DUBLIN--(BUSINESS WIRE)--The "Oil Condition Monitoring Market by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type (On-site, Off-site), Industry (Transportation, Industrial, Oil & Gas), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The oil condition monitoring market was valued at USD 695 million in 2019 and is projected to reach USD 1,175 million by 2025; it is expected to grow at a CAGR of 8.5% from 2020 to 2025.
The key factors driving the growth of the market include increasing demand for cost-effective solutions, growing need for time optimization, reduction in maintenance cost, and rising demand for power generation drives the need for continuous oil monitoring in turbines. However, additional expenses incurred in retrofitting existing systems are restraining market growth.
Turbines to lead the oil condition monitoring market during the forecast period.
Turbines have witnessed an increasing demand for lubrication requirements. The goal of an effective turbine oil analysis program is to maximize the reliability and availability of machinery while minimizing maintenance costs associated with oil change-outs, labor, repairs, and downtime. The turbine oil condition monitoring helps in the detection of turbine oil's physical and chemical properties degradation, contamination, particles, metals, and water.
Transportation to be the largest market for oil condition monitoring during the forecast period.
The transportation industry includes automobiles, aerospace, marine, heavy vehicles, and locomotive engines. In the transportation industry, time plays a crucial role, and any unplanned asset breakdown can profoundly impact the business. The oil condition monitoring in the transportation industry helps organizations to manage vehicle component wear and failure better.
Asia Pacific to be the fastest-growing oil condition monitoring market during the forecast period.
APAC has several growing oil & gas activities and approved projects for the production of commercial aircraft, which is expected to lead the manufacturing of in-house large passenger planes. Countries such as China, India, and Japan in the region have upcoming investments from automotive manufacturers. The growth in the automotive industry is expected to boost the oil condition monitoring market in APAC. Further, India is among the rapidly growing economies in APAC. Government initiatives are leading toward the development of the manufacturing sector in the country. All these factors are expected to propel the market growth in the region.
- Increasing Demand For Cost-Effective Solutions
- Growing Need For Time Optimization
- Increasing Demand For Power Generation Drives The Need For Continuous Oil Monitoring In Turbines
- Reduction In Maintenance Cost
- Additional Expenses Incurred In Retrofitting Existing Systems
- Increasing Adoption Of Big Data Analytics
- Industrial Internet Of Things (Iiot) Generating New Opportunities In Oil Quality Monitoring Market
- Limited Availability Of Skilled Personnel At Remote Locations
- Parker Hannifin
- General Electric
- Bureau Veritas
- Intertek Group
- Avenisense S.A.
- Delta Services Industriels
- Poseidon System
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