The global oil condition monitoring is anticipated to reach $1,387.5 million by 2031, growing from $689.7 million in 2021, at a CAGR of 7.5% from 2022 to 2031.
Oil is important for fuelling engines and for greasing moving components of machines and equipment across various industries such as power generation, transportation, industrial, and oil & gas plants. By monitoring the characteristics and quality of the oil, the efficiency and condition of machines and equipment can be monitored and unintended downtimes of machines can be avoided. Oil condition monitoring is usually used to analyze and measure degradation and contamination in lubricants and fuel oils throughout their lifecycle, which is an important factor in the predictive maintenance method. Furthermore, it avoids leakages and machinery failures, and thus it helps to save the machine’s downtime. Due to these characteristics, the need for oil condition monitoring is increasing at a rapid rate. The increase in the prevalence of predictive maintenance across various industries is also expected to boost the market growth.
The market expansion, however, is projected to be hampered by a lack of qualified workforce to interpret oil condition monitoring data. Another significant issue anticipated to hamper the oil condition monitoring market is the high installation cost of oil condition monitoring sensors.
The COVID-19 pandemic halted many business activities worldwide, as several countries imposed strict lockdowns and social isolation. For instance, both China and India imposed strict lockdowns and social isolation to curb COVID-19 transmission. Which in turn, severely affected manufacturing operations in the region. The Asia-Pacific comprises the world’s most manufacturing hubs. The COVID-19 pandemic has slowed down India and China’s economies, which has negatively affected the oil conditioning market development across the Asia-Pacific. In addition to this, the economic slowdown has affected the business R&D activities in oil condition monitoring projects across the world. However, various sectors are recovering back stronger post-COVID-19 pandemic. Hence, substantial growth is expected for the oil condition monitoring market.
The key players profiled in the report include Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p. l. c., Shell, Eaton, Intertek Group plc, SGS SA, and Bureau Veritas.
Oil is important for fuelling engines and for greasing moving components of machines and equipment across various industries such as power generation, transportation, industrial, and oil & gas plants. By monitoring the characteristics and quality of the oil, the efficiency and condition of machines and equipment can be monitored and unintended downtimes of machines can be avoided. Oil condition monitoring is usually used to analyze and measure degradation and contamination in lubricants and fuel oils throughout their lifecycle, which is an important factor in the predictive maintenance method. Furthermore, it avoids leakages and machinery failures, and thus it helps to save the machine’s downtime. Due to these characteristics, the need for oil condition monitoring is increasing at a rapid rate. The increase in the prevalence of predictive maintenance across various industries is also expected to boost the market growth.
The market expansion, however, is projected to be hampered by a lack of qualified workforce to interpret oil condition monitoring data. Another significant issue anticipated to hamper the oil condition monitoring market is the high installation cost of oil condition monitoring sensors.
The COVID-19 pandemic halted many business activities worldwide, as several countries imposed strict lockdowns and social isolation. For instance, both China and India imposed strict lockdowns and social isolation to curb COVID-19 transmission. Which in turn, severely affected manufacturing operations in the region. The Asia-Pacific comprises the world’s most manufacturing hubs. The COVID-19 pandemic has slowed down India and China’s economies, which has negatively affected the oil conditioning market development across the Asia-Pacific. In addition to this, the economic slowdown has affected the business R&D activities in oil condition monitoring projects across the world. However, various sectors are recovering back stronger post-COVID-19 pandemic. Hence, substantial growth is expected for the oil condition monitoring market.
The key players profiled in the report include Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p. l. c., Shell, Eaton, Intertek Group plc, SGS SA, and Bureau Veritas.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the oil condition monitoring market analysis from 2021 to 2031 to identify the prevailing oil condition monitoring market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the oil condition monitoring market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global oil condition monitoring market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Sampling Type
- On-site Sampling
- Off-site Sampling
By Product Type
- Turbine
- Compressor
- Engine
- Gear Systems
- Hydraulic Systems
By End user
- Transportation
- Industrial
- Oil Gas
- Power Generation
- Mining
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- United Arab Emirates
- South Africa
- Rest Of LAMEA
- Brazil
- Saudi Arabia
Key Market Players
- Parker-Hannifin Corporation
- General Electric
- Shell plc
- BP plc
- Bureau Veritas
- Chevron Corporation
- Intertek Group plc
- SGS SA
- Eaton Corporation
- TotalEnergies
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
3.5. COVID-19 Impact Analysis on the market
3.6. Value Chain Analysis
3.7. Key Regulation Analysis
3.8. Patent Landscape
3.9. Regulatory Guidelines
3.10. Market Share Analysis
CHAPTER 4: OIL CONDITION MONITORING MARKET, BY SAMPLING TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2. On-site Sampling
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3. Off-site Sampling
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
CHAPTER 5: OIL CONDITION MONITORING MARKET, BY PRODUCT TYPE
5.1 Overview
5.1.1 Market size and forecast
5.2. Turbine
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3. Compressor
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4. Engine
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5. Gear Systems
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country
5.6. Hydraulic Systems
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market share analysis by country
CHAPTER 6: OIL CONDITION MONITORING MARKET, BY END USER
6.1 Overview
6.1.1 Market size and forecast
6.2. Transportation
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3. Industrial
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
6.4. Oil & Gas
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market share analysis by country
6.5. Power Generation
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market share analysis by country
6.6. Mining
6.6.1 Key market trends, growth factors and opportunities
6.6.2 Market size and forecast, by region
6.6.3 Market share analysis by country
CHAPTER 7: OIL CONDITION MONITORING MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Sampling Type
7.2.3 North America Market size and forecast, by Product Type
7.2.4 North America Market size and forecast, by End user
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Sampling Type
7.2.5.1.3 Market size and forecast, by Product Type
7.2.5.1.4 Market size and forecast, by End user
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Sampling Type
7.2.5.2.3 Market size and forecast, by Product Type
7.2.5.2.4 Market size and forecast, by End user
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Sampling Type
7.2.5.3.3 Market size and forecast, by Product Type
7.2.5.3.4 Market size and forecast, by End user
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Sampling Type
7.3.3 Europe Market size and forecast, by Product Type
7.3.4 Europe Market size and forecast, by End user
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Sampling Type
7.3.5.1.3 Market size and forecast, by Product Type
7.3.5.1.4 Market size and forecast, by End user
7.3.5.2 UK
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Sampling Type
7.3.5.2.3 Market size and forecast, by Product Type
7.3.5.2.4 Market size and forecast, by End user
7.3.5.3 France
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Sampling Type
7.3.5.3.3 Market size and forecast, by Product Type
7.3.5.3.4 Market size and forecast, by End user
7.3.5.4 Spain
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Sampling Type
7.3.5.4.3 Market size and forecast, by Product Type
7.3.5.4.4 Market size and forecast, by End user
7.3.5.5 Italy
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Sampling Type
7.3.5.5.3 Market size and forecast, by Product Type
7.3.5.5.4 Market size and forecast, by End user
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Sampling Type
7.3.5.6.3 Market size and forecast, by Product Type
7.3.5.6.4 Market size and forecast, by End user
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Sampling Type
7.4.3 Asia-Pacific Market size and forecast, by Product Type
7.4.4 Asia-Pacific Market size and forecast, by End user
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Sampling Type
7.4.5.1.3 Market size and forecast, by Product Type
7.4.5.1.4 Market size and forecast, by End user
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Sampling Type
7.4.5.2.3 Market size and forecast, by Product Type
7.4.5.2.4 Market size and forecast, by End user
7.4.5.3 India
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Sampling Type
7.4.5.3.3 Market size and forecast, by Product Type
7.4.5.3.4 Market size and forecast, by End user
7.4.5.4 South Korea
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Sampling Type
7.4.5.4.3 Market size and forecast, by Product Type
7.4.5.4.4 Market size and forecast, by End user
7.4.5.5 Australia
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Sampling Type
7.4.5.5.3 Market size and forecast, by Product Type
7.4.5.5.4 Market size and forecast, by End user
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Key market trends, growth factors and opportunities
7.4.5.6.2 Market size and forecast, by Sampling Type
7.4.5.6.3 Market size and forecast, by Product Type
7.4.5.6.4 Market size and forecast, by End user
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Sampling Type
7.5.3 LAMEA Market size and forecast, by Product Type
7.5.4 LAMEA Market size and forecast, by End user
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Sampling Type
7.5.5.1.3 Market size and forecast, by Product Type
7.5.5.1.4 Market size and forecast, by End user
7.5.5.2 Saudi Arabia
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Sampling Type
7.5.5.2.3 Market size and forecast, by Product Type
7.5.5.2.4 Market size and forecast, by End user
7.5.5.3 United Arab Emirates
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Sampling Type
7.5.5.3.3 Market size and forecast, by Product Type
7.5.5.3.4 Market size and forecast, by End user
7.5.5.4 South Africa
7.5.5.4.1 Key market trends, growth factors and opportunities
7.5.5.4.2 Market size and forecast, by Sampling Type
7.5.5.4.3 Market size and forecast, by Product Type
7.5.5.4.4 Market size and forecast, by End user
7.5.5.5 Rest of LAMEA
7.5.5.5.1 Key market trends, growth factors and opportunities
7.5.5.5.2 Market size and forecast, by Sampling Type
7.5.5.5.3 Market size and forecast, by Product Type
7.5.5.5.4 Market size and forecast, by End user
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
9.1 Parker-Hannifin Corporation
9.1.1 Company overview
9.1.2 Key Executives
9.1.3 Company snapshot
9.1.4 Operating business segments
9.1.5 Product portfolio
9.1.6 Business performance
9.1.7 Key strategic moves and developments
9.2 General Electric
9.2.1 Company overview
9.2.2 Key Executives
9.2.3 Company snapshot
9.2.4 Operating business segments
9.2.5 Product portfolio
9.2.6 Business performance
9.2.7 Key strategic moves and developments
9.3 Shell plc
9.3.1 Company overview
9.3.2 Key Executives
9.3.3 Company snapshot
9.3.4 Operating business segments
9.3.5 Product portfolio
9.3.6 Business performance
9.3.7 Key strategic moves and developments
9.4 BP plc
9.4.1 Company overview
9.4.2 Key Executives
9.4.3 Company snapshot
9.4.4 Operating business segments
9.4.5 Product portfolio
9.4.6 Business performance
9.4.7 Key strategic moves and developments
9.5 Bureau Veritas
9.5.1 Company overview
9.5.2 Key Executives
9.5.3 Company snapshot
9.5.4 Operating business segments
9.5.5 Product portfolio
9.5.6 Business performance
9.5.7 Key strategic moves and developments
9.6 Chevron Corporation
9.6.1 Company overview
9.6.2 Key Executives
9.6.3 Company snapshot
9.6.4 Operating business segments
9.6.5 Product portfolio
9.6.6 Business performance
9.6.7 Key strategic moves and developments
9.7 Intertek Group plc
9.7.1 Company overview
9.7.2 Key Executives
9.7.3 Company snapshot
9.7.4 Operating business segments
9.7.5 Product portfolio
9.7.6 Business performance
9.7.7 Key strategic moves and developments
9.8 SGS SA
9.8.1 Company overview
9.8.2 Key Executives
9.8.3 Company snapshot
9.8.4 Operating business segments
9.8.5 Product portfolio
9.8.6 Business performance
9.8.7 Key strategic moves and developments
9.9 Eaton Corporation
9.9.1 Company overview
9.9.2 Key Executives
9.9.3 Company snapshot
9.9.4 Operating business segments
9.9.5 Product portfolio
9.9.6 Business performance
9.9.7 Key strategic moves and developments
9.10 TotalEnergies
9.10.1 Company overview
9.10.2 Key Executives
9.10.3 Company snapshot
9.10.4 Operating business segments
9.10.5 Product portfolio
9.10.6 Business performance
9.10.7 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Oil Condition Monitoring Market,' the oil condition monitoring market was valued at $689.70 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.Oil condition monitoring is one of the type of predictive maintenance strategies that recognizes issues with machinery and equipment. It helps in the analysis of the equipment's condition and quality. When done timely, oil condition monitoring aids in the identification of mechanical issues before they become fatal failures that can lead to expensive repairs. Improper maintenance of expensive machines and equipment often leads to unanticipated downtime. Oil condition monitoring technology helps in avoiding such unanticipated downtimes and extends the life of costly assets. The oil condition monitoring market size is expected to grow at a substantial rate owing to an increase in awareness regarding extending the operational life of machines and equipment. Various factors such as a lack of skillful technical personnel and initial financial investment are projected to impede the market growth. Trained technicians have specialized training and knowledge to collect oil condition samples and do an accurate analysis of extracted samples.
The increase in advancements in big data analytics and smart sensors is anticipated to offer excellent opportunities to the oil condition monitoring market players. Big data analytics allows the accurate processing of large volumes of datasets. Therefore, it helps in the effective analysis of the data received by oil quality sensors. Major companies in North America and Europe are extensively using these cutting-edge technologies. For instance, in 2021, Baker Hughes and Shell partnered to launch an analytics-based oil condition monitoring platform for the marine industry.
The oil condition monitoring market share is segmented based on sampling type, product type, end-user, and region. By sampling type, it is classified into on-site sampling and off-site sampling. By product type, it is divided into turbines, compressors, engines, gear systems, and hydraulic systems. By end-user, it is classified into transportation, industrial, oil & gas, power generation, and mining. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report offers a comprehensive analysis of the global oil condition monitoring market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
Impact of COVID-19 on the Global Oil Condition Monitoring Industry
The oil condition monitoring market is highly dependent on various industries such as oil & gas, automotive, transportation, and mining. The COVID-19 pandemic disrupted industrial activities worldwide, as several countries shut down their ports, airports, and domestic transportation while imposing severe lockdowns and social isolation. Thus, majorly affecting the oil condition monitoring market growth.The economic slowdown has affected the business R&D activities in the oil condition monitoring projects across the world
Various sectors are recovering stronger post COVID-19 pandemic. Hence, substantial growth is expected for the oil condition monitoring market.
Key Findings of the Study
Based on sampling type, the off-site sampling sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast periodBased on product type, the engine sub-segment held the largest oil condition monitoring market share in 2021 and the hydraulic systems sub-segment is predicted to witness the fastest growth in the upcoming years
Based on end-user, the oil and gas sub-segment emerged as the global leader in 2021 and the mining sub-segment is expected to witness the fastest growth in the upcoming years
Based on region, the North America market registered the highest market share in 2021 and the LAMEA region is projected to witness the fastest growth during the forecast period
The key players profiled in the oil condition monitoring market analysis report include Celanese Corporation, Chevron Corporation., PARKER HANNIFIN CORP, General Electric, BP p.l.c., Shell, Eaton, Intertek Group plc, SGS SA, and Bureau Veritas.
Companies Mentioned
- Parker-Hannifin Corporation
- General Electric
- Shell PLC
- Bp PLC
- Bureau Veritas
- Chevron Corporation
- Intertek Group PLC
- Sgs SA
- Eaton Corporation
- Totalenergies
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
