Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1.43 Billion | USD 3.14 Billion | 8.2% | 2024 |
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. 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.
The global oil condition monitoring market is expected to grow due to increasing demand for predictive maintenance to reduce operational downtime and maintenance costs, the growing adoption of advanced technologies like IoT and AI for real-time monitoring and data analysis, and stringent regulations across various industrie.
According to a study, the global oil condition monitoring market size was worth around USD 1.43 Billion in 2024 and is expected to reach USD 3.14 Billion by 2034.
The global oil condition monitoring market is expected to grow at a CAGR of 8.2% during the forecast period.
North America is expected to dominate the oil condition monitoring market over the forecast period.
Leading players in the global oil condition monitoring market include BP plc, General Electric, TotalEnergies, Intertek Group plc, Chevron Corporation, Eaton Corporation, Bureau Veritas, SGS SA, Shell plc, Parker-Hannifin Corporation, among others.
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