.4.4.6 Nigeria Oil Condition Monitoring Market
7.4.4.6.1 Nigeria Oil Condition Monitoring Market by Product Type
7.4.4.6.2 Nigeria Oil Condition Monitoring Market by Sampling Type
7.4.4.6.3 Nigeria Oil Condition Monitoring Market by End user
7.4.4.7 Rest of LAMEA Oil Condition Monitoring Market
7.4.4.7.1 Rest of LAMEA Oil Condition Monitoring Market by Product Type
7.4.4.7.2 Rest of LAMEA Oil Condition Monitoring Market by Sampling Type
7.4.4.7.3 Rest of LAMEA Oil Condition Monitoring Market by End user
Chapter
8. Company Profiles
8.1 Parker Hannifin Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Product Launches and Product Expansions:
8.1.5.2 Acquisition and Mergers:
8.2 General Electric Company
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Product Launches and Product Expansions:
8.2.5.2 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 Bureau Veritas S.A.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.4 Intertek Group PLC
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Recent strategies and developments:
8.4.4.1 Geographical Expansions:
8.5 SGS S.A.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental Analysis
8.5.4 Recent strategies and developments:
8.5.4.1 Acquisition and Mergers:
8.6 Eaton Corporation PLC
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Acquisition and Mergers:
8.6.6 Swot Analysis
8.7 BP p.l.c.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.8 TotalEnergies SE
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expenses
8.9 Shell plc
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expenses
8.9.5 Recent strategies and developments:
8.9.5.1 Product Launches and Product Expansions:
8.10. Chevron Corporation
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expenses

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