by The global oil condition monitoring market witnessed robust growth in 2021, with a market size of USD 925.2 million. Projections for the coming years indicate sustained expansion at a Compound Annual Growth Rate (CAGR) of 8.2 percent during the forecast period. This growth is attributed to several key factors, including the increasing demand for cost-effective solutions to maintain machinery health, a heightened awareness of the importance of oil condition monitoring across industries, and a growing emphasis on cost reduction in maintenance operations.
Enhancing Industrial Efficiency with Online Oil Condition Monitoring
Online oil condition monitoring (OCM) has become pivotal in various industries by continuously monitoring the physical and chemical parameters of oil, such as pressure, density, viscosity, and more. This real-time information about oil parameters and lubricant quality plays a crucial role in preventing engine, gearbox, powertrain, and machinery failures. Industries like oil and gas, power generation, transportation, and manufacturing rely on OCM to ensure the reliability and performance of critical equipment.
COVID-19 Impact and the Resilience of Oil Condition Monitoring
The COVID-19 pandemic significantly impacted various industries, including the oil condition monitoring market. Temporary closures and supply chain disruptions affected key players, leading to a decrease in revenues. However, as global economies gradually reopened and adapted to new working norms, the market has shown resilience.
Driving Factors for Market Growth
- Predictive Maintenance Gains Prominence: The adoption of predictive maintenance has surged in recent years, enabling industries to analyze asset health and predict maintenance needs. This approach reduces downtime, extends equipment lifespan, and optimizes maintenance costs.
- Critical Asset Life Extension: Industries recognize the importance of extending the operational life of critical assets. Monitoring solutions play a vital role in identifying issues and predicting maintenance requirements in advance, ensuring smooth and efficient operations.
- Transportation Segment Leads: The transportation sector, including heavy-duty vehicles, aircraft, and marine, is witnessing increased adoption of real-time oil monitoring sensors. These sensors prevent engine and equipment failures, leading to efficient operations and cost savings.
Regional Dominance
- North America: The North American market holds the largest revenue share due to the presence of key players and a growing focus on predictive maintenance in the United States. Industries such as automotive, oil & gas, power generation, and mining are driving the adoption of oil condition monitoring.
- Asia Pacific: Rapid industrialization and urbanization in the Asia Pacific region are fueling market growth. Industrial applications and a growing number of transportation systems are key drivers.
Competitive Landscape
Prominent players in the global oil condition monitoring market include Parker-Hannifin Corporation, General Electric, Shell plc, BP plc, Bureau Veritas, Chevron Corporation, Intertek Group plc, SGS SA, Eaton Corporation, and TotalEnergies. These companies are continually innovating to meet the evolving demands of industries worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/oil-condition-monitoring-market
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This press release first seen on Brilad
COMTEX_442645516/2840/2023-10-30T06:12:53
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.