Global Oil Condition Monitoring Market Expected to Generate a Revenue of $1,387.5 Million, Growing at a CAGR of 7.5% during the Analysis Period 2022-2031| Report [250-Pages] by Research Dive

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31 Jan, 2023, 13:05 GMT

The global oil condition monitoring market is expected to see striking growth by 2031, due to the growing use of predictive maintenance practices across various industries globally. Regionally, the North America region is expected to be dominant

NEW YORK, Jan. 31, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Oil Condition Monitoring Market, by Sampling Type (On-site Sampling and Off-site Sampling), Product Type (Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems), and End User (Transportation, Industrial, Oil & Gas, Power Generation, and Mining): Global Opportunity Analysis and Industry Forecast, 2022-2031".

According to the report, the global oil condition monitoring market is anticipated to garner a revenue of $1,387.5 million and grow at a CAGR of 7.5% over the estimated timeframe from 2022 to 2031. 

Dynamics of the Oil Condition Monitoring Market

With the significantly increasing use of predictive maintenance practices across several industries owing to the need for maximizing asset availability, reducing maintenance costs, and many more, the oil condition monitoring market is expected to witness prominent growth over the analysis period. Moreover, the rising utilization of big data analysis is expected to create massive growth opportunities during the estimated timeframe. However, the lack of skilled personnel may hinder the growth of the market throughout the forecast period.

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Covid-19 Impact on the Oil Condition Monitoring Market

The outbreak of the Covid-19 pandemic has had a negative impact on the oil condition monitoring market. This is mainly due to the strict lockdown and disruption of numerous industrial equipment and machinery across developed nations during the pandemic period. Moreover, the lack of skilled personnel, unprecedented demand for various goods, and global supply chain disruption have declined the growth of the market during the crisis. However, the increasing adoption of big data analytics, IIoT solutions, and smart sensors are expected to create huge growth opportunities throughout the pandemic.

Segments of the Market

The report has divided the oil condition monitoring market into segments based on sampling type, product type, end-use, and region.

  • By sampling type, the off-site sampling sub-segment is predicted to be the most productive and is expected to hold the largest share of the market during the analysis period. The increasing use of off-site oil condition monitoring across various sectors such as power generation, industrial, oil & gas, and many others is expected to bolster the growth of the market sub-segment over the estimated timeframe.
  • By product type, the engine sub-segment is expected to most profitable and is expected to hold the maximum share of the market during the forecast period. The growing need for analyzing the engine oil and lubricant degradation level to minimize unwanted breakdowns is expected to propel the growth of the market sub-segment over the analysis timeframe.
  • By end-use, the oil & gas segment is predicted to be the most lucrative and is expected to hold the greatest share of the market throughout the estimated period. The increasing need for oil and gas refineries to monitor the health of machines and equipment is expected to upsurge the growth of the market sub-segment during the analysis timeframe.
  • By region, the North America region of the oil condition monitoring market is predicted to hold the highest revenue during the forecast period and is expected to continue a steady growth during the forecast period. The strong presence of major players and the rising adoption of predictive maintenance in this region is expected to drive the regional growth of the market over the estimated timeframe.

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Key Players of the Market

The major players of the oil condition monitoring market include

  • BP p.l.c.
  • Eaton
  • Shell
  • General Electric
  • Intertek Group plc
  • PARKER HANNIFIN CORP
  • SGS SA
  • Chevron Corporation
  • Bureau Veritas
  • Celanese Corporation

These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaboration, and product development to attain a leading position in the global industry. 

For instance, in August 2021, Parker Hannifin, a leading American corporation specializing in motion and control technologies launched a new generation of oil condition monitoring technology namely "DIGI Plus". It is specifically developed to help marine operators reduce downtime, protect assets and reduce maintenance costs. DIGI Plus is designed to provide rapid on-site and on-board oil condition monitoring to enhance productivity and increase uptime for the marine industry. 

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Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.   

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