Global oil condition monitoring market size
15/03/2024
The global oil condition monitoring (OCM) market size is expected to grow from $1035 million (approximately £817 million) in 2022 to $2178 million (approximately £1718 million) by 2032, at a compound annual growth rate (CAGR) of 7.7% during the projected period, according to a report from Spherical Insights.
Any predictive maintenance system must include oil condition monitoring or used oil analysis (UOA). OCM comprises measuring, recording and evaluating lubricant and fuel oil fluctuations for contamination and chemical composition, as well as detecting oil quality degradation from new to the end of its lifecycle. Oil condition monitoring has a wide range of uses, including lubricating the moving components that power wind turbines, keeping conveyor belts in food processing plants running smoothly, minimising premature wear of heavy-duty mining machinery and many more. Rising demand for low-cost alternatives for preserving machinery health, increased industry awareness of the need for oil condition monitoring and a growing emphasis on lowering maintenance expenditures are the most significant factors driving the steady expansion of the oil condition monitoring market. The advancement of big data analytics and data storage technologies is expected to open up a profitable opportunity in the oil condition monitoring market. Real-time monitoring is an important tool for maximising lubricant consumption while eliminating machinery delays, resulting in increased savings and efficiency.
On the basis of technology, the global OCM market is segmented into on-site and off-site. Among these, the off-site segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Off-site oil condition monitoring is carried out at service stations equipped with advanced analytical instruments. Off-site oil sample processes are commonly used in a wide range of industries, including transportation, industrial, oil & gas, power generation and mining. In addition, companies that operate in difficult climatic conditions, such as Arctic natural gas extraction plants and wet mining sites, use off-site sample procedures for oil condition analysis.
The engine segment is expected to hold the largest share of the global oil condition monitoring market during the forecast period.
Based on the product type, the global OCM market is classified into turbines, compressors, transformers, engines, gear systems, hydraulic systems and others. Among these, the engine segment is expected to hold the largest share of the OCM market during the forecast period. This is due to the number of cars and industrial machines that require engine lubricants. Engine oil monitoring is a significant market due to its wide range of applications, which include transportation, construction and agriculture.
The transportation segment accounted for the largest revenue share of more than 32.7% over the forecast period.
On the basis of end-use industry, the global OCM market is segmented into transportation, industrial, oil & gas, power generation, mining and others. Among these, the transportation segment is dominating the market, with the largest revenue share of 32.7% over the forecast period. In the transportation industry, oil condition monitoring is commonly utilised for engines in vehicles such as cars, trucks, buses, aeroplanes and ships. It extends the life and productivity of engines by monitoring oil degradation and pollutants.
North America is dominating the market with more than a 38.7% market share over the forecast period. Due to the tangible benefits of preventative maintenance and performance, oil condition monitoring has been quickly adopted by firms operating in the region.
Furthermore, North America has a diverse industrial base that includes manufacturing, oil & gas, transportation and other industries, allowing for a wide range of oil condition monitoring applications. On the contrary, the Asia-Pacific (APAC) region is predicted to have the fastest growth during the forecast period. The APAC region continues to experience significant expansion and may perhaps have the highest share due to its massive manufacturing boom and increased technological usage. As companies in this region rely more on preventative maintenance and productivity, oil condition monitoring is becoming increasingly common. During the forecast period, the European market is expected to rise at a significant CAGR.
The report offers appropriate analysis of the key organisations/ companies involved within the global market, along with a comparative evaluation primarily based on their product offerings, business overviews, geographic presence, enterprise strategies, segment market share and strengths, weaknesses, opportunities and threats (SWOT) analysis. The report also provides elaborative analysis focusing on the current news and developments regarding the companies, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This allows for evaluation of the overall competition within the market. Major vendors in the global OCM market include SGS SA, BP plc, Shell plc, General Electric, Eaton Corporation, Chevron Corporation, TotalEnergies SE, Intertek Group plc, Celanese Corporation, Parker Hannifin Corporation and several others.
