Wilmington, Delaware, United States, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Analysts at TMR estimate the oil condition monitoring services market to clip a CAGR of 8.7% during the forecast period from 2022 to 2031. Significance of oil condition monitoring in predictive maintenance program fuels the growth of oil condition monitoring services market. Adoption of oil conditioning monitoring offers laboratory testing of engine oil, lubrication oil, and evaluation of condition of machinery, to drive the oil condition monitoring services market.
Rise in demand for energy, and increasing adoption of IIoT and big data analytics for the large volume of data generated in industrial operations, creates ample opportunities in oil condition monitoring services market.
Critical advantages of oil condition monitoring technology of reduced unplanned downtime, extended lifetime of equipment, and safe extension of oil change interval is creating opportunities in the oil condition monitoring services market. Advantages of accurate, high-quality oil monitoring analysis for complete understanding of the equipment’s health and status stokes demand.
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Oil Condition Monitoring Services Market – Key Findings of the Report
- Significance of predictive maintenance to evaluate the health of assets, and to be able to predict when a particular component or system is likely to fail, and will require replacement or repair to influence oil conditioning monitoring market size
- Preference for predictive maintenance analytics, from targeted solutions for a single machine component to factory-wide deployment to increase Overall Equipment Effectiveness (OEE) in the production line spells demand for oil condition monitoring. Oil condition monitoring companies play a critical role to detect the equipment before it leads to serious damage.
- Deployment of effective monitoring solutions for asset, is of immense significance to avoid unexpected breakdowns that can disrupt operations in the whole industry. Oil conditioning monitoring technology is of significance for asset performance, and, to keep a check on asset health.
- Need for reliable monitoring of lubricants, that are constantly subject to harsh conditions and are exposed to high pressures, to prevent mechanical damage to spare parts of machinery underpins massive revenue potential in the oil condition monitoring services market
- Criticality of a usable oil condition monitoring program to prevent unexpected shutdown of industrial system spells adoption. Failure to adoption of oil condition monitoring system can lead to wear and tear off machinery components, which if breakdowns unexpectedly can result into significant cost of procuring of new machinery.
- Lubricant and oil testing service type held the leading oil condition monitoring services market share in 2021
- Lubrication oil fluid segment accounts for key share in the oil condition monitoring services market. This is ascribed to increasing demand for lubrication testing services by industry operators, and extensive use of lubrication oil in machinery and industrial equipment.
- North America held the leading share of nearly 31% of oil condition monitoring services market in 2021. The region is anticipated to maintain its share during the forecast period.
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Oil Condition Monitoring Services Market – Growth Drivers
- Adoption of oil condition monitoring by asset managers and machine operators, for predictive maintenance to detect mechanical issues for savings in the long run underscores growth
- Significance of oil condition monitoring to monitor critical components of asset health favors adoption
Oil Condition Monitoring Services Market – Key Players
Some of the key players operating in the oil condition monitoring services market are;
- Bureau Veritas
- Eastway
- Exxon Mobil Corporation
- SGS SA
- Vickers Oil
- CONDITION MONITORING SERVICES INC.
- Element Materials Technlogy
- Intertek Group plc
- Shell
The oil condition monitoring services market is segmented as follows;
Oil Condition Monitoring Services Market, by Service
- Lubricant and Oil Testing
- Grease Testing
- Cylinder Liner Monitoring
- Ferrography Testing
- Tribology Testing
Oil Condition Monitoring Services Market, by Fluid
- Lubrication Oil
- Hydraulic Oil
Oil Condition Monitoring Services Market, by Application
- Engines
- Turbines
- Hydraulic Systems
- Compressors
- Others
Oil Condition Monitoring Services Market, by End-use Industry
- Automotive & Transportation
- Marine
- Energy & Utilities
- Industrial
- Others
Oil Condition Monitoring Services Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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