Global Oil Condition Monitoring market projected to drive by the rise in demand for time optimization and reduce maintenance cost
Global oil condition monitoring market likely to grow with a remarkable rate during the forecast period, 2020-2027, as oil condition monitoring help in determining the significant diagnosis and prognosis of types of machine and engine equipment to give a valuable output. Additionally, the surge in demand for oil condition monitoring for predictive maintenance schedule of any mechanical equipment such as measurement, monitoring, and analysis of the changes in lubricant and fuel oils will trigger the growth of global oil condition monitoring market size. Oil condition monitoring helpful in monitoring the use of lubricants. The technical status of oil products can be grasped in time to prevent equipment lubrication accidents and extend the service life of oil products.
Moreover, the increasing demand for devices by transportation and oil industry, which monitor the oil level, quality, and temperature, avoid engine damage caused by low oil levels, poor oil quality, and abnormal oil temperatures, thus influence the growth of oil condition monitoring industry in the future timespan. Furthermore, the growing use of IoT based oil condition monitoring system oil to analyze in real-time using online sensors will boost the growth of the oil condition monitoring industry. These Industrial IoT in the oil condition monitoring services landscape is leveraged with portable data collectors, and operators can further investigate data records that reveal the health and aberrant condition of components.
Sampling Type Overview in the Global Oil Condition Monitoring Market
Based on the sampling type, the global Oil Condition Monitoring market bifurcated into On-site and Off-site. The On-site segment expected to register CAGR by 2027, owing to the oil condition monitoring eliminates equipment downtime and maintains productivity and ensures the proper functioning of engines used in industries.
Product Type Overview in the Global Oil Condition Monitoring market
Based on product type, the global Oil Condition Monitoring market classified into Turbines, Compressors, Engines, Gear Systems, and Hydraulic systems. The Turbines segment estimated to generate maximum revenue by 2027, attributable to turbines, is used for various industries, which need scheduled check-ups for efficient operations along with turbines that are more prone to be damaged due to friction.
Measurement Type Overview in the Global Oil Condition Monitoring Market
Based on measurement type, the global Oil Condition Monitoring market classified into Temperature, Pressure, Density, Viscosity, Dielectric, TAN, TBN, Water dilution, Fuel dilution, Soot, and Wear particles. The Viscosity segment projected to lead the market due to the oil condition monitoring provide major benefits such as measuring oil aging and preventing initial mechanical failures due to reduced oil lubrication performance.
End-User Industry Overview in the Global Oil Condition Monitoring Market
Based on the end-user industry, the global Oil Condition Monitoring market categorized into Transportation, Oil & Gas, Power Generation, Industrial, and Mining. Transportation segments estimated to dominate the market by 2027 as a result of the oil condition monitoring helping the transportation industry to improve and monitor the performance of assets to perform their core business activities effectively.
Regional Overview in the Global Oil Condition Monitoring Market
By geography, the Global Oil Condition Monitoring Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America predicted to dominate the market by 2027, owing to the rise in the adoption of predictive maintenance technologies in various industries along with the presence of major players in industries such as automotive, oil & gas, power generation, and mining.
Global Oil Condition Monitoring Market: Competitive Landscape
Companies such as Parker Hannifin, Chevron, General Electric, Shell, Bureau Veritas, BP, Eato, Intertek Group, SGS, Total, Eaton, Exxon Mobil Corporation, and Veritas Petroleum Services are the key players in the Global Oil Condition Monitoring Market.