|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
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.