Oil Condition Monitoring Market to Cross USD 2.37 billion by 2032 | SNS Insider
The growth of the Oil Condition Monitoring market is driven by rising industrial automation and the increasing adoption of predictive maintenance.
AUSTIN, TX, UNITED STATES, February 5, 2025 /EINPresswire.com/ -- Market Size & Industry InsightsAs Per the SNS Insider,“The Oil Condition Monitoring Market was valued at USD 1.45 billion in 2023 and is expected to grow to USD 2.37 billion by 2032, at a CAGR of 5.6% over the forecast period of 2024-2032.”
Rising Industrial Automation and Industry 4.0 Technologies Propel Growth of Oil Condition Monitoring Market
The Oil Condition Monitoring (OCM) market is gaining momentum, driven by rising industrial automation which inclines towards continuous performance monitoring of the machinery and equipment. The need for predictive maintenance is on the rise, and OCM enables issues related to engines, turbines, and other machinery to be detected before downtime or failures become an expensive problem. The increasing penetration of Industry 4.0 technologies, such as the IoT and data analytics, is helping raise real-time monitoring and enhancing decision-making, thereby propelling the growth of the market. Different industry sectors including automotive, energy, manufacturing, and aerospace are deploying OCM solutions to minimize disruptions and maximize the efficiency of maintenance schedules.
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SWOT Analysis of Key Players as follows:
- General Electric
- BP plc
- Parker-Hannifin Corporation
- Shell plc
- Bureau Veritas
- Intertek Group plc
- Eaton Corporation
- Chevron Corporation
- SGS SA
- TotalEnergies
Environmental Regulations and Sustainability Drive Steady Growth in Oil Condition Monitoring Market Demand
The other demand factor is environmental regulations and sustainability goals to ensure the machinery that is used stays in service as long as possible while having minimum impact on the environment. Being able to track the condition of oil and preventing unnecessary disposal or change cycles follows the trend of increasing sustainability in various industries. In addition, the evolution of industries into growing economies needs complete assurance of the equipment functionality, which furthers the need for sophisticated oil condition monitoring solutions. Thus, the OCM market application is anticipated to grow at a steady rate during the forecast period, which is complemented by the continuous development of diagnostic sensor technology and software to drive its demand.
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Turbine Segment to Lead Oil Condition Monitoring Market with Power Generation Sector Dominating in 2023
By Product Type: It is anticipated that the Turbine segment will dominate the Oil Condition Monitoring market by 2032. The analysis of the turbine oil has been used frequently as a predictive maintenance method to make sure that the turbines work as efficiently as possible. In power generation and transportation industries, turbines work under high pressure making the quality of oil so important that it is necessary to monitor the oil constantly to prevent degradation of performance and failure of the system.
By Industry Vertical: The power generation sector led the Oil Condition Monitoring market in 2023 owing to the significant contribution of turbines & engines towards continuous energy generation. Ongoing oil quality monitoring in these systems helps provide unplanned downtime avoidance, efficiency, and lower costs associated with maintenance. Power plants rely on oil condition monitoring extensively considering the high operational demands of turbines and their usage for several hours together.
North America Leads Oil Condition Monitoring Market Growth with Asia Pacific Set for Fastest Expansion
The Oil Condition Monitoring (OCM) market in North America accounted for the largest share in 2023, owing to the better technological infrastructure compared to other regions, and the higher presence of key industries such as power generation, manufacturing, and automotive. This early adoption of Industry 4.0 technologies as well as predictive maintenance solutions in the region has significantly contributed to the market growth. Additionally, sectors such as energy and transportation have a growing need for optimized, reliable operations, which has supported the uptake of OCM systems, especially in the US and Canada.
The Asia Pacific is anticipated to record the highest CAGR for the period 2024 to 2032. With the quick industrialization in nations such as China, India, and Japan alongside developing mechanical, vehicle, and energy areas, the call for productive checking arrangements is set to fill in the coming years. Rising emphasis on optimizing operational efficiency, minimizing the cost of maintenance, and compliance with environmental regulations is anticipated to drive the demand for OCM systems. Furthermore, remedial investments in regional infrastructure and technology reinforce such a trend.
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Recent Developments:
-In June 2024, Eaton launched the PFS 02 particle flow sensor, a compact solution for continuous monitoring of contamination levels in hydraulic and lubrication oils.
-In November 2024, TotalEnergies announced the deployment of continuous, real-time methane emissions detection equipment on all its operated upstream assets by 2025. This initiative supports the company's goal of achieving near-zero methane emissions by 2030.
-In November 2024, TotalEnergies and Oil India Limited partnered to deploy methane emissions detection technology at OIL's sites in India. The collaboration utilizes TotalEnergies' AUSEA drone-mounted gas analyzer to enhance measurement accuracy and support decarbonization goals.
Table of Content - Major Points Analysis
Chapter 1. Introduction
Chapter 2. Executive Summary
Chapter 3. Research Methodology
Chapter 4. Market Dynamics Impact Analysis
Chapter 5. Statistical Insights and Trends Reporting
Chapter 6. Competitive Landscape
Chapter 7. Oil Condition Monitoring Market Segmentation, by Product Type
Chapter 8. Oil Condition Monitoring Market Segmentation, by Sampling Type
Chapter 9. Oil Condition Monitoring Market Segmentation, by Industry Vertical
Chapter 10. Regional Analysis
Chapter 11. Company Profiles
Chapter 12. Use Cases and Best Practices
Chapter 13. Conclusion
Continued…
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Akash Anand
SNS Insider
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info@snsinsider.com
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