Oil Condition Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
With the recent and constant advancements in technologies, most industrial areas are witnessing a rise in adoption of state-of-the-art machineries and components that need periodic maintenance. Plant shutdowns due to oil-related failures such as insufficient lubrication, bearing defects, chipped gear teeth, and shaft misalignment are a common scenario in most manufacturing sites today. In order to avoid such mishaps, end users are turning to useful lubricant analysis tools such as oil condition monitoring systems.
Though they seem to be a relatively smaller component in the entire manufacturing plant, oil condition monitoring systems are indispensable in most industrial applications. Especially in areas where extreme and harsh weather conditions are common, the need for high-performance oil condition monitoring systems is inevitable in order to avoid unplanned shutdowns. This, along with advances in smart analytics technologies, is expected to drive the growth of the oil condition monitoring market in the coming years.
Predictive Maintenance Technologies in Turbine Oil Condition Monitoring to Boost Growth
Turbine oil testing is one of the most critical processes followed in most industries where the analysis about oxidation, viscosity, flashpoint, and demulsibility among others is carried out. While turbines are ubiquitous on a wide range of industrial applications and processes where extremely high pressures are applied, the demand for oil condition monitoring systems is significantly high.
Furthermore, taking into consideration that turbines are highly vulnerable to damages due to friction and pressures, oil condition monitoring systems are commonly employed to ensure high lifespan of turbines in the entire system.
Companies often resort to high-quality lubricants in these turbines and it further leads to the increasing use of oil condition monitoring in these processes in order to avoid system failures. This will continue to be the leading factor contributing to the positive growth of the oil condition monitoring market across the world.
High Prices of Oil Condition Monitoring Systems Restrict Sales
Oil condition monitoring systems are a part of condition-based maintenance equipment, which are characterised with heavy investments in various measuring tools. This does not only add to the price of oil condition monitoring, but it also reflects in a significantly high cost of implementation. High manufacturing costs make oil condition monitoring systems very expensive, and this limits the range of end users in this space.
Furthermore, condition-based maintenance equipment introduces a completely innovative maintenance technique and this makes oil condition monitoring systems difficult to integrate with existing systems in any manufacturing facility. This further amplifies the cost of implementation, and thereby, creates sales-related challenges for manufacturers in the oil condition monitoring market.
Transportation Sector to Open a New Window of Opportunities
Increasing growth of the transportation and logistics sector is expected to pave way for development and innovation in the oil condition monitoring space. Various areas in the transportation sector include automotive, aerospace, locomotive engines, marine transport, and heavy vehicles, which mainly contribute to the growth of the oil condition monitoring market.
Oil condition monitoring plays an important role in the preventive maintenance mechanism in all these types of transportation systems, mainly to avoid critical engine failures. Positive growth of the automotive industry is expected to give rise to new trends, triggering manufacturers to introduce real-time oil condition monitoring sensors in next-generation vehicles in the coming years.
Presence of Global Leaders Make North America Emerges the Most Lucrative Market
Market leaders in the oil condition monitoring space have a strong presence in various industries such as oil & gas, metals & mining, power generation, and automotive industries in North America. In all these areas, the adoption of predictive maintenance and condition-based maintenance systems is significantly high. This mainly creates a huge demand for oil condition monitoring systems in North America. Furthermore, strict safety standards in the United States enable new entrants to introduce innovative features and capitalize on the widespread adoption of oil condition monitoring systems in the region.
Players Enhance Product Lines; Launch Innovative Features to Gain an Edge
Key players in the oil condition monitoring market include National Instruments, Honeywell International Inc., General Electric, Emerson, Rockwell Automation, Inc., Parker Hannifin Manufacturing Ltd, Intertek Group Plc, Polaris, Test Oil (Insight Services Inc.), SGS, Analog Devices Inc., Unimarine, Poseidon Systems, ALS, Tribologik, AVENISENSE S.A.S., Micromem Applied Sensor Technologies Inc., Fluid life, and Delta Services Industriels (DSi).
Introducing unique features in oil condition monitoring systems with the implementation of advanced technologies remains the top strategy for market leaders. For instance, Tan Delta System - global leader in the development and supply of advanced oil condition monitoring technologies - announced recently that it has launched a new real-time sensor for oil condition monitoring that integrates the FSH core technology.
Based on type, the oil condition monitoring market can be segmented as:
Based on measurement type, the oil condition monitoring market can be segmented as:
Based on sampling type, the oil condition monitoring market can be segmented as:
Based on end-use industries, the oil condition monitoring market can be segmented as:
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According to our analysis, the global market for oil condition monitoring reached a valuation of over US$ 700 million in 2020. Growing need for the optimization of processes in terms of time and cost, mainly in the transportation industry, is predominantly attributed for the positive growth prospects of the market, opine our analysts.
Established industries such as oil & gas, transportation & logistics among others mainly support the growth of the oil condition monitoring market in the North American region. Also, heightened importance of automotive and aviation safety through the introduction of standards and norms create new opportunities for players in the North American market for oil condition monitoring systems.
Increasing awareness about the effectiveness of implementing oil condition monitoring systems to attain improvements in operational efficiency as well as cost efficiency in various operations will drive the market growth in the coming decade. Our analysts project that the oil condition monitoring market will surpass the US$ 2 billion mark by the end of 2030.
The trend of developing analysis kits for on-site oil condition monitoring is growing, and this is expected to create lucrative opportunities for new entrants in the market. This trend can be capitalized on by the new players by marketing the high efficiency of these portable kits and their applications in a wide range of applications across industries.
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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