The global oil condition monitoring market size was worth around USD 1.01 Billion in 2022 and is predicted to grow to around USD 1.41 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.51% between 2023 and 2030.
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➤ The market is expected to experience development due to the increasing demand for predictive maintenance.
The global oil condition monitoring market is anticipated to expand as a result of the growing demand for predictive maintenance solutions in industrial applications. A maintenance-related strategy that employs data analysis tools and other techniques to consistently monitor equipment and anticipate any potential maintenance issues in the future is implemented. The demand for such techniques and systems is on the rise in the current technology-driven world, as it has numerous benefits.
➤ Technical obstacles that impede market expansion
The technical challenges that arise when using OCM devices are one of the main growth restraints in the oil condition monitoring industry. The overall accuracy of the device can be influenced by a minor technical issue in the area of data integration and sensor calibration, which can raise concerns about its reliability. Furthermore, the absence of standardization in global economies serves as an additional growth constraint for industrial actors. In the absence of standard measuring protocols, participants encounter challenges in evaluating the system’s performance quality.
➤ Increased market growth is being achieved through the increasing adoption of advanced technologies.
The oil condition monitoring industry is anticipated to benefit from the increasing investments in the integration of advanced systems such as the Internet of Things (IoT) and Artificial Intelligence (AI), as well as oil condition monitoring devices and supporting infrastructure. These integrational measures can enable end-users to predict ongoing defaults in the system in real-time and monitor the purity of the oil with greater accuracy. Additionally, the participants may benefit from the implementation of cloud-based technology in order to enhance cost efficiency and reporting.
➤ Integration with preexisting systems to impede market expansion
It may be challenging for new consumers to integrate newer OCM systems with existing or legacy protocols in the business. This is particularly relevant in cases where older systems are either obsolete or incompatible with contemporary technologies. This is in addition to the fact that the industry actors must address the general reluctance to change in end-user verticals. Potential consumers are hesitant due to factors such as the unavailability of trained professionals and concerns regarding reliability.
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The Global Oil Condition Monitoring Market is segmented based on product, application and region
Global Oil Condition Monitoring Market: Product Segment Analysis
● Engine
● Turbine
● Hydraulic System
● Compressor
● Others
Global Oil Condition Monitoring Market: Application Segment Analysis
● Oil & Gas
● Power Generation
● Industrial
● Mining
● Transportation
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The global Oil Condition Monitoring market profiles key players such as:
● Bharat Petroleum Corporation Limited
● Chevron Corporation
● Parker Hannifin Corporation
● Bureau Veritas
● TestOil
● Castrol Limited
● Swift Technology Group
● Intertek Group plc
● General Electric Company
● AVISTA OIL AG
● Shell Global
● Testo SE & Co. KGaA
● ALS Limited
???? Recent Developments:
• Shell, an oil and gas company headquartered in the United States, introduced a new service in August 2021 that is specifically designed to monitor the health of equipment and the condition of oil. The product, VitalyX, is a highly advanced and intelligent analytics-based oil condition monitoring and apparatus health service that is specifically designed for the marine segment. It was developed in response to a collaboration between Shell and Baker Hughes.
• Parker Hannifin, a prominent provider of motion and control technologies, introduced DIGI Plus in June 2021. This technology is considered to be an innovative OCM. It provides on-board and on-site monitoring of lubricant condition.
➤ North America will maintain its market dominance on a global scale.
North America is anticipated to experience the most significant development in the global oil condition monitoring market, primarily as a result of the extensive oil and gas industry-related activities in the United States and Canada. Additionally, the increasing demand for cost-effective operations and maintenance of critical equipment is a critical factor in regional growth. The consistent CAGR in Europe is a consequence of the expanding automotive, transportation, and manufacturing sectors. The regional CAGR is anticipated to be led by Germany as a result of the expanding implementations in the technologically advanced automotive sector.
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