Global Oil Condition Monitoring Market Growing at CAGR of 8.7% by 2026Download Sample Reports Overview
According to a study conducted by Research Dive, the global Oil Condition Monitoring Market forecast size is expected to reach $1,268.3 million by the end of 2026, registering 8.7% CAGR over the forecast period.
Oil Condition Monitoring is a very important element for any prophetic maintenance schedule. Oil condition monitoring consists of monitoring, measuring, and analyzing the changes in fuel oils and lubricants for chemical content and contamination, along with tracking decrease in oil quality from new to end-of-life. These collected data helps the user to analyses and examine the performance of the machines and can maintain them timely.
The high-quality oil state examination helps in understanding the status and the health of the machineries. Pollution caused by acid or water or fuel, has the ability to lead the oil to lose its lubrication properties which can in turn damage the equipment. Thus, to overcome these issues oil condition monitoring devices are used. The aforementioned are the key factors driving the oil condition monitoring market over the forecast period.
The cost associated with the installation of oil condition monitoring devices and additional requirement to upgrade the devices to sync with the oil condition monitoring devices is expected to restrain the market growth in the forecasted period.
The global Oil Condition Monitoring market is bifurcated on the basis of sampling type into on-site sampling and off-site sampling. Among these, the on-site sampling segment is anticipated to boost the global Oil Condition Monitoring market, which is expected to reach $878.3 million by 2026, growing at CAGR of 9.5% during the forecasted period. On-site sampling can analyze the oil and can decrease costs incurred by maintenance and servicing, along with improving equipment productivity, reducing the oil wastage and disposal. These key factors are expected to drive the on-site sampling segment in the global oil condition monitoring market. However, off-site sampling segment held the highest market share in the year 2018 accounting for $371.5 million and is expected to reach $689.9 million by 2026 growing at a CAGR of 8.0% during the projected years.
On the basis of the product type, the global Oil Condition Monitoring market is divided turbines, engines, hydraulic systems, compressors and gear systems. Among these, the market for engines segment led the market in 2018 accounting for $175.0 million. Turbines segment is projected to rule the Oil Condition Monitoring Market during the projected period. The growth is majorly due to the growing usage of turbines in various applications, that needs regular check-ups for better operations. The turbines that are being used in various industries work under high pressure; at such high pressures, the turbines are widely prone to the damages that can be caused due to friction. To avoid system shutdown, organizations use high-quality oil as the lubricant in the turbines, which reduces the friction that is caused due to the heavy pressures. These keys factors are expected to drive the oil condition monitoring market.
The oil & gas segment led the global oil condition monitoring market end-user segment accounting for $193.3 million in 2018 and is expected to reach $360.2 million during the forecast period. In addition, the transportation segment is projected to dominate the end-user segment during the recent years accounting for $263.8 million by 2026 growing at a CAGR of 9.6%. The oil condition monitoring aids in overcoming critical engine failures that may occur in ships and airplanes among other transportation mediums. The above-mentioned factor helps to boost the transportation segment during the forecasted timeframe.
The global Oil Condition Monitoring market has been classified regionally into North America, Europe, Asia-Pacific, and LAMEA. The North America region held the largest market value in 2018 accounting for $184.8 million and is anticipated to reach $339.9 million by 2026, growing at a CAGR of 7.9% during the forecast period. Asia-Pacific region is expected to dominate the Oil Condition Monitoring market; this growth is majorly due to the growing transportation expenditure in this region along with the growing mining and automotive industries. Asia-Pacific region accounted for $149.0 million in 2018 and is expected to reach $300.6 million by 2026, growing at a CAGR of 9.2 during the forecast period.
Top gaining participants of global Oil Condition Monitoring market are Parker Hannifin, Chevron, General Electric, Shell, BP, Intertek Group, Eaton, SGS, Trico and Bureau Veritas many others. These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall Oil Condition Monitoring industry.
Porter’s Five Forces Analysis for Oil Condition Monitoring Market:
1.Bargaining Power of Suppliers: The key players present in this market are very high due to which the supplier’s power is high.
The bargaining power of suppliers is High.
2.Bargaining Power of Consumers: The number of consumers is very high thus the bargaining power of consumers in high.
The bargaining power of consumers is High.
3.Threat of new entrants: Initial investment to develop an oil condition monitoring device is very high thus the threat of new entrants is low
The threat of new entrants is Low.
4.Threat of substitutes:There is no alternative for Oil Condition Monitoring, and thus the threat of substitutes is low.
The threat of substitutes is Low.
5.Competitive rivalry in the industry:This market includes a 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.