The oil condition monitoring market was valued at USD 460.9 Million in 2016 and is expected to reach USD 850.1 Million by 2023, at a CAGR of 9.1% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market based on sampling type, product type, measurement type, industry, and region; information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges); and a detailed value chain analysis.
According to the new market research report on the "Oil Condition Monitoring Market by Sampling Type (On-Site and Off-Site), Product Type (Turbine, Compressors Engine, Gear System, and Hydraulic System), Measurement Type, Industry (Transportation, Energy & Power), and Geography - Global Forecast to 2023", this market is expected to be valued at USD 850.1 Million by 2023, growing at a CAGR of 9.1% between 2017 and 2023. The major factors driving the growth of the oil condition monitoring market include 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.
Browse 38 Market Data Tables and 42 Figures spread through 187 Slides and in-depth TOC on "Oil Condition Monitoring Market - Global Forecast to 2023"
Viscosity to have the largest share of the oil condition monitoring market by 2023
Viscosity is the key contributing measurement type in the oil condition monitoring market during the forecast period.Viscosity accounted for the largest share of the oil condition monitoring market in 2016, owing to the role of viscosity in oil condition.
Viscosity is a vital parameter of oil, which helps in the frictionless working of an asset. Viscosity is always monitored in a laboratory or by using a portable on-site kit.
Contaminations in the oil such as water, fuel, and solvent degrade the viscosity of the oil and damage the components of an asset.
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Oil condition monitoring market for the energy & power industry to grow at a high CAGR between 2017 and 2023
The oil condition monitoring market for the energy & power industry is likely to grow at the highest CAGR of 11.2% between 2017 and 2023. This growth of the market can be attributed to the growth in the parallel market of energy management.
This growth in the energy management market would increase the number of plants in the power industry. As a result, the need for oil condition monitoring in power plants would also increase.
Turbines to hold a major share of the oil condition monitoring market by 2023
Turbines are expected to hold a major share of the oil condition monitoring market by 2023 owing to its extensive use in critical applications in industries such as power, locomotive, and aerospace. The turbines used in these industries operate under very high pressure.
At such a high pressure, the turbines are more prone to be damaged due to friction, which decreases the life of the system. To avoid system failure, companies use high-quality oil as a lubricant in these turbines, thereby reducing the friction caused due to high pressure.
Moreover, there is a need for regular monitoring the oil quality to ensure the smooth operation of the system.
Oil condition monitoring market in the Americas to grow at a high rate between 2017 and 2023
The oil condition monitoring market in the Americas is expected to grow at the highest CAGR of 9.4% between 2017 and 2023. The highly integrated supply chain network in the Americas links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime transport, and truck transport.
The power industry is a capital-intensive industry in the Americas. For instance, in 2016, the Edison Electric Institute (EEI) member companies invested USD 120.8 billion to build smarter energy infrastructure and to transition to even cleaner generation sources.
This growth in the transportation and power industry would boost the growth of the oil condition monitoring market in the Americas.
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The report profiles the most promising players in the oil condition monitoring market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with.
The key players operating in this market include 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).
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