Oil Condition Monitoring Global Market Report 2024

The global oil condition monitoring market has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. Historical growth in the industry owes itself to several factors such as concerns about asset reliability, adherence to stringent safety and quality standards, emphasis on preventive maintenance in the oil and gas sector due to complex machinery, a heightened focus on energy efficiency, increasing awareness of environmental impact, and a growing demand for uninterrupted operations.

The global oil condition monitoring market is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Anticipated growth is poised to stem from various factors such as an increased demand for remote monitoring solutions, a concentrated effort on proactive maintenance strategies, the expansion of wind and solar energy initiatives, an evolving regulatory landscape, and a heightened need for condition-based monitoring. Noteworthy trends in the projected period encompass an emphasis on real-time monitoring, the integration of wireless sensor networks, initiatives in oil quality monitoring, remote oil sampling and analysis, the utilization of cloud-based monitoring platforms, as well as the formation of strategic partnerships and collaborations.

The surge in the automobile industry is poised to drive the growth of the oil condition monitoring market. This sector encompasses the production of motor vehicles and their parts, including engines and bodies. Oil condition monitoring plays a pivotal role in this industry by scrutinizing changes in lubricants and fuel oils, examining their chemical content and contamination, and tracing oil quality degradation. For instance, data from the Society of Indian Automobile Manufacturers (SIAM) indicates that the industry manufactured 22.9 million vehicles, spanning commercial and passenger vehicles, along with two-, three-, and four-wheelers, between April 2021 and March 2022, showcasing considerable growth. Consequently, the automotive boom significantly influences the oil condition monitoring market.

The upsurge in mining activities is anticipated to fuel the expansion of the oil condition monitoring market. Mining activities involve extracting valuable minerals, ores, or geological elements from the earth's crust. Oil condition monitoring plays a crucial role in mining by detecting and addressing contamination issues, such as particles or water in lubricating oil used for heavy machinery. For instance, according to the Glacier Media Group, US mines generated non-fuel mineral products valued at approximately $98.2 billion in 2022, a notable increase from the revised total of $94.6 billion in 2021. Thus, the growing mining operations significantly contribute to the growth of the oil condition monitoring market.

Technological advancements remain a significant trend shaping the oil condition monitoring market. Many companies within this sector are dedicated to innovating new products embedded with advanced technologies to fortify their market standing. For instance, in August 2021, Parker Hannifin, renowned for motion and control technologies, unveiled DIGI Plus, an innovative oil condition monitoring technology. DIGI Plus facilitates marine operators in cost reduction, minimizing downtime, and safeguarding assets. Its combined test cell expedites the detection of water presence in oil and determines the base number of oil samples. Moreover, it identifies out-of-spec oils and lubricants, allowing for the early identification of potential issues.

Major players in the oil condition monitoring market are introducing innovative products, such as smart condition monitoring systems, to gain a competitive edge. Smart condition monitoring systems consist of sensor networks and software, continuously overseeing the health and performance of industrial equipment. For instance, in June 2021, Rexnord, a prominent industrial company, launched a smart condition monitoring system, Model 1030. This system monitors oil quality, temperature, and vibrations in large gear drives across various industries like mining, pulp and paper, cement and aggregate, power generation, and forestry.

In March 2021, NSK Ltd., a Japanese machinery manufacturer, acquired the global condition monitoring system (CMS) business, Brüel & Kjær Vibro, from Spectris PLC in an undisclosed deal. This acquisition propels NSK's advancements in the expanding CMS market, augmenting their capability to meet the escalating demand for automation, smart technology, labor efficiency, and environmentally conscious solutions. Brüel And Kjær Vibro, based in Germany, specializes in offering machine condition monitoring systems and services.

Major companies operating in the oil condition monitoring market report are Parker Hannifin Corporation, Royal Dutch Shell PLC, Bureau Veritas Group, Intertek Group PLC, Société Générale de Surveillance S.A., General Electric Company, British Petroleum Company PLC, Chevron Corporation, Baker Hughes Company, Exxon Mobil Corporation, Fluid Life Corporation, Insight Services Inc., Celanese Corporation, Eaton Corporation PLC, UNIMARINE LLC, Honeywell International Inc., Total SE, Rockwell Automation Inc., National Instruments Corporation, Vickers Oils Ltd., Element Materials Technology Group Limited, Eastway Tank Pump & Meter Limited, Blue Oceans Satellite Systems Inc., Anomalous Networks Inc., WearCheck Africa (Pty) Ltd., Wärtsilä Corporation, Société Générale de Surveillance SA, Intertek Group PLC, TotalEnergies, Techenomics International

North America was the largest region in the oil condition monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the oil condition monitoring market during the forecast period. The regions covered in the oil condition monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil condition monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The core products of oil condition monitoring encompass turbines, compressors, engines, gear systems, and hydraulic systems. Turbines are rotary engines powered by either the force of a fluid or a combination of impulses from sources like water, steam, or air under pressure. Sampling for OCM can occur either on-site or off-site. These monitoring solutions find application across various industries including transportation, oil, gas, mining, energy, and power sectors.

This report provides oil condition monitoring market statistics, including oil condition monitoring industry global market size, regional shares, competitors with an oil condition monitoring market share, detailed oil condition monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the oil condition monitoring industry. This oil condition monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oil condition monitoring market includes revenues earned by entities by providing oil analysis services such as lubricant and oil testing, grease testing, cylinder liner monitoring, ferrography testing, tribology testing, and other services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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