The global oil condition monitoring market size was US$ 681.5 million in 2021. The global oil condition monitoring market is forecast to grow to US$ 1601 million by 2030, registering a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2022 to 2030.
Oil condition monitoring is a necessary process that helps prevent engine and power train problems. Oil condition monitoring ensures that engine, machine, and other system maintenance is conducted efficiently. Moreover, it reduces the cost of downtime.
Factors Affecting the Market
Companies are focusing on the way to increase the longevity of the machinery and eliminate operational problems. Thus, such efforts are forecast to fuel the growth of the global oil condition monitoring market.
Power, logistics, mining, and manufacturing segments deploy oil-dependent machines and vehicles having gearboxes, engines, hydraulics, and transformers. The growing applications of oil condition monitoring are likely to boost the growth of the market in the coming years.
Traditional oil analysis techniques such as laboratory testing provide a comprehensive view of oil conditions and machinery health. However, they also have significant drawbacks, such as time delay and upfront cost. Thus, such factors will boost the demand for the oil condition monitoring market during the study period.
The integration of big data analytics is likely to offer lucrative opportunities for market growth. On the contrary, the shortage of skilled laborers may limit the growth of the global oil condition monitoring market.
COVID-19 Impact Analysis
The COVID-19 epidemic has had a significant impact on the oil condition monitoring market. End-users of oil control monitoring systems have been negatively affected by the pandemic. The automobile, oil and gas, and mining industries have all witnessed significant reductions in their profit, which ultimately hampered the oil condition monitoring market. Moreover, the disruption in supply and demand has hampered market growth.
Regional Analysis
North America is forecast to hold the highest share in the global oil condition monitoring market. In addition, Europe and Asia-Pacific are forecast to hold the second and the third largest share owing to the growing end-use industries in these regions. North America is further estimated to dominate the oil condition monitoring market due to growing awareness about oil condition monitoring and increasing adoption of the efficient technology.
Competitors in the Market
Market Segmentation
The global oil condition monitoring market segmentation focuses on Product, Sampling, End-Use, and Region.
Based On Product Type
Turbines
Compressors
Engines
Gear Systems
Hydraulic Systems
Based On Sampling Type
On-Site
Off-Site
Based On End-Use Industry
Transportation
Industrial
Oil & Gas
Mining
Others (Power Generation)
Based on Region
