Global oil condition monitoring market
21/09/2023
The ‘Global oil condition monitoring market size, share & industry trends analysis report by product type (engine, gear systems, turbine, hydraulic systems and compressor), by sampling type, by end-user, by regional outlook and forecast, 2023-2029’ report has been added to Research and Markets’ offering.
The global oil condition monitoring market size is expected to reach $1.2 billion (approximately £945 million) by 2029, rising at a market growth of 7.7% compound annual growth rate (CAGR) during the forecast period.
Oil condition monitoring is a well-known predictive maintenance technology. It involves calculating, monitoring and examining the oil and lubricant of machinery and equipment for any contamination. A thorough understanding of the state and status of machinery and equipment can be gained from meticulously monitoring oil conditions.
The need to maximise asset availability, save maintenance costs and prevent unplanned machine downtime has resulted in a considerable rise in the usage of predictive maintenance procedures over the past few years across various industries. Oil condition monitoring (OCM) uses data management systems to prevent catastrophic maintenance occurrences.
Monitoring oil conditions can assist in identifying patterns in wear and tear as well as any changes in the physical characteristics of fuels, lubricants and coolants. For example, oil may lose its ability to lubricate due to contamination with lubricants, fuels, acids or coolants, which may result in equipment damage. Therefore, to preserve the functionality of crucial equipment, businesses are increasingly using oil condition monitoring.
The expanding automotive sector, as well as the rising demand for preventative maintenance, are the primary forces propelling the oil condition monitoring market. As more people throughout the world want their cars, the automotive sector is expanding at a breakneck speed all over the world. During the period under consideration, this will likely act as a primary driver of demand for oil condition monitoring.
Due to growing market competitiveness over the past ten years, the oil condition monitoring market has experienced unheard-of growth. As a result, machine condition monitoring has become the most popular method of predictive maintenance, increasing the demand for it. However, COVID-19 severely impacted the sector, causing supply and demand to plummet simultaneously. The pandemic slowed down the market’s expansion.
The demand for monitoring solutions for oil conditions is anticipated to increase as just-in-time inventories and lean manufacturing techniques become more crucial, with a greater emphasis on product quality, especially in the process industries. Predictive maintenance is a technique that has recently come into favour among asset managers and industrial operators. Its use can assist businesses in assessing the condition of their assets and forecasting when a certain system or component is likely to break down and require replacement or repair.
When it pertains to an asset’s lifecycle, businesses anticipate that it will carry out its intended purpose as effectively and for as many years as possible. Design, operation, installation and decommissioning are all parts of an asset’s lifecycle in a system. Asset performance and asset health are influenced by various factors. For example, the lubricants in the machinery must constantly operate in hazardous situations and are subject to continuous high pressures. With adequate oil condition monitoring services, the cost of replacing the equipment can be reduced by as much as half. As a result, many businesses are choosing
real-time oil condition monitoring services to reduce equipment failure and further increase the operating life of such equipment. Therefore, the expansion of the market is being propelled by these factors.
To achieve operational excellence in their production processes, several businesses heavily utilise on-site oil condition monitoring systems, including portable kits, sensors and on-site laboratories. To operate these systems correctly, a certain amount of knowledge is needed. The lack of competent workers in these regions is a worry because some systems are placed in isolated or difficult-to-reach areas. The widespread resistance to alteration in end-user verticals is another significant issue that the industry sectors must address. Potential customers may be reluctant to buy due to issues including the scarcity of qualified personnel and concerns about dependability. Therefore, all of these elements are hampering the market’s growth in the coming years.
On the basis of product type, the oil condition monitoring market is classified into turbine, compressor, engine, gear systems and hydraulic systems. The engine segment acquired the largest revenue share in the market in 2022. The expansion of research and development (R&D) efforts to enhance engine performance in the automotive industry is responsible for developing the engine subsegment. To prevent unintended engine breakdown, the level of lubricant and engine oil degradation must be checked. Oil and lubricant quality directly affect an engine’s productivity as well as its output.
Based on sampling type, the oil condition monitoring market is characterised in terms of on-site sampling and off-site sampling. The on-site sampling segment procured a considerable growth rate in the market in 2022. In on-site monitoring, the oil condition is monitored at the same location at which a sample of the lubricant is taken for analysis. The main benefit of this technology is that it may be used in real time, making it possible to identify mechanical failure before deterioration has occurred.
By end-user, the oil condition monitoring market is divided into transportation, industrial, oil & gas, power generation and mining. The oil & gas segment garnered the maximum revenue share in the market in 2022. As the primary source of fuel for the world, the oil & gas sector is important to the international economy. To boost the effectiveness and efficiency of refineries, this sector is investing heavily in oil condition monitoring.
In terms of region, the oil condition monitoring market is analysed across North America, Europe, Asia-Pacific and Latin America, the Middle East and Africa. The North America segment recorded the highest revenue share in the market in 2022. Due to the prevalence of several businesses implementing cutting-edge technology for preventative maintenance in the automotive, mining and power and generation industries, the oil condition monitoring market prognosis in the North America region is favourable.
