Global Off Site Oil Condition Monitoring Market – Industry Trends and Forecast to 2029

Global Off Site Oil Condition Monitoring Market, By Product Type (Turbines, Compressors, Engines, Gear Systems, and Hydraulic systems), Measurement Type (Temperature, Pressure, Density, Viscosity, Dielectric, TAN, TBN, Water dilution, Fuel Dilution, Soot, and Wear Particles), End-User Industry (Transportation, Oil & Gas, Power Generation, Industrial, and Mining) ) - Industry Trends and Forecast to 2029

Market Analysis and Size

Off-site oil condition monitoring has gained large attention across various industries. These are beneficial in tracking the oil condition and detecting deterioration. They assess if the oils have degraded to an extent and may no longer perform their functions.

Global On-Site Oil Condition Monitoring Market was valued at USD 773.52 million in 2021 and is expected to reach USD 1552.63 million by 2029, registering a CAGR of 9.10% during the forecast period of 2022-2029. Power Generation accounts for the largest industry segments owing to the rapid adoption of oil condition monitoring in emerging industries. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Oil Condition Monitoring (OCM) is one of the components of Condition Monitoring (CM) that emphases on monitoring the working of any mechanical system to help predict and detect worsening or developing faults. The main objective of the oil condition monitoring is to prevent critical failure in engine that may occur in manufacturing machines, engines in manufacturing plants, ships and airplanes and other heavy machineries so that it can prevent the companies from incurring huge repairing costs of and bring production to halt.

Report Scope and Market Segmentation

Off Site Oil Condition Monitoring Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Demand for Lubricant Analysis Solutions

The rise in the emphasis on new ways to support longevity across businesses including machinery, as operational problems in the machine is one of the major factors driving the growth of off-site oil condition monitoring market. Businesses depend on lubricant analysis solutions such as oil condition monitoring to analyse condition of the lubricant oil.

• Use in Various Sectors

The use of off-site oil condition monitoring across various sectors such as logistics, power, mining, and manufacturing deploy oil-dependent machines accelerate the market growth. These machines or vehicles are equipped with engines, transformers, gearboxes and hydraulics which require regular health and status inspections.

• Use of Oil Condition Monitoring in Extreme Climatic Conditions

The increase in demand for on-site oil condition monitoring across the sectors that operate in extreme and often harsh climatic conditions such as artic natural gas processing plants, and humid mine sites, among others further influence the market.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the off-site oil condition monitoring market.

Opportunities

Furthermore, advent of big data analytics extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in demand for efficient data storage mechanisms and parallel processing will further expand the market.

Restraints/Challenges

On the other hand, high cost associated with the training that is needed to analyse these tools and lack of skilled technical resources for data analysis are expected to obstruct market growth. Also, rise in installation costs of oil condition monitoring devices is projected to challenge the off-site oil condition monitoring market in the forecast period of 2022-2029.

This off-site oil condition monitoring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info off-site oil condition monitoring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Off Site Oil Condition Monitoring Market

The COVID-19 has impacted off-site oil condition monitoring market. The limited investment costs and lack of employees hampered sales and production of off-site oil condition monitoring technology. However, government and market key players adopted new safety measures for developing the practices. The advancements in the technology escalated the sales rate of the hardware and software as it targeted the right audience. The rise in oil and gas sector across the globe is expected to further drive the market growth in the post-pandemic scenario.

Global Off Site Oil Condition Monitoring Market Scope and Market Size

The off-site oil condition monitoring market is segmented on the basis of product, measurement and industry. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Turbines
• Compressors
• Engines
• Gear Systems
• Hydraulic Systems

Industry

• Transportation
• Industrial
• Oil and Gas
• Power Generation
• Mining

Measurement

• Density
• Dielectric
• Fuel Dilution
• Pressure
• Soot
• Tan
• Temperature
• Total Base Number
• Viscosity
• Water Dilution
• Wear Particles

Industry

• Transportation
• Industrial
• Oil and Gas
• Power Generation
• Mining

Off Site Oil Condition Monitoring Market Regional Analysis/Insights

The off-site oil condition monitoring market is analysed and market size insights and trends are provided by country, product, measurement and industry as referenced above.

The countries covered in the off-site oil condition monitoring market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA).

North America dominates the off-site oil condition monitoring market because of the stablished markets including logistics and transportation, and oil and gas.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the rapid industrialization in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Off Site Oil Condition Monitoring Market

The off-site oil condition monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to off-site oil condition monitoring market.

Some of the major players operating in the on off-site oil condition monitoring market are

• Chevron Corporation (US)
• Parker Hannifin Corp (US)
• General Electric (US)
• Intertek Group plc (UK)
• bp p.l.c. (UK)
• Eaton (US)
• Shell (UK)
• Bureau Veritas (France)
• SGS SA (Switzerland)
• Trico Corporation (US)
• Castrol Limited (UK)
• TestOil (US)
• Spectro Analytical Instruments GmbH. (Germany)
• Unimarine (Germany)
• Rockwell Automation,Inc. (US)
• Emerson (US)
• Analog Devices, Inc. (US)
• Polaris (US)
• AVENISENSE S.A.S (France)
• Poseidon Systems (US)
• Veritas Petroleum Services (Singapore)