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Oil Condition Monitoring Market, By Sampling Type

RA00161

Oil Condition Monitoring Market, By Sampling Type (On-Site Sampling, Off-Site Sampling), By Product Type (Turbines, Compressors, Engine, Gear Systems, and Hydraulic System), by End-user (Transportation, Industrial, Oil & Gas, Power Generation, and Mining), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019-2026

RA00161

Pages: 170

Mar 2020

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Global Oil Condition Monitoring Market Insights 2026:
Research Dive published report on, Global oil condition monitoring market forecast will surpass $1,268.3 million by 2026, rising from $650.7 million in 2018, at a CAGR of 8.7%. The North America region will hold the largest market size accounting for $184.8 million in 2018. Asia-Pacific region is expected to boost the global oil condition monitoring market accounting for $300.6 million by 2026.

Oil condition monitoring is a part of condition monitoring that is focused on monitoring the functioning of any equipment. It helps in predicting and identifying upcoming or worsening errors. It is well equipped to analyze the parts of a machinery for minute errors, well before they turn into terrible breakdowns and lead to expensive repairs and halt the manufacturing process. To be precise, oil condition monitoring and degradation detection are used for testing whether the oils have worsened to a level at which they completely become incapable of fulfilling their normal functions. Oil condition monitoring aids in thorough analysis and prognosis of several types of equipment in the factories that are incapable of delivering valuable output.

Driving Factors: The growing awareness among the people regarding the importance of the oil levels in machineries is anticipated to drive the oil condition monitoring market
When oil condition monitoring is rightly performed it avoids leakages, machinery failures, and thus evades unnecessary wastage of time. Due to this factor, the demand for oil condition monitoring in rising at a rapid pace. Besides this, increase in demand for cost-effective solutions and electricity are the other factors that are fueling the growth of oil condition monitoring market.

Market Restraint: Lack of skilled labor in oil condition monitoring market is the key factor restraining the market growth in the near future
Lack of skilled labor to analyze the oil condition monitoring along with the cost associated with the training that is needed to analyze these tools is very costly; these factors are expected to hamper the market growth in the near future. In addition, the installation of oil condition monitoring devices is very high which is another key factor that is hindering the oil condition monitoring market.

Rising awareness about the importance of oil condition monitoring in developed nations is expected to be the key growth opportunity for oil condition monitoring market
The increasing awareness among the manufacturing industries about the oil condition monitoring that can help to reduce the cost associated with the maintenance in expected to create key growth opportunities for this market over the forecast period.
 
The off-site sampling segment led the global oil condition monitoring market in 2018, accounting for $371.2 million and is projected to dominate the market during the forecast period. However, the on-site sampling segment is anticipated to register a rapid growth in the CAGR accounting for 9.5% which is expected to reach $578.3 million by the end of 2026. The features such as reducing servicing cost, maintenance cost and increase in the productivity is further expected to drive the global on-site sampling segment. 
Turbines segment is predicted to be most lucrative till the end of 2026

The engines segment held the largest market value of over $175.0 million in 2018, and is expected to reach $318.3 million by 2026, at a CAGR of 7.8% during the forecast period. However, the turbines segment is projected to grow at a highest CAGR during the projected time frame, and will reach $210.5 million by 2026. Turbine segment is growing rapidly as these are traditionally applied predictive-maintenance technologies. The necessity for turbines is growing rapidly as they are built with larger and longer shafts and have the ability to operate under heavy loads with a higher temperature with declining oil reservoir volumes; these factors are anticipated to boost the market growth.

The oil & gas segment held the largest market value in 2018 accounting for $193.3 million and is expected to reach $360.2 million by 2026, growing at a CAGR of 8.1% during the forecast period. However, the transportation segment is projected to reach $263.8 million by 2026, growing at a CAGR 9.6% during the projected timeframe. The transportation end-user segment majorly depends on the performance of assets to efficiently operate the business which helps in system downtime that can positively affect the revenue of the organization. The oil condition monitoring systems helps in managing the vehicles components wear and failure efficiently in the transportation industry; these factors are anticipated to drive the transportation market growth in the near future. 
 
North America Oil Condition Monitoring Industry 2026:
Among the regions North America Oil Condition Monitoring market held the largest share accounting for 28.4% of the global market in 2018. The North America region accounted for $184.8 million in 2018, growing at a CAGR of 7.9% during the forecasted period and is expected to reach $339.9 million by 2026. 

Asia-Pacific Oil Condition Monitoring Market Overview 2026:
Asia-Pacific region will have enormous opportunities for the market investors to grow over the coming years

Asia-Pacific region is projected to lead the market over the forecast period growing at CAGR of 9.2% and is projected to reach $300.6 million during the forecasted period. The growth is majorly attributed to the growing number of transportations rising in this region is expected to drive the market growth in the near future.

Key participants in the Global Oil Condition Monitoring Market:

Oil Condition Monitoring Market players include Chevron, Parker Hannifin, General Electric, BP, Shell, Eaton, Intertek Group, SGS, Bureau Veritas, and Trico. Acquisitions and product development are the key strategies that are being opted by the key industry participants to continue their market position in the regional and global markets. The Oil Condition Monitoring key players are prominently focusing on technological developments, mergers and acquisitions, new product launches, and geographical expansion. These are some of the growth strategies adopted by these companies.

Porter’s Five Forces Analysis for Oil Condition Monitoring Market:
1.    Bargaining Power of Suppliers: The number of key manufacturers in are very high thus the bargaining power of suppliers is very high.
       The bargaining power of suppliers is High.
2.    Bargaining Power of Consumers: In this market, the number of consumers is high. 
       The bargaining power of consumers is High.
3.    Threat of new entrants: A huge initial investment is required manufacture oil condition monitoring device thus the threat of new entrants is low.
       The threat of new entrants is Low.
4.    Threat of substitutes:
       There are no substitutes present for the Oil Condition Monitoring, and thus the threat of substitute is low. 
       The threat of substitutes is Low.
5.    Competitive rivalry in the industry:
       This market contains a very few market participants. Many of the key players are following similar strategies for the improvement of technologies.
       The competitive rivalry in the industry is High.

 

Aspect

Particulars

Historical Market Estimations

2018-2019

Base Year for Market Estimation

2018

Forecast timeline for Market Projection

2019-2026

Geographical Scope

North America, Europe, Asia-Pacific, LAMEA

Segmentation by Sampling Type

  • On-site Sampling
  • Off-site sampling

Segmentation by Product Type

  • Turbines
  • Compressors
  • Engines
  • Gear Systems
  • Hydraulic Systems

Segmentation by End-use

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

Key Countries Covered

U.S., Canada, Germany, France, Spain, Russia, Japan, China, India, South Korea, Australia, Latin America, Middle East and Africa

Key Companies Profiled

  • Chevron
  • Parker Hannifin
  • General Electric
  • BP
  • Shell
  • Eaton
  • Intertek Group
  • SGS
  • Bureau Veritas
  • Trico

 


 


FREQUENTLY ASKED QUESTIONS?
 

A. The global Oil Condition Monitoring market size was over $650.7 million in 2018, and is further anticipated to reach $1,268.3 million by 2026.

A. Chevron, Shell and Parker Hannifin are some of the key players in the global Oil Condition Monitoring market

A. Asia-Pacific possesses great investment opportunities for the investors to witness the most promising growth in the coming years.

A. Asia-Pacific Oil Condition Monitoring market is projected to grow at 9.2% CAGR during the forecast period.

A. Product development and joint ventures are the key strategies opted by the operating companies in this market.

A. Chevron and Trico are investing more in R&D activities for developing new products and technologies.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Sampling Type trends
2.3.Product Type trends
2.4.End-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Application landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Oil Condition Monitoring Market, by Sampling Type

4.1.On Site Sampling

4.1.1.Market size and forecast, by region, 2019-2026
4.1.2.Comparative market share analysis, 2018 & 2026

4.2.Off Site Sampling

4.2.1.Market size and forecast, by region, 2019-2026
4.2.2.Comparative market share analysis, 2018 & 2026

5.Oil Condition Monitoring Market, by Product Type

5.1.Turbines

5.1.1.Market size and forecast, by region, 2019-2026
5.1.2.Comparative market share analysis, 2018 & 2026

5.2.Compressors

5.2.1.Market size and forecast, by region, 2019-2026
5.2.2.Comparative market share analysis, 2018 & 2026

5.3.Engines

5.3.1.Market size and forecast, by region, 2019-2026
5.3.2.Comparative market share analysis, 2018 & 2026

5.4.Gear Systems

5.4.1.Market size and forecast, by region, 2019-2026
5.4.2.Comparative market share analysis, 2018 & 2026

5.5.Hydraulic Systems

5.5.1.Market size and forecast, by region, 2019-2026
5.5.2.Comparative market share analysis, 2018 & 2026

6.Oil Condition Monitoring Market, by End-user

6.1.Transportation

6.1.1.Market size and forecast, by region, 2019-2026
6.1.2.Comparative market share analysis, 2018 & 2026

6.2.Industrial

6.2.1.Market size and forecast, by region, 2019-2026
6.2.2.Comparative market share analysis, 2018 & 2026

6.3.Oil & Gas

6.3.1.Market size and forecast, by region, 2019-2026
6.3.2.Comparative market share analysis, 2018 & 2026

6.4.Power Generation

6.4.1.Market size and forecast, by region, 2019-2026
6.4.2.Comparative market share analysis, 2018 & 2026

6.5.Mining

6.5.1.Market size and forecast, by region, 2019-2026
6.5.2.Comparative market share analysis, 2018 & 2026

7.Oil Condition Monitoring Market, by Region

7.1.North America

7.1.1. Market size and forecast, by Sampling Type, 2019-2026
7.1.2.Market size and forecast, by Product Type, 2019-2026
7.1.3.Market size and forecast, by End-user, 2019-2026
7.1.4.Market size and forecast, by country, 2019-2026
7.1.5.Comparative market share analysis, 2018 & 2026
7.1.1.U.S.

7.1.1.1.Market size and forecast, by Sampling Type, 2019-2026
7.1.1.2.Market size and forecast, by Product Type, 2019-2026
7.1.1.3.Market size and forecast, by End-user, 2019-2026
7.1.1.4.Comparative market share analysis, 2018 & 2026

7.1.2.Canada

7.6.2.1.Market size and forecast, by Sampling Type, 2019-2026
7.6.2.2.Market size and forecast, by Product Type, 2019-2026
7.6.2.3.Market size and forecast, by End-user, 2019-2026
7.6.2.4.Comparative market share analysis, 2018 & 2026

7.1.3.Mexico

7.1.3.1.Market size and forecast, by Sampling Type, 2019-2026
7.1.3.2.Market size and forecast, by Product Type, 2019-2026
7.1.3.3.Market size and forecast, by End-user, 2019-2026
7.1.3.4.Comparative market share analysis, 2018 & 2026

7.2.Europe

7.2.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.2.Market size and forecast, by Application, 2019-2026
7.2.3.Market size and forecast, by End-user, 2019-2026
7.2.4.Market size and forecast, by country, 2019-2026
7.2.5.Comparative market share analysis, 2018 & 2026
7.2.6.UK

7.2.6.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.6.2.Market size and forecast, by Product Type, 2019-2026
7.2.6.3.Market size and forecast, by End-user, 2019-2026
7.2.6.4.Comparative market share analysis, 2018 & 2026

7.2.7.Germany

7.2.7.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.7.2.Market size and forecast, by Product Type, 2019-2026
7.2.7.3.Market size and forecast, by End-user, 2019-2026
7.2.7.4.Comparative market share analysis, 2018 & 2026

7.2.8.France

7.2.8.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.8.2.Market size and forecast, by Product Type, 2019-2026
7.2.8.3.Market size and forecast, by End-user, 2019-2026
7.2.8.4.Comparative market share analysis, 2018 & 2026

7.2.9.Spain

7.2.9.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.9.2.Market size and forecast, by Product Type, 2019-2026
7.2.9.3.Market size and forecast, by End-user, 2019-2026
7.2.9.4.Comparative market share analysis, 2018 & 2026

7.2.10.Italy

7.2.10.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.10.2.Market size and forecast, by Product Type, 2019-2026
7.2.10.3.Market size and forecast, by End-user, 2019-2026
7.2.10.4.Comparative market share analysis, 2018 & 2026

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by Sampling Type, 2019-2026
7.2.11.2.Market size and forecast, by Product Type, 2019-2026
7.2.11.3.Market size and forecast, by End-user, 2019-2026
7.2.11.4.Comparative market share analysis, 2018 & 2026 

7.3.Asia-Pacific

7.3.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.2.Market size and forecast, by Product Type, 2019-2026
7.3.3.Market size and forecast, by End-user, 2019-2026
7.3.4.Market size and forecast, by country, 2019-2026
7.3.5.Comparative market share analysis, 2018 & 2026
7.3.6.China

7.3.6.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.6.2.Market size and forecast, by Product Type, 2019-2026
7.3.6.3.Market size and forecast, by End-user, 2019-2026
7.3.6.4.Comparative market share analysis, 2018 & 2026

7.3.7.Japan

7.3.7.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.7.2.Market size and forecast, by Product Type, 2019-2026
7.3.7.3.Market size and forecast, by End-user, 2019-2026
7.3.7.4.Comparative market share analysis, 2018 & 2026

7.3.8.India

7.3.8.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.8.2.Market size and forecast, by Product Type, 2019-2026
7.3.8.3.Market size and forecast, by End-user, 2019-2026
7.3.8.4.Comparative market share analysis, 2018 & 2026

7.3.9.Australia

7.3.9.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.9.2.Market size and forecast, by Product Type, 2019-2026
7.3.9.3.Market size and forecast, by End-user, 2019-2026
7.3.9.4.Comparative market share analysis, 2018 & 2026

7.3.10.South Korea

7.3.10.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.10.2.Market size and forecast, by Product Type, 2019-2026
7.3.10.3.Market size and forecast, by End-user, 2019-2026
7.3.10.4.Comparative market share analysis, 2018 & 2026

7.3.11.Rest of Asia-Pacific

7.3.11.1.Market size and forecast, by Sampling Type, 2019-2026
7.3.11.2.Market size and forecast, by Product Type, 2019-2026
7.3.11.3.Market size and forecast, by End-user, 2019-2026
7.3.11.4.Comparative market share analysis, 2018 & 2026

7.4.LAMEA

7.4.1.Market size and forecast, by Sampling Type, 2019-2026
7.4.2..Market size and forecast, by Product Type, 2019-2026
7.4.3.Market size and forecast, by End-user, 2019-2026
7.4.4.Market size and forecast, by country, 2019-2026
7.4.5.Comparative market share analysis, 2018 & 2026
7.4.6.Latin America

7.4.7.1.Market size and forecast, by Sampling Type, 2019-2026
7.4.7.2.Market size and forecast, by Product Type, 2019-2026
7.4.7.3.Market size and forecast, by End-user, 2019-2026
7.4.7.4.Comparative market share analysis, 2018 & 2026

7.4.8.Middle East

7.4.8.1.Market size and forecast, by Sampling Type, 2019-2026
7.4.8.2.Market size and forecast, by Product Type, 2019-2026
7.4.8.3.Market size and forecast, by End-user, 2019-2026
7.4.8.4.Comparative market share analysis, 2018 & 2026

7.4.9.Africa

7.4.9.1.Market size and forecast, by Sampling Type, 2019-2026
7.4.9.2.Market size and forecast, by Product Type, 2019-2026
7.4.9.3.Market size and forecast, by End-user, 2019-2026
7.4.9.4.Comparative market share analysis, 2018 & 2026

8.Company profiles

8.1.Chevron

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Sampling Type portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.Shell

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Sampling Type portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3. Parker Hannifin

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Sampling Type portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.General Electric

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Sampling Type portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.Bureau Veritas

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Sampling Type portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6. Eaton

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Sampling Type portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.SGS

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Sampling Type portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.BP

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Sampling Type portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.Intertek Group

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Sampling Type portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.Trico

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Sampling Type portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis


 


 

What is oil condition monitoring?
An integral aspect of any predictive maintenance program is Oil Condition Monitoring (OCM). OCM involves the assessment, control, and review of improvements in the toxicity and chemical content of lubricant and fuel oil, and the recording of new and end-of-life deterioration of oil quality. This knowledge offers insights into efficiency and reliability problems and can form the basis of a successful maintenance program.

Why monitor oil condition?
Precise, high-quality oil condition monitoring gives a deep insight into the equipment's safety and status. Oil, water, or acid pollution can rapidly cause the oil to lose the lubrication characteristics and damage to the machine. Small invisible problems are expressed in minor changes in oil condition if left to grow, which can cause a significant breakdown. Because the oil condition degrades with use, you may define the exact time for operation without risk.

Savings and benefits
With oil condition tracking, end users can achieve operational savings. Many of the advantages are: service cycle optimization, prompt detection of potential defects, insights in possible modes of failure, reduced repair and servicing, increasing output of equipment, reduced oil sampling, reduced waste and disposal from oil and reduced downtime. Up to 35% of the service intervals may be increased. The time lost as a result of failure could be decreased by 20% because of early detection. In addition to real-time patterns and data mining.

Applications
In the world, businesses from all over the globe use oil condition monitoring to improve the efficiency of equipment dramatically, minimize running costs and raise its financial returns, from wind turbines and pumps to generators. It is very important to ensure that the oil conditions are optimized, and maintenance on-site is rationalized, from essential off-the-shelf goods to complete turn-key solutions-eventually, saving time and money.

Drivers
If tracking oil conditions is carried out correctly, it prevents leakage and system failures so that excessive time usage can be stopped. This aspect has contributed to a rapid increase in demand for the monitoring of the oil condition. Moreover, the need for cost- and electricity are other factors driving the growth of the market for oil condition monitoring.

Opportunities
The understanding of the monitoring of oil conditions among manufacturers, which can help reduce maintenance costs in the expectation that this market will generate key growth opportunities over the predicted period. The main growth potential for oil condition monitoring market is expected to be an increased understanding of the importance of tracking oil conditions in developing countries.

Future Trends: 
With significantly improved efficiency and versatility, Tan Delta Systems announced that it had released the OQSx-G2 next-generation oil conditions monitoring sensor. The OQSx-G2 consists of almost a decade of Research & Development, expertise, and consumer review tech. The new design permits us to deliver a variety of versatile solutions for all applications, from the most significant ship motors to large-scale vehicles at competitive cost points. Experience shows that Tan Delta oil condition control equipment operators can substantially decrease their operating cost while reducing annual oil consumption by up to 30%, while also benefiting the climate.

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