According to Stratistics MRC, the “Global Oil Condition Monitoring Market” is accounted for $637.99 million in 2018 and is expected to reach $1567.02 million by 2027 growing at a CAGR of 10.5% during the forecast period. The growing need for optimization of time and growing demand for power generation are the major factors propelling the growth of the market. However, factors such as additional expenses incurred in retrofitting existing systems, and limited availability of skilled personnel are hampering the market growth.
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Oil Condition Monitoring is utilized for effective management and checking the strength of lubricated machinery in which the state of the oil being analyzed, and the state of the equipment involved. This system assists customers to avoid expensive machinery, engine and power-train failures. Advantages of oil condition monitoring system include - protect assets, improve productivity, increase uptime, save money, schedule maintenance, extend warranties, increase efficiency, reduce costs, and increase profits.
Opportunity: Investments in expansion of facilities is providing ample opportunities for market growth.
Various key players operating in this market are making high investments in the expansion of their current facilities and opening new facilities. This move would help key players to take into account the requirements of clients from different end-use industries, and expand their regional as well as global footprint. Therefore, investments in the expansion of facilities by key players are going to provide ample opportunities for market growth in the coming years.
Driver: Rising adoption of predictive maintenance among industries is driving market growth.
Nowadays, factory managers and machine operators have been carrying out scheduled maintenance and regular checks of different parts in machinery and equipment to ensure their health and smooth working. Over the last few years, the method of predictive maintenance has developed and has rapidly started gaining prominence among industry operators and asset managers. With the help of predictive maintenance, industries can evaluate the health of their assets and predict the time when a particular component or a system is likely to fail, and as such, needs replacement or repair. Owing to advantages such as reduced maintenance time, increased equipment lifespan, enhanced efficiency, and risen productivity, a growing number of organizations have started resorting to predictive maintenance analytics from targeted solutions, which includes oil condition monitoring services.
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Depending on the product, the turbines segment is expected to grow at the significant market share during the forecast period as turbine oil process is one of the widely generally utilized predictive-maintenance methods. The turbines are utilized for different end-users, which required planned check-ups for efficient tasks. The turbines utilized in the industries work under very high pressure. At such high pressures, the turbines are progressively inclined to be damaged because of friction, which decreases the life of the system. To avoid system failure, companies use high-quality oil as a lubricant in the turbines, subsequently decreasing the friction caused because of heavy pressure. Also, there is a requirement for regular monitoring of the oil quality to ensure the smooth activity of the system.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period as China has developed as one of the most attractive investment destinations for mining and automotive companies in the recent years. The oil examination can help users to avoid the abrupt damage by offering the state of the lubricant oil being used in mining equipment and vehicles.
Some of the key players profiled in the Oil Condition Monitoring Market include Avenisense S.A., Bureau Veritas, Castrol Limited, Chevron Corporation, Delta Services Industriels (DSi), GE, Intertek Group Plc, Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, Poseidon Systems, LLC, Shell, SPECTRO Analytical Instruments GmbH, Test Oil (Insight Services Inc.), TRIBOMAR GmbH and Unimarine.
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SPECTRO Analytical Instruments GmbH: In June 2019, SPECTRO Analytical Instruments GmbH introduces the SPECTROCUBE ED-XRF benchtop spectrometer for the easy, accurate, and reliable analysis of fuel and lube oil — at twice the speed of other analyzers in its class. The new SPECTROCUBE ED-XRF incorporates state-of-the-art nondestructive ED-XRF detector technology, including exceptionally high-resolution and count rate — and features the fastest possible turnaround time from sample taking to analysis results.
Bureau Veritas: In Jan 2018, Bureau Veritas acquired Lubrication Management SL. Bureau Veritas and IK4-TEKNIKER plan to continue a strategic partnership focused on research and development for machinery condition monitoring. This acquisition is an important milestone in the development of Bureau Veritas’ OPEX strategy.
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