The global oil condition monitoring market size was US$ 681.5 million in 2021. The global oil condition monitoring market is forecast to grow to US$ 1601 million by 2030, registering a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2022 to 2030.

Oil condition monitoring is a necessary process that helps prevent engine and power train problems. Oil condition monitoring ensures that engine, machine, and other system maintenance is conducted efficiently. Moreover, it reduces the cost of downtime.

Factors Affecting the Market

Companies are focusing on the way to increase the longevity of the machinery and eliminate operational problems. Thus, such efforts are forecast to fuel the growth of the global oil condition monitoring market.

Power, logistics, mining, and manufacturing segments deploy oil-dependent machines and vehicles having gearboxes, engines, hydraulics, and transformers. The growing applications of oil condition monitoring are likely to boost the growth of the market in the coming years.

Traditional oil analysis techniques such as laboratory testing provide a comprehensive view of oil conditions and machinery health. However, they also have significant drawbacks, such as time delay and upfront cost. Thus, such factors will boost the demand for the oil condition monitoring market during the study period.

The integration of big data analytics is likely to offer lucrative opportunities for market growth. On the contrary, the shortage of skilled laborers may limit the growth of the global oil condition monitoring market.

COVID-19 Impact Analysis

The COVID-19 epidemic has had a significant impact on the oil condition monitoring market. End-users of oil control monitoring systems have been negatively affected by the pandemic. The automobile, oil and gas, and mining industries have all witnessed significant reductions in their profit, which ultimately hampered the oil condition monitoring market. Moreover, the disruption in supply and demand has hampered market growth.

Regional Analysis

North America is forecast to hold the highest share in the global oil condition monitoring market. In addition, Europe and Asia-Pacific are forecast to hold the second and the third largest share owing to the growing end-use industries in these regions. North America is further estimated to dominate the oil condition monitoring market due to growing awareness about oil condition monitoring and increasing adoption of the efficient technology.

Competitors in the Market

AVENISENSE S.A.
BP Oil International Ltd.
Bureau Veritas
Chevron Corporation
CM Technologies
Eaton Corporation
General Electric Company
Intertek Group
Micromem Technologies Inc.
Parker Hannifin Corporation
Poseidon Systems
SGS SA
Shell RLA
SPECTRO Analytical Instruments
Techenomics International
TestOil
Tribomar GmbH.
Other Prominent Players
Market Segmentation

The global oil condition monitoring market segmentation focuses on Product, Sampling, End-Use, and Region.

Based On Product Type

Turbines

Compressors

Engines

Gear Systems

Hydraulic Systems

Based On Sampling Type

On-Site

Off-Site

Based On End-Use Industry

Transportation

Industrial

Oil & Gas

Mining

Others (Power Generation)

Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America