Oil condition monitoring or used oil analysis, as it is popularly called, is a predictive maintenance technique used to measure, monitor, and analyze lubricants or fuel oils used by machines and equipment. This analysis is done to check the contamination levels of the used oil and lubricant, check its chemical content, and track and monitor its degradation. This predictive maintenance mechanism helps to enhance performance and reliability of the machine substantially.
Forecast Analysis of the Oil Condition Monitoring Market
Over the years, there has been an increase in the use of predictive maintenance practices owing to the need for maximizing asset availability and reducing maintenance costs. This growing use of predictive maintenance practices is predicted to push the oil condition monitoring market forward in the forecast years. Along with this, rising awareness regarding extending the operational life of machines and equipment is expected to boost the market further. Furthermore, utilization of big data analytics to process large volumes of datasets extracted from oil condition monitoring is predicted to offer numerous growth opportunities to the market in the analysis timeframe. However, lack of skilled personnel may hamper the growth of the oil condition monitoring market in the 2022-2031 timeframe.
Regionally, the oil condition monitoring market in the North America region is expected to have the most dominant market share in the forecast period. The presence of major players using oil condition monitoring techniques is expected to be the primary growth driver of the market in this region.
As per a report by Research Dive, the global oil condition monitoring market is expected to reach a revenue of $1,387.5 million in the 2022–2031 timeframe, thereby growing at a stunning CAGR of 7.5% by 2031. Some prominent market players include Celanese Corporation, BP p.l.c., Intertek Group plc, Chevron Corporation., Shell, SGS SA, PARKER HANNIFIN CORP, Eaton, Bureau Veritas, General Electric, and many others.
Covid-19 Impact on the Oil Condition Monitoring Market
The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The oil condition monitoring market, too, faced tremendously negative impact of the pandemic. The shutdown of industries and manufacturing companies to curb the spread of the virus led to a massive decline in the use of oil condition monitoring mechanism to check on the health and status of machines and equipment. This decreased use led to slowing down of the growth rate of the market in the pandemic period.
Significant Market Developments
The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the oil condition monitoring market to flourish. For instance:
- In December 2020, NSK Ltd., a machinery manufacturing company, announced the acquisition of Brüel & Kjaer Vibro Gmbh, a leading provider of condition monitoring solutions. This acquisition by NSK Ltd. is predicted to boost the market share of the company and will help the company to cater to the demands of the manufacturing sector in a much better way.
- In January 2021, SGS, a global giant in testing, inspection, and certification, announced the acquisition of SYNLAB Analytics & Services (A&S), a European environmental and food testing company. The acquisition is expected to expand the oil condition monitoring portfolio of SGS and increase its footprint in the market in the coming period.
- In August 2021, Shell, a leading oil and gas company, announced the launch of VitalyX, an advanced analytics-based oil condition monitoring service designed and developed specifically for the marine sector. This product launch by Shell is done with the help of Baker Hughes, a petroleum business company. The launch of the oil condition monitoring service is predicted to aid the company to consolidate its position as the leader of the oil condition monitoring market in the near future.