Oil Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The market for oil condition monitoring is expected to register a CAGR of 7% over the forecast period (2021 - 2026)

• In the commercial world, businesses constantly look for new ways to support their longevity that also includes the machinery, as operational problems in the machine and other components often are the result of bearing defects, shaft misalignment, couplings, insufficient lubrication, chipped gear teeth among others that can be reflected in the condition of the lubricant oil used owing to this business often rely on lubricant analysis solutions such as oil condition monitoring
• For instance, the business sectors including power, logistics, mining, and manufacturing deploy oil-dependent machines, vehicles that are equipped with gearboxes, engines, hydraulics, and transformers which require regular health and status inspections in order to operate at their maximum efficiency
• Moreover, This instance becomes a critical factor to consider as these sectors operate in extreme and often harsh climatic conditions such as humid mine sites, artic natural gas processing plants among others with oil condition degrading over time and losses its lubrication properties which eventually causes equipment damage
• Although traditional oil analysis techniques such as laboratory testing provide an extensive view of oil condition and machinery health yet it does come with drawbacks such as high upfront cost, time delay, and occasionally malfunctioning, with critical machine potentially cost the organizations thousands of dollars per hour, organization are looking to invest reliable in-line oil analysis solutions such as Oil Condition Monitoring
• Also, with the arrival of real-time measurement sensors for the oil condition monitoring that are inclined towards affordability as compared to the traditional sampling and laboratory technique is driving the growth of the market
• Moreover, The new generation of sensors compliments the flexibility of vibration sensors allowing continuous measurements that can be accessed through the asset management systems dashboard added with the commercial availability of powerful magnets has enhanced the capabilities of ferrous debris sensors, which now allows for the collection of larger failure particles thereby aiding problem diagnosis.
• The oil conduction monitoring is overlooked majorly due to its potentially high-cost implications and practicality however due to limitations associated with scheduled preventive maintenance in terms of effectiveness, organizations tend to foresee the cost of oil condition monitoring sensors to be covered with saving achieved with reduced wastage and extended machine life and energy efficiency which evidently drives the growth of the market
• Furthermore, IIoT-enabled condition monitoring solutions have been advancing rapidly over the years while it is still its infancy phase it aims to digitalize the condition monitoring leveraging technologies such as cloud, big data further drives the growth of market

Scope of the Report

• The Oil Condition Monitoring refers to a predictive maintenance program that measures, monitors, and analyses the changes that occur in lubricant and fuel oils for chemicals and containments. It provides a vital warning regarding the degradation in the quality of oil from new to end-of-life thereby supports the reliability of the machine
• The reports cover the emerging trends in the oil condition monitoring market segmented by sampling type, measurement type, product type, and Industry across different regions studied. ​

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Key Market Trends

Transportation Industry to hold major market share

• As with the aerospace industry where reliability, timing, fast access to test results, and solutions are considered vital, the OCM solutions provide monitoring aircraft engines for symptoms of overheating, unusual wear, contamination, water, and loss of lubricant properties over the time. For instance, AeroCHECKTM by Intertek provides a fully integrated solution aimed to support all aspects of aircraft fuel and lubricant systems.
• Also with demand for the railway, transportation across the globe continues to grow at a healthy pace arises the need to maintain the reliability, efficiency, and safety of trains as they hold the potential to cause disruption and delays due to equipment failure added to it as rail sector demands minimal downtime, smooth operative service makes it crucial for authorities to invest in oil condition monitoring that regularly monitors lubricants to identity if the asset is fit for the operation.
• The oil condition monitoring conducts monitoring on the locomotive properties such as particle size, total acid number (TAN), total base number (TBA), oxygen content, and total insoluble matter (TIM) at regular intervals thereby helps rail operates to be aware of any recognizable faults that may otherwise go unnoticed.
• Furthermore, engine oil condition monitoring is considered to be one of the largest areas of innovation, and R&D in the automobile industry added with the rapid development of engine condition monitoring system determining engine lubricant degradation level leverages the automotive manufactures to reduce unnecessary power loss and maintenance cost.
• For instance, lubricating oils in IC engines are usually exposed to various strains with respect to its fuel quality, operating parameters, and ambient conditions which eventually alters both its physical and chemical properties leading to engine failures but with engine oil condition monitoring provides insight into actual states of the engine by considering the oil viscosity to early detect failure.

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