Oil Condition Monitoring Market Size

Oil Condition Monitoring Market Analysis

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