CHICAGO, March 23, 2020 /PRNewswire/ -- According to the new market research report "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 2025", published by MarketsandMarkets™, the global Oil Condition Monitoring Market size is estimated to reach USD 1,175 million by 2025 from USD 779 million in 2020, at a CAGR of 8.5% during the forecast period.
Oil condition monitoring helps to avoid machine failure by the utilization of machine operation and failure analysis program. It provides information regarding the actual condition of oil used inside gearboxes, compressors, hydraulic systems, and engines. As machines and equipment have to work under demanding conditions, exposed to constant high pressures & temperatures, the properties of lubricating oil can change and may cause damage.
"Oil condition monitoring market for turbines to grow at the highest CAGR during the forecast period."
The oil analysis program is to maximize the reliability and availability of machinery while minimizing maintenance costs associated with oil change-outs, labor, repairs, and downtime. Turbine oil analysis is one of the most commonly applied predictive-maintenance technologies. This is becoming even more important as turbines are built with longer and larger shafts and operating under greater loads and at higher working temperatures with decreasing oil reservoir volumes.
"On-site sampling is expected to grow at the highest CAGR of global oil condition monitoring market during the forecast period."
The on-site oil analysis can reduce servicing and maintenance costs, increase equipment productivity, minimize oil waste and disposal, and reduce downtime. The end-user can ensure the proper functioning of engines used in industries such as power generation, transportation, and marine.
"Transportation to hold the largest share of the global oil condition monitoring market from 2020 to 2025."
The transportation industry includes automobiles, aerospace, marine, heavy vehicles, and locomotive engines. The transportation industry depends on the performance of assets to effectively perform their core business activities as a system downtime can affect the revenue of the organization. The oil condition monitoring in the transportation industry helps organizations to manage vehicle component wear and failure better.
"APAC to be the fastest-growing market for oil condition monitoring during the forecast period"
Growth of the oil condition monitoring market in APAC is driven by countries such as China, Japan, and India. China has emerged as one of the most attractive investment destinations for mining and automotive companies in the recent past. The oil analysis can help users to avoid the sudden damage by offering the condition of the lubricant oil being used in mining equipment and vehicles.
Major players involved in the global oil condition monitoring market include Parker Hannifin (US), Chevron (US), General Electric (US), Shell (Netherlands), Bureau Veritas (France), BP (UK), Eaton (Ireland), Intertek Group (UK), SGS (Switzerland), and Total (France).
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