Oil Condition Monitoring Market Report 2021-2026 - Surging Demand for Cost-effective Solutions for Maintaining Health of Machinery Driving Growth

DUBLIN, Dec. 1, 2021 /PRNewswire/ -- The "Oil Condition Monitoring Market by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type (On-site, Off-site), Industry (Transportation, Industrial, Oil & Gas), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global oil condition monitoring market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021-2026.

Key factors fueling this market's growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs.

Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.

Power generation vertical to witness the highest CAGR in oil condition monitoring market during 2021-2026

The oil condition monitoring market for the power generation vertical is expected to grow with the highest CAGR during the forecast period. The power generation is one of the emerging industries witnessing a rapid adoption of oil condition monitoring.

Several machines, equipment, and components are used in the power generation industry. Equipment such as engines, turbines, gearboxes, and compressors operate at high temperature and pressure, thus, degrading the quality of oil used in this equipment. The oil condition monitoring helps to identify small problems within the equipment before any catastrophic failure.

APAC is expected to hold the largest share of oil condition monitoring market by 2026

The oil condition monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. The growing industrial activities and investments in the region are expected to boost the oil condition monitoring market.

Countries such as China, India, and Japan have investments for industries such as oil & gas, manufacturing, and mining. The oil condition monitoring helps users to give warning of possible machinery malfunction, allowing early remedial action to be taken.

Parker-Hannifin Corporation (US), General Electric (US), Shell plc (Netherlands), BP plc (UK), Bureau Veritas (France), Chevron Corporation (Switzerland), Intertek Group plc (UK), SGS SA (France), Eaton Corporation (Ireland), and TotalEnergies (France) are the major companies operating in the oil condition monitoring market.

Premium Insights

• Increasing Need for Cost-Effective Products To Boost Growth of Oil Condition Monitoring Market
• On-Site Sampling To Register Higher CAGR From 2021 To 2026
• Turbines To Hold Largest Share of Oil Condition Monitoring Market by 2026
• Transportation Vertical and US Held Largest Share of North America Oil Condition Monitoring Market In 2020
• China Oil Condition Monitoring Market To Exhibit Highest CAGR From 2021 To 2026

Market Dynamics

Drivers

• Surging demand for cost-effective solutions for maintaining health of machinery
• Increasing awareness regarding importance of oil condition monitoring among industries
• Growing focus on reducing maintenance costs

Restraints

• Expenses incurred in retrofitting existing systems
• Lack of skilled technical resources for data analysis

Opportunities

• Growing demand for energy
• Increasing adoption of big data analytics and IIoT

Challenges

• Challenges with offline oil sampling
• Decline in demand from oil & gas industry due to COVID-19

Case Studies

• Wear Debris Analysis of Stern Tube Lubricants On Marine Cargo Vessels by Intertek Plc
• Long-Term Application of Online Oil Condition Monitoring On Highway Diesel Engine by Poseidon Systems

Patents Analysis

Patent Registrations, 2018-2021

• Patents Analysis
• Document type
• Patents Filed Between 2018 and 2021
• Trend of Patents Granted During 2018-2021
• Insight
• General Electric

Trade Analysis

• Imports Scenario for Products Under Hs Code 903190
• Exports Scenario for Products Under Hs Code 903190

Technology Trends

• Key Technology
• Full Spectrum Holistic (FSH)
• Internet of Things (IoT)
• Adjacent Technologies
• Carbon-free energy resources

Tariffs and Regulations

Government Regulations and Standards

• Government Regulations
• Standards
• Iso 14830-1:2019(en): Condition monitoring and diagnostics of machine systems - Tribology-based monitoring and diagnostics
• Astm D7720 - 11(2017): Standard Guide for Statistically Evaluating Measurand Alarm Limits when Using Oil Analysis to Monitor Equipment and Oil for Fitness and Contamination

Techniques Used for Oil Condition Monitoring

• Ferrography
• On-Line Acoustic Viscometry In Oil Condition Monitoring
• Inductively Coupled Plasma - Optical Emission Spectroscopy (Icp-Oes)
• Fourier Transform Infrared (FTIR) Spectroscopy
• Dielectric Strength Test
• Potentiometric Titration

Companies Mentioned

• Avenisense SA
• BP Plc
• Bureau Veritas
• Chevron Corporation
• Cm Technologies GmbH
• Delta Services Industries (DSI)
• Des-Case Corporation
• Eaton Corporation Plc
• General Electric Company
• Gill Sensors & Controls Limited
• Hydac International
• Insight Services Inc.
• Intertek Group Plc
• Micromem Applied Sensor Technologies Inc. (MAST)
• Monition Ltd.
• Parker-Hannifin Corporation
• Poseidon Systems, Llc
• Right To Win
• Royal Dutch Shell Plc
• SGS SA
• Special Oilfield Services Co. Llc
• Spectro Analytical Instruments GmbH
• Tan Delta Systems
• Total Se (Totalenergies SE)
• Unimarine Pte. Ltd.
• Veritas Petroleum Services (VPS) Bv

For more information about this report visit https://www.researchandmarkets.com/r/rsetf2

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SOURCE Research and Markets