Oil Condition Monitoring Market to Reach $1.4 Billion, Globally, By 2031 at 7.5% CAGR: Allied Market Research

Rise in use of various predictive maintenance methods including oil condition monitoring across several sectors drives the growth of the global oil condition monitoring market.

PORTLAND, Ore., Nov. 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Oil Condition Monitoring Market By Sampling Type (On-Site Sampling and Off-Site Sampling), Product Type (Turbine, Compressor, Engine, Gear Systems, and Hydraulic Systems), End User (Transportation, Industrial, Oil & Gas, Power Generation, and Mining): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global oil condition monitoring industry was estimated at $689.7 million in 2021, and is anticipated to hit $1.4 billion by 2031, registering a CAGR of 7.5% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.

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Determinants of Growth

Rise in use of various predictive maintenance methods including oil condition monitoring across several sectors drives the growth of the global oil condition monitoring market. On the other hand, shortage of trained technical personnel impedes the growth to some extent. However, high-end big data analytics and data storage mechanisms are expected to create lucrative opportunities in the industry.

Report Coverage and Details:

COVID-19 Scenario:

• Import-export restraints, shut borders, and supply chain disruptions during the Covid-19 pandemic impacted the global oil conditioning market negatively.
• However, as the majority of sectors started recovering post pandemic, the oil condition monitoring market also got back on track.

The Off-Site sampling segment to rule the roost

By sampling type, the off-site sampling segment contributed to more than half of the global oil condition monitoring market share in 2021, and is expected to lead the trail by 2031. The same segment is also expected to exhibit the fastest CAGR of 7.7% from 2022 to 2031, owing to increase in restrictions on use of plastic. This is because many industries such as transportation, industrial, oil & gas, power generation, and mining extract oil samples and send them to off-site laboratories to be analyzed.

The Engine segment to dominate by 2031

Based on product type, the engine segment generated nearly two-thirds of the global oil condition monitoring market revenue in 2021, and is expected to lead the trail by 2031. This is owing to growing R&D spending in the automobile sector for enhancing the performance of engines. The hydraulic systems segment, simultaneously, would manifest the fastest CAGR of 8.7% from 2022 to 2031. This is owing to the fact that monitoring hydraulic oil conditions is essential in guaranteeing reliable equipment operation, and optimum performance levels.

The Oil and Gas segment to maintain the lion's share

By end-user, the oil & gas segment garnered nearly one-third of the global oil condition monitoring market share in 2021, and is expected to retain its dominance by 2031. This is due to continuous operation at oil & gas refineries, since continuously checking the oil quality is essential at oil & gas refineries for the smooth running of machines and equipment. The mining segment, on the other hand, is expected to exhibit the fastest CAGR of 8.7% from 2022 to 2031. This is because preventive maintenance strategy at mining operation can help improve equipment availability, enhance productivity, and increase profitability.

North America garnered the major share in 2021

By region, North America held the major share in 2021, generating nearly one-third of the global oil condition monitoring market. This is attributed to the presence of a large number of companies in this province that invest in advanced predictive maintenance technologies such as oil condition monitoring. LAMEA, on the other hand, would garner the fastest CAGR of 8.7% by 2031. This is due to the presence of a number of oil & gas refineries in this region.

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Key Players in the Industry

• General Electric
• Shell plc
• BP plc
• Bureau Veritas
• Chevron Corporation
• Parker-Hannifin Corporation
• TotalEnergies
• Intertek Group plc
• SGS SA
• Eaton Corporation

The report analyzes these key players in the global oil condition monitoring market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the oil condition monitoring market analysis from 2021 to 2031 to identify the prevailing oil condition monitoring market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the oil condition monitoring market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global oil condition monitoring market trends, key players, market segments, application areas, and market growth strategies.

Oil Condition Monitoring Market Key Segments:

By Sampling Type:

• On-Site Sampling
• Off-Site Sampling

By Product Type:

• Turbine
• Compressor
• Engine
• Gear Systems
• Hydraulic Systems

By End User:

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

By Region:

• North America  (U.S., Canada, and Mexico)
• Europe  (Germany, Italy, France, Spain, U.K., Russia, and Rest of Europe)
• Asia-Pacific  (China, India, Japan, South Korea, and Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East and Africa)

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