Oil Condition Monitoring Market Size And Forecast
According to Verified Market Research, The Global Oil Condition Monitoring Market was valued at USD 650.8 Million in 2018 and is projected to reach USD 1,280.6 Million by 2026, growing at a CAGR of 9.01% from 2019 to 2026.



The latest survey on Global Oil Condition Monitoring Market is conducted covering various organizations of the industry from different geographies to come up with a 100+ page report. The study is a perfect mix of qualitative and quantitative information highlighting key market developments, challenges that industry and competition are facing along with gap analysis and new opportunities available and trend in Oil Condition Monitoring Market. The report aims to present the analysis of the Global Oil Condition Monitoring Market By Sampling Type, By Product Type, By Measurement Type, By Industry, By Region – North America, Europe, South America, Asia-Pacific, Middle East, and Africa. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities

What is Oil Condition Monitoring?
Oil Condition Monitoring (OCM) is a component of Condition Monitoring (CM) that focuses on monitoring the working of any machinery to help predict and identify developing or worsening faults. Oil condition monitoring (OCM) mainly identifies minute problems within machinery components before they become catastrophic failures that can incur costly repairs and bring production to a halt by increasing the downtime. In simpler words, the main purpose of oil condition monitoring and degradation detection is to determine whether the oils have deteriorated to such a degree that they no longer fulfill their functions. Oil condition monitoring helps in determining the significant diagnosis and prognosis of types of machinery in the factories which are unable to give a valuable output.

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Global Oil Condition Monitoring Market Overview
With the growing advancement in technology, the need for oil condition monitoring is growing. The oil condition monitoring systems can be widely used in Oil & Gas, Energy & Power, Metals & Mining, Chemicals, Aerospace & Defense and various types of industries. However, its use in oil & gas is growing as oil and gas operations, including offshore, petrochemical, refineries and chemical, top the list of extreme operating environments. The work conditions in the industry are hazardous. Thus, detecting and preventing unexpected oil and gas machinery and component problems is necessary and the use of oil condition monitoring can help to overcome it. This factor fueled the market.

Moreover, the need for oil condition monitoring in industries is increasing due to its applications in numerous industries is growing with rapid industrialization. This factor will also contribute in the growth of the oil condition market. However, fluctuations in raw material prices will affect the charges for installing oil condition monitoring systems that in turn hampers the overall market at a global level.

Global Oil Condition Monitoring Market Segment Analysis
The Oil Condition Monitoring market is segmented on the basis of Sampling Type, Product Type, Measurement Type, Industry and Geography.

Global Oil Condition Monitoring Market, By Sampling Type:
The market is segmented on the basis of Sampling Type into Off-Site, On-Site. Global Oil Condition Monitoring Market for Off-Site segment is anticipated to be the largest over the estimated period. Off-site is a type of sample analysis that uses the same lubricants for both larger systems and combined multiple smaller systems. It has many benefits over on-site analysis such as operates 24/7 for faster analysis, low treatment cost, easy lubricant renewal, and disposal of waste by-products.



Global Oil Condition Monitoring Market, By Product Type:
The market is segmented on the basis of Product Type into Turbines, Engines, Compressors, Gear Systems, and Hydraulic Systems. Global Oil Condition Monitoring Market for the Turbines segment is anticipated to be largest during the forecast period.  Turbine oils get degraded due to four major reasons that include oxidation, thermal degradation, contamination, and additive depletion. Condition monitoring is important in order to focus on maximizing the performance and life of the turbine oils.



Global Oil Condition Monitoring Market, By Measurement Type:
The market is segmented on the basis of Measurement Type into Viscosity, Density, Pressure, Temperature, Dielectric, and Others. Global Oil Condition Monitoring Market for the Pressure segment is anticipated to grow at the highest CAGR over the estimated period as Pressure is one of the important measurement types for lubricating oil and pressure of the oil should be monitored in order to predict the failures in the machine.



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Global Oil Condition Monitoring Market, By Industry:
The market is segmented on the basis of Industry into Energy & Power, Industrial, Transportation, Oil & Gas and Mining. Global Oil Condition Monitoring Market for Oil & Gas segment is anticipated to grow at the highest CAGR over the forecast period. Oil condition monitoring is a powerful tool used in the oil and gas industry. It helps in managing oil and gas operations with enhanced efficiency, safety, and profitability. This system helps in providing early warning signs of machine failure and results in smooth machinery operations.

Global Oil Condition Monitoring Market, Geographic Analysis
The Global Oil Condition Monitoring market is studied on the basis of key geographies North America, Europe, Asia Pacific and Rest of the World (RoW). North America dominated the Global Oil Condition Monitoring Market in 2018. US market accounted for the majority of the market in this region in 2018, which is expected to continue over the forecast period. Due to the increase in the consumers and producers related to the transportation mode industry, the North American oil conditioning market is growing.

Global Oil Condition Monitoring Market, Competitive Landscape
The Global Oil Condition Monitoring market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include Emerson, National Instruments, Rockwell Automation, Inc., General Electric, Intertek Group Plc, Parker Hannifin Manufacturing Ltd, Honeywell International Inc., Test Oil (Insight Services Inc.), Analog Devices Inc., Unimarine, Polaris, ALS, SGS, Tribologik, Fluid life, AVENISENSE S.A.S., Poseidon Systems, Micromem Applied Sensor Technologies Inc., Delta Services Industriels (DSi). National Instruments is one of the top five players in the Oil Condition Monitoring market

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.



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