The market growth is driven by increasing demand for cost-effective solutions, growing need for time optimization, and reduction in maintenance cost

The global oil condition monitoring market accounted for US$ 779 million in 2020 and is estimated to be 1,175 million by 2025 and is anticipated to register a CAGR of 8.5%. The report. "Global Oil Condition Monitoring Market, By Product Type (Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems), By Sampling Type (On-site and Off-site), By Industry (Transportation (Automobile, Aerospace, Marine, Heavy Vehicles, and Locomotive Engines), Industrial, Oil & Gas, Power, and Mining), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.

Key Highlights:

In January 2019, Baker Hughes, a GE Company, signed an agreement with Emirates National Oil Company (ENOC) to co-develop VitalyX, a real-time lubricant monitoring system.
In June 2018, SGS SA started a new testing facility in Coatzacoalcos, Mexico, for providing oil condition monitoring services. This new laboratory is projected to offer a range of oil condition monitoring services to various industries, including oil & gas, mining, power generation, and aviation, among others.
Analyst View:

Increasing demand for industrial applications

The turbines have wide range of applications, which requires scheduled check-ups for proper operations. Turbine oil analysis is most regularly used, one of the predictive-maintenance technologies. Industrial turbines operate under very high pressure. At such high pressures, there are chances of turbines to get damaged due to friction, which reduces the life of the system. In order to avoid system failure, manufactures make use of high-quality oil as a lubricant in the turbines. Thus, reducing the friction produced due to heavy pressure. Further, there is a need for regular observing of the oil quality to ensure the smooth operation of the system.

Increasing key player strategies

Parker Hannifin (US) is one of the leading expanded manufacturers of control and motion systems and technologies, offering precision-engineered solutions. The company functions in two commercial segments, namely, aerospace systems and diversified industrial. It provides oil condition monitoring systems under its filtration group through the diversified industrial segment. Additionally, the company provides its products to its units operating in 50 countries. Its manufacturing, sales, service, distribution, and administrative facilities are situated in 39 states within the U.S. and 49 other countries.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Oil Condition Monitoring Market”, By Product Type (Turbines, Compressors, Engines, Gear Systems, and Hydraulic Systems), By Sampling Type (On-site and Off-site), By Industry (Transportation (Automobile, Aerospace, Marine, Heavy Vehicles, and Locomotive Engines), Industrial, Oil & Gas, Power, and Mining), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global oil condition monitoring market accounted for US$ 779 million in 2020 and is estimated to be 1,175 million by 2025 and is anticipated to register a CAGR of 8.5%. The market report has been segmented on the basis of product type, sampling type, industry, and region.

By product type, turbines segment lead the oil condition monitoring market owing to its wide range of applications in industrial sector
By sampling type, on-site sampling is projected to dominate the global oil condition monitoring market over the forecast period. On-site oil analysis can reduce maintenance costs and servicing, minimize oil waste and disposal, increase equipment productivity, and decrease downtime.
By industry, transportation accounts for the highest market share for oil condition monitoring. The transportation industry includes aerospace, automobiles, marine, locomotive engines, and heavy vehicles. The oil condition monitoring helps in avoiding critical engine failures that might occur in airplanes and ships.
By region, North America is the leading market for oil condition monitoring system, owing to presence of several major players in industries such as oil & gas, automotive, mining, and power generation. The developments in predictive maintenance technologies are inspiring end-users to implement oil condition monitoring systems across industries.
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Competitive Landscape:

The prominent player operating in the global oil condition monitoring market includes Avenisense S.A., Bureau Veritas, Castrol Limited, Chevron Corporation, Delta Services Industriels (DSi), GE, Intertek Group Plc, Micromem Applied Sensor Technologies Inc., Parker Hannifin Manufacturing Ltd, and Poseidon Systems, LLC.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered

Introduction
Study Deliverables
Study Assumptions
Scope of the Study
Research Methodology
Executive Summary
Opportunity Map Analysis
Market at Glance
Market Share (%) and BPS Analysis, by Region
Competitive Landscape
Heat Map Analysis
Market Presence and Specificity Analysis
Investment Analysis
Competitive Analysis
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