Oil Condition Monitoring Market Size, Share, Growth Report 2030

Oil Condition Monitoring Market

Oil Condition Monitoring Market By Product Type (Engine, Turbine, Hydraulic System, Compressor, and Others), By Sampling Type (Off-Site and On-Site), By Vertical (Oil & Gas, Power Generation, Industrial, Mining, and Transportation), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030

Category: Energy & Mining Report Format : PDF Pages: 210 Report Code: ZMR-2123 Published Date: Apr-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 1.01 Billion USD 1.41 Billion 7.51% 2022

Oil Condition Monitoring Market

Industry Prospective:

The global oil condition monitoring market size was worth around USD 1.01 Billion in 2022 and is predicted to grow to around USD 1.41 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.51% between 2023 and 2030. The report analyzes the global oil condition monitoring market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the oil condition monitoring industry.

Global Oil Condition Monitoring Market SizeRequest Free Sample

Oil Condition Monitoring Market: Overview

Oil condition monitoring (OCM) is the process of monitoring and analyzing the quality of oil used in various end-user verticals like industrial, automotive, aviation, marine, and others. OCM revolves around the analysis of parameters like oxidation, viscosity, acidity, and level of contamination in the oil. These parameters help further understand the condition of the oil and can help companies draw plans for future maintenance needs that may arise due to the regular use of the oil. The information obtained using OCM helps identify any potential failure of equipment which can be put to use for optimizing maintenance schedules and improving equipment reliability along with reduced downtime. It can also be applied to improve the overall lifespan of the equipment. The industry refers to the services and products associated with OCM including software programs, analyzers, sensors, and consulting systems. During the forecast period, the global oil condition monitoring market size is expected to grow at a steady rate.

Key Insights: 

  • As per the analysis shared by our research analyst, the global oil condition monitoring market is estimated to grow annually at a CAGR of around 7.51% over the forecast period (2023-2030)
  • In terms of revenue, the global oil condition monitoring market size was valued at around USD 1.01 billion in 2022 and is projected to reach USD 1.41 billion, by 2030.
  • The market is projected to grow at a significant rate due to the growing demand for predictive maintenance
  • Based on product type segmentation, the engine was predicted to show maximum market share in the year 2022
  • Based on vertical segmentation, oil & gas was the leading vertical in 2022
  • On the basis of region, North America was the leading revenue generator in 2022

Oil Condition Monitoring Market: Growth Drivers

Growing demand for predictive maintenance to propel market growth

The global oil condition monitoring market is projected to grow owing to the increasing demand for predictive maintenance solutions across industrial applications. It is a maintenance-related strategy employed that leverages the benefits of data analysis tools and other techniques to consistently monitor equipment and predict any maintenance issue that may arise in the coming time. It has several benefits associated with it and hence the demand for such techniques and systems is on the rise in the current machinery and technology-driven world.

For instance, predictive maintenance is known to have a positive impact on increasing equipment uptime since the analytical tools can significantly reduce the downtime of the device by identifying potential errors that may arise in the future giving users enough time to undertake corrective measures. In addition to this, improved safety and equipment reliability along with extended equipment lifespan are other advantages of predictive maintenance.

Oil Condition Monitoring Market: Restraints

Technical challenges to restrict the market growth

One of the major growth restraints in the oil condition monitoring industry is in terms of technical challenges that arise while using OCM devices. A small technical glitch in terms of data integration and sensor calibration can impact the overall accuracy of the device causing doubts over its reliability. In addition to this, the lack of standardization across global economies is an added growth limitation for industrial players. It becomes difficult for players to benchmark the performance quality of the system in case of the absence of standard measuring protocols.

Oil Condition Monitoring Market: Opportunities

Growing adoption of advanced technologies to provide higher market growth

The oil condition monitoring industry is expected to benefit owing to the rising investments toward the integration of advanced systems like the Internet of Things (IoT) and Artificial Intelligence (AI) along with oil condition monitoring devices and supporting infrastructure. Such integrational measures can allow end-users to monitor the quality of the oil and predict ongoing defaults in the system in real-time along with higher accuracy. Furthermore, cloud-based technology could work in the favor of the players to improve cost efficiency and reporting.

Oil Condition Monitoring Market: Challenges

Integration with already existing systems to challenge market growth

It may be difficult for new consumers to integrate newer OCM systems with already existing or legacy protocols in the business. This is especially applicable to incidents where older systems are outdated or lack compatibility with modern technologies. In addition to this, the general reluctance to change in end-user verticals is a crucial challenge for the industry players to tackle. Concerns like the unavailability of skilled professionals cost curiosity, and doubts over reliability are aspects of reluctance in potential consumers.

Oil Condition Monitoring Market: Segmentation

The global oil conditioning monitoring market is segmented based on product type, sample type, vertical, and region.

Based on product type, the global market segments are engine, turbine, hydraulic system, compressor, and others. In 2022, the industry registered the highest growth in the engine segment since it is one of the most widely used parts in the automotive segment, a fast-growing end-user vertical. Engines are also critical in other sectors like power generation, aviation, and marine. Since the product is constantly subjected to changing operating conditions like high pressure, temperature, and speed, engines are more susceptible to wear and tear. OCM in engines can effectively analyze the quality of the engine oil and send out an early warning for the user to undertake precautionary and corrective steps. As per the US Department of Energy, the OCM program in diesel-powered engines can assist in the reduction of engine maintenance costs by 25%.

Based on sampling type, the oil condition monitoring industry segments are off-site and on-site.

Based on vertical, the global market divisions are oil & gas, power generation, industrial, mining, and transportation. The largest revenue contributor in the industry is the oil & gas segment where the technology is used for large-scale applications like drilling, oil exploration, and refining activities. In power generation, the OCM technology is applied for monitoring and analyzing the conditions of turbines, generators, and transformers for their efficient and reliable performance. As per the International Energy Agency (IEA), the oil and gas industry is responsible for consuming approximately 5% of global oil production for drilling operations alone.

Recent Developments:

  • In August 2021, Shell, a US-based oil and gas company, announced the launch of a new service dedicated to oil condition monitoring and equipment health. The move came in as a response to collaboration between Shell and Baker Hughes and the product is called VitalyX, a highly advanced and intelligent analytics-based oil condition monitoring, and machinery health service, especially for the marine segment
  • In June 2021, Parker Hannifin, a leading provider of motion and control technologies, announced the launch of DIGI Plus, which is regarded as an innovative OCM technology. It offers on-board and on-site monitoring of oil condition
  • In June 2021, Rexnord Process & Motion Control (PMC) announced a new addition to its existing line of Smart Condition Monitoring Systems called 1030. The OCM system can monitor oil quality, vibration, and temperature on most of the large gear drives

Oil Condition Monitoring Market Report Scope:

Report Attributes Report Details
Report Name Oil Condition Monitoring Market Research Report
Market Size in 2022 USD 1.01 Billion
Market Forecast in 2030 USD 1.41 Billion
Growth Rate CAGR of 7.51%
Number of Pages 210
Key Companies Covered Bharat Petroleum Corporation Limited, Chevron Corporation, Parker Hannifin Corporation, Bureau Veritas, TestOil, Castrol Limited, Swift Technology Group, Intertek Group plc, General Electric Company, AVISTA OIL AG, Shell Global, Testo SE & Co. KGaA, ALS Limited, Kittiwake Developments Ltd, Spectro Analytical Instruments GmbH, Unimarine, Bureau of Technical Audits, Total S.A., and SGS S.A.
Segments Covered By Product Type, By Sampling Type, By Vertical, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Oil Condition Monitoring Market: Regional Analysis

North America to continue its dominance in global market

The global oil condition monitoring market is expected to register the highest growth in North America mainly due to the extensive oil & gas industry-related activities in Canada and the US. Furthermore, the rising demand for cost-effective operations and maintenance of critical equipment is a crucial reason for regional growth. In Europe, the steady CAGR is a result of the growing automotive, transportation, and manufacturing activities. Germany is expected to lead the regional CAGR due to the growing applications in the technologically advanced automotive sector. Rising energy consumption as well as the growing investments in transportation infrastructure in Asia-Pacific could contribute to its growth during the forecast period. The segment is also home to some of the largest oil & gas market players necessitating higher demand for advanced OCM systems.

Oil Condition Monitoring Market: Competitive Analysis

The global oil condition monitoring market is home to players like:

  • Bharat Petroleum Corporation Limited
  • Chevron Corporation
  • Parker Hannifin Corporation
  • Bureau Veritas
  • TestOil
  • Castrol Limited
  • Swift Technology Group
  • Intertek Group plc
  • General Electric Company
  • AVISTA OIL AG
  • Shell Global
  • Testo SE & Co. KGaA
  • ALS Limited
  • Kittiwake Developments Ltd
  • Spectro Analytical Instruments GmbH
  • Unimarine
  • Bureau of Technical Audits
  • Total S.A.
  • SGS S.A.

The global oil conditioning monitoring market is segmented as follows:

By Product Type

  • Engine
  • Turbine
  • Hydraulic System
  • Compressor
  • Others

By Sampling Type

  • Off-Site
  • On-Site

By Vertical

  • Oil & Gas
  • Power Generation
  • Industrial
  • Mining
  • Transportation

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

Methodology

FrequentlyAsked Questions

Oil condition monitoring (OCM) is the process of monitoring and analyzing the quality of oil used in various end-user verticals like industrial, automotive, aviation, marine, and others.

The global oil condition monitoring market is projected to grow owing to the increasing demand for predictive maintenance solutions across industrial applications.

According to study, the global oil condition monitoring market size was worth around USD 1.01 billion in 2022 and is predicted to grow to around USD 1.41 billion by 2030.

The CAGR value of oil condition monitoring market is expected to be around 7.51% during 2023-2030.

The global oil condition monitoring market is expected to register the highest growth in North America mainly due to the extensive oil & gas industry-related activities in Canada and the US.

The global oil condition monitoring market is home to players like Bharat Petroleum Corporation Limited, Chevron Corporation, Parker Hannifin Corporation, Bureau Veritas, TestOil, Castrol Limited, Swift Technology Group, Intertek Group plc, General Electric Company, AVISTA OIL AG, Shell Global, Testo SE & Co. KGaA, ALS Limited, Kittiwake Developments Ltd, Spectro Analytical Instruments GmbH, Unimarine, Bureau of Technical Audits, Total S.A., and SGS S.A.

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