Global Oil condition monitoring market is valued approximately at USD 779 million in 2020 and is anticipated to grow with a CAGR of more than 8.5% over the forecast period 2020-2027. Factors such as, developing interest for efficient arrangements, expanding requirement for time improvement, and growing interest for electricity that drives the requirement for continuous oil checking in turbines are fuelling the market development. Organizations are constantly searching for various financially savvy approaches to decrease the expense of oil condition observing in automobile industry. On site oil condition checking has helped automobile makers to impressively improve their efficiency, proficiency, and productivity concerning prescient support. The off-site oil condition checking development can be ascribed to the higher reception of customary observing frameworks. The majority of the oil condition observing firms are equipped with research facility testing for better and in-detailed analysis of the sample. The transportation business incorporates automobiles, aerospace, marine, heavy vehicles, and locomotive engines. The oil condition observing aids in evading critical motor failure that may happen in boats and planes. Subsequently, the interest for oil condition monitoring is required to increment in the marine and aerospace business. The development in the automobile business is ascribed to the expanding accentuation of vehicle producers to install real-time oil monitoring sensors in cars.For instance, statistica 2020 mentioned that the global sales of passenger cars are forecast to fall to 59.6 million units in 2020, down from a peak of 79.6 in 2017. According to economic times, an estimated drop in demand of 9.3 million barrels a day this year is equivalent to a decade's worth of growth which will also impact the oil monitoring market at large extent in forecasted period. The advancements in predictive maintenance technologies are encouraging end-users to adopt oil condition monitoring solutions across industries which can be seen as a lucrative opportunity for growth of oil condition monitoring market. In any case, additional expenses acquired in retrofitting existing frameworks are one of the key components hampering the market development.
The regional analysis of oil condition monitoring market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of major players of various industries such as automotive, oil & gas, power generation, and mining has lead the growth of the market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Parker Hannifin
Chevron
General Electric
Shell
Bureau Veritas
BP
Eaton
Intertek Group

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product Type:
Turbines
Compressors
Engines
Gear Systems
Hydraulic Systems
By Sampling Type:
On-Site
Off-Site

By Industries:
Transportation
Industrial
Oil & gas
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2017, 2018
Base year - 2020
Forecast period - 2020 to 2027

Target Audience of the Oil Condition Monitoring Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors