Oil condition monitoring market worth $1.4 billion by 2026
19/01/2022
According to a research report titled ‘Oil condition monitoring market with COVID-19 impact analysis by product type (turbines, compressors, engines, gear systems, hydraulic systems), sampling type, vertical (transportation, industrial, oil & gas) and region – global forecast to 2026’, published by MarketsandMarkets, the global oil condition monitoring market is expected to grow from US$1 billion in 2021 to US$1.4 billion by 2026; it is expected to grow at a compound annual growth rate (CAGR) of 6.1% during this period. Key factors fuelling this market’s growth include surging demand for cost-effective solutions to maintain machinery health, increasing awareness regarding the importance of oil condition monitoring among industries and a growing focus on the reduction of maintenance costs.Growing demand for energy and increasing adoption of big data analytics and the Industrial Internet of Things create a strong demand for oil condition monitoring for efficient industrial operations in the midst of the COVID-19 pandemic.
Off-site sampling is expected to account for the largest share of the oil condition monitoring market by 2026. Off-site oil quality monitoring mainly involves the testing of oil samples at company-operated or third-party laboratories. The majority of the oil quality monitoring companies are involved in laboratory testing for better and in-depth analyses of samples.
The oil condition monitoring market for turbines is expected to grow with the highest CAGR during the forecast period. Turbine oil analysis is one of the most commonly used predictive maintenance technologies. Turbines are used for various applications and need scheduled check-ups for efficient operation. The turbines used in industry operate under very high pressure. To avoid failure, companies use high-quality oil as a lubricant in these turbines, thereby reducing the friction caused due to heavy pressure.
The oil condition monitoring market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The increasing 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 in industries such as oil & gas, manufacturing and mining. The oil condition monitoring helps to provide users with warning of possible machinery malfunction, allowing early remedial action to be taken.
Key players in the market include Parker-Hannifin Corporation (USA), General Electric (USA), 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). These companies are increasingly undertaking product launches and developments, acquisitions, partnerships, collaborations, contracts and agreements, to increase their market shares.
