Global Oil Condition Monitoring Market
By Product Type (Gear Systems, Hydraulic Systems, Turbines, Compressors, Engines), Measurement Type (Pressure, Density, Temperature, Water Dilution, Fuel Dilution, Viscosity, Dielectric, TAN, TBN, Wear Particles, Soot), Sampling Type (On-site, Off-site), Vertical, and Regional Market Size, Status and Forecast to 2025
The Global Oil Condition Monitoring Market was valued at USD 472.02 million in 2016 and is projected to reach USD 1051.72 million by 2025, growing at a CAGR of 9.31% from 2017 to 2025.
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Oil Condition Monitoring is used for effective management and monitoring the health of lubricated machinery in which the condition of the oil being analyzed, and the condition of the equipment involved. This system help clients avoid costly machinery, engine and power-train failures. Benefits of oil condition monitoring system include – protect assets, improve productivity, increase uptime, save money, schedule maintenance, extend warranties, increase efficiency, reduce costs, and increase profits.
1. Market Drivers
1.1 Increasing demand for cost-effective solutions
1.2 Increasing need for time optimization
1.3 Rising demand for electricity
2. Market Restraints
2.1 Additional expenses incurred in retrofitting existing systems
The Global Oil Condition Monitoring Market is segmented on the product type, measurement type, sampling type, vertical, and region.
1. Product Type:
1.1 Gear Systems
1.2 Hydraulic Systems
2. By Measurement Type:
2.4 Water Dilution
2.5 Fuel Dilution
2.10 Wear Particles
3. By Sampling Type:
4. By Vertical:
4.1 Energy & Power
4.5 Oil & Gas
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
1. Chevron Corporation
3. Bureau Veritas
4. Castrol Limited
5. TRIBOMAR GmbH
7. Intertek Group Plc
8. SPECTRO Analytical Instruments GmbH
9. Test Oil (Insight Services Inc.)
10. Parker Hannifin Manufacturing Ltd
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Oil Condition Monitoring Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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