Oil is an important resource used in various machineries and engines in order to provide lubrication and for temperature regulation. After prolonged usage, oil starts to lose out on its properties and becomes less functional. Using such oil can damage the engine or machinery in which it is being used. Hence, it is necessary to keep a check on the condition of oil and replace or upgrade it after its optimum usage. Oil condition monitoring means keeping a timely check on the quality of oil that is being deployed in the system and taking the necessary steps so that the oil serves its purpose to the fullest. The monitoring also helps in increasing the efficiency of the machine, reduces downtime, and reduces cost, thereby increasing profits.
There are many factors driving the global oil condition monitoring market. Growing demand for cost effective solutions is expected to emerge as a major driver of the market. Increasing demand for electricity that drives the requirement for consistent oil monitoring in turbines is expected to boost the market growth.
There are however some factors that are hampering the market’s growth. Oil prices and geopolitical factors are expected to be major restraints of market growth. Moreover, unpredictable maintenance periods and lack of awareness are expected to restrain the growth.
Furthermore, low adoption of oil condition monitoring solutions in emerging countries is expected to hamper the growth of the market. However, the condition of oil can be monitored real-time with the help of various sensors, which is likely to fuel market growth in the near future.
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The oil condition monitoring market is segmented on the basis of sampling type, product type, measurement type, end user industry, and geography. On the basis of sampling type, the market can be segmented into on-site and off-site. On the basis of product type, the market can be segmented into engines, gear systems, turbines, compressors, and hydraulic systems. Based on the product type, turbines are used in different industry verticals, which work under high pressure. Due to high pressure the turbines may break or reduce the life span of the system. In order to prevent the breakdown of turbines, there needs to be continuous monitoring of oil quality to ensure the smooth operation of the system. Therefore, this factor is expected to drive the market growth in future. On the basis of measurement type, the market can be segmented into pressure, density, temperature, viscosity and others. On the basis of end user industry, the market can be segmented into oil and gas, energy and power, transportation, industrial, and mining. Based on end user industry, transportation is expected to show significant growth in near future, due to increasing demand for oil condition monitoring to avoid critical engine failures that may happen in ships and airplanes. On the basis of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is estimated to see strong growth, primarily due to rapid adoption of enhanced technologies, huge investments in research & development, and existence of large number of players across the region. Asia Pacific is anticipated to bring potential growth possibilities to stir the market in near term, due to growing expenditure on infrastructure, increasing demand for economical solutions, and rising technology saturation in multiple sectors such as industrial, oil and gas, energy and power, and transportation sectors across the region.
Major players in the global oil condition monitoring market are Bureau Veritas, Intertek, Parker Hannifin Corporation, Castrol Limited, Spectro Analytical Instruments, General Electric Company, and Insight Services Unveils TestOil