Oil Condition Monitoring Market worth $1.4 billion by 2026, at a CAGR of 6.1%
According to a research report “Oil Condition Monitoring Market with COVID-19 Impact Analysis by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type, Vertical (Transportation, Industrial, Oil & Gas), and Region – Global Forecast to 2026″ published by MarketsandMarkets, The global oil condition monitoring market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021–2026. Key factors fueling this markets growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs. Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.
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Off-site sampling type is expected to gain a significant share of oil condition monitoring market by 2026
Off-site sampling type is expected to account for the largest share of the oil condition monitoring market by 2026. Off-site oil quality monitoring mainly involves the testing of oil samples at company-operated laboratories or third-party laboratories. The majority of the oil quality monitoring companies are involved in laboratory testing for better and in-depth analyses of samples.
Based on product type, turbines to witness the highest CAGR in oil condition monitoring market during 2021–2026
The oil condition monitoring market for turbines is expected to grow with the highest CAGR during the forecast period. Turbine oil analysis is one of the most commonly used predictive maintenance technologies. Turbines are used for various applications, which need scheduled check-ups for efficient operations. The turbines used in the industries operate under very high pressure. To avoid failure, companies use high-quality oil as a lubricant in the turbines, thereby reducing the friction caused due to heavy pressure.
Oil condition monitoring market in APAC to grow at the highest CAGR during the forecast period
The oil condition monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. The growing industrial activities and investments in the region are expected to boost the oil condition monitoring market. Countries such as China, India, and Japan have investments for industries such as oil & gas, manufacturing, and mining. The oil condition monitoring helps users to give warning of possible machinery malfunction, allowing early remedial action to be taken.
Key players in the market include Parker-Hannifin Corporation (US), General Electric (US), Shell plc (Netherlands), BP plc (UK), Bureau Veritas (France), Chevron Corporation (Switzerland), Intertek Group plc (UK), SGS SA (France), Eaton Corporation (Ireland), and TotalEnergies (France). These players are increasingly undertaking product launches and developments, acquisitions, partnerships, collaborations, contracts, and agreements, to increase their market shares.
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