Oil Condition Monitoring Market Analysis Worth $1,387.5 Mn by 2031Download Sample Reports Overview
The Global Oil Condition Monitoring Market Size is predicted to be valued at $1,387.5 million by 2031, surging from $689.7million in 2021 at a noteworthy CAGR of 7.5%.
COVID-19 Impact on Oil Condition Monitoring Market
The COVID-19 pandemic put a sudden halt to many business activities worldwide, as several countries shut down their ports, airports, and domestic transportation while imposing strict lockdowns and social isolation, leading to a disturbance in business and civil life. The Asia-Pacific region consists world’s most manufacturing hubs. Moreover, the world's two most populated countries are China and India. The stringent nationwide lockdowns in India and China impacted manufacturing activities severely, resulting in a slowdown of the overall economy.
However, global supply chain disruption, the shortage of skilled personnel, and the huge demand for various goods during the COVID-19 outbreak resulted in companies taking more care of their equipment and machinery to increase the operational life and productivity of machines.
Various companies are adopting cutting-edge technologies such as big data analytics, smart sensors, and industry internet of things (IIoT) solutions to keep track of the health and efficiency of important machines and equipment to avoid sudden production downtimes. The companies in developed nations such as the U.S., European nations, and some economies in the Asia Pacific region primarily use the aforementioned advanced technologies.
Oil Condition Monitoring Market Analysis
Oil condition monitoring is a type of predictive maintenance strategy that helps in determining any problems with machinery and equipment. Accurate oil condition monitoring helps in the analysis of the equipment's health and status. Routine monitoring of oil conditions helps in the detection of mechanical issues before they turn out to become disastrous failures that can cause the replacement of the machine. When oil condition monitoring is done correctly, it avoids leakages and sudden machinery failures, and thus evades unnecessary breakdowns. The substantial growth in the oil condition monitoring market share is majorly attributed to the increase in awareness about predictive maintenance practices among companies to extend the operational life of machines. Besides this, an increase in demand for cost-effective solutions and electricity are the other factors that are fueling the growth of the oil condition monitoring market opportunity.
However, factors such as a shortage of skilled technical personnel can hinder market growth. Skilled technicians have specialized training and experience to extract oil condition samples as well as do a precise analysis of extracted samples. These expertise levels are attained through vigorous training and rich technical experience.
The advancements in big data analytics technology coupled with cutting-edge data storage mechanisms are anticipated to offer lucrative opportunities to the oil condition monitoring market share. Big data production in the industrial Internet of Things (IIoT) is evident due to the tremendous deployment of sensors and Internet of Things (IoT) devices. Big data analytics enable effective processing of large volumes of datasets. This, in turn, helps in the effective analysis of the data received by oil quality sensors.
Global Oil Condition Monitoring Market, Segmentation
The oil condition monitoring market forecast is segmented on the basis of sampling type, product type, end user, and region.
The sampling type segment is further segmented into on-site sampling and off-site sampling. Among these, the off-site sampling sub-segment is anticipated to have a dominant market share in 2021 during the forecast period. Off-site oil condition monitoring is executed at service centers, which are equipped with advanced analytical tools, and analysis is carried out by a team of skilled personnel to examine the health of the machine. Off-site oil condition monitoring involves various techniques such as FTIR spectroscopy, Karl Fischer titration, and gas chromatography. This sampling technique is utilized extensively across various sectors such as transportation, industrial, oil & gas, power generation, and mining. In addition, sectors that operate in extreme climatic conditions such as arctic natural gas processing plants and humid mine sites are utilizing off-site sampling methods for oil condition analysis.
The product type segment is further classified into turbines, compressors, engines, gear systems, and hydraulic systems. Among these, the engine segment is expected to have a dominant market share, and the hydraulic segment is anticipated to show the fastest growth rate during the forecast period. Hydraulic systems are extensively used in heavy industry and automation industries. The monitoring of the oil condition of hydraulic systems is necessary to ensure reliable equipment operation and optimum performance levels. Close observation of the oil condition offers an understanding of the actual operating condition of the hydraulic equipment. Knowing the exact condition of oil in real-time enables the immediate and precise analysis of the overall equipment condition.
The end-use segment is further classified into transportation, industrial, oil & gas, power generation, and mining. Among these, the oil & gas segment is projected to have dominant market share and generate substantial revenue in 2021.The oil & gas industry plays an important role in the global economy as it is the world's major fuel source. As oil and gas refineries work 24/7, keeping eye on the health of machines and equipment becomes essential to avoid sudden breakdowns. Hence, companies are increasingly investing in machinery and equipment oil condition monitoring to increase productivity and efficiency.
The oil condition monitoring market size in the LAMEA region is projected to show the fastest growth with a CAGR during the forecast period. The Middle East consists of the top ten oil-producing countries, accounting for about 27% of world output. As a result, the region's demand for oil conditioning monitoring systems is robust owing to its fully developed oil and gas infrastructure and the presence of large oil suppliers. Furthermore, Saudi Arabia's oil output is anticipated to quadruple in the next decade, resulting in increased drilling operations connected to oil production. This factor will increase the demand for oil conditioning monitoring systems in the coming years.
Key Players in the Global Oil Condition Monitoring Market
Some of the leading oil condition monitoring market players are
- Celanese Corporation
- Chevron Corporation.
- PARKER HANNIFIN CORP
- General Electric
- BP p.l.c.
- Intertek Group plc
- SGS SA
- Bureau Veritas