The Oil Condition Monitoring market is expected to be valued at USD 850.1 million by 2023, growing at a CAGR of 9.1% between 2017 and 2023.
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Americas is expected to hold the largest share of the oil condition monitoring market between 2017 and 2023. This region is home to several oil condition monitoring manufacturing companies as well as commercial laboratories.
The oil condition monitoring market in the Americas is expected to grow at a high CAGR during the forecast period.
The high growth of this market can be attributed to the increasing adoption of oil condition monitoring solutions in the logistics and transportation industry.
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The growth of this market is driven by factors such as increasing demand for cost-effective solutions, growing need for time optimization, and increasing demand for electricity that drives the need for continuous oil monitoring in turbines. However, additional expenses incurred in retrofitting existing systems are one of the major factors restricting the growth of this market.
Oil Condition Monitoring Market Report’s includes for this Target Audience:
- Raw material and manufacturing equipment suppliers
- Integrated device manufacturers (IDMs)
- Oil condition monitoring component manufacturers
- Oil condition monitoring product manufacturers
- Oil condition monitoring original equipment manufacturers (OEMs)
- Commercial laboratories
- Organizations, forums, alliances, and associations
“Transportation industry is expected to hold the largest share of the oil condition monitoring market by 2023”
The transportation industry is likely to account for the largest share of 41.6% the oil condition monitoring market by 2023. This growth can be attributed to the increasing demand for oil condition monitoring to avoid critical engines failures that may occur in ships and airplanes.
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- Market Dynamics for On-Site Continuous Monitoring
Value Chain Analysis
Impact of IoT on the Condition Monitoring
- Monitoring Categories
The oil condition monitoring ecosystem comprises manufacturers such as Bureau Veritas SA (France), Intertek Group plc (UK), Parker Hannifin Corporation (US), Castrol Limited (UK), General Electric Company (US), TestOil (Insight Services, Inc.) (US), and Spectro Analytical Instruments GmbH (Germany).
Key Point from Table of Content
6 Market Analysis, By Sampling Type
6.2.1 Portable Kit (On-Board)
6.2.2 Fixed Continuous Monitoring
7 Market Analysis, By Product Types
7.5 Gear Systems
7.6 Hydraulic Systems
8 Market Analysis, By Measurement Types
8.9 Water Dilution
8.10 Fuel Dilution
8.12 Wear Particles
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