The global oil condition monitoring market is expected to grow from USD 1.0 billion in 2021 to USD 1.4 billion by 2026; it is expected to grow at a CAGR of 6.1% during 2021–2026. Key factors fueling this market's growth include surging demand for cost-effective solutions for maintaining machinery health, increasing awareness regarding the importance of oil condition monitoring among industries, and growing focus on reducing maintenance costs. Growing demand for energy and increasing adoption of big data analytics and IIoT create a strong demand for oil condition monitoring for efficient industrial operations in the midst of COVID-19.
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Oil condition monitoring (OCM) is a crucial element of predictive maintenance. It includes measuring, monitoring, and analyzing the changes in lubricants and fuel oils for contamination and chemical content and tracking the degradation in the quality of oil throughout its life. Proper lubrication of machinery is the single most significant contributor to ensure a long, problem-free life of machinery. It is estimated that 75% of all bearing failures are due to lubrication issues. Oil condition monitoring services help avoid machinery failure using machine operation and failure analysis.
The turbine segment is expected to hold a major market share and to grow with the highest CAGR during the forecast period. Turbine oil analysis is one of the most commonly used predictive maintenance technologies. Turbines are used for various applications, which need scheduled check-ups for efficient operations. The turbines used in the industries operate under very high pressure. To avoid failure, companies use high-quality oil as a lubricant in the turbines, thereby reducing the friction caused due to heavy pressure.
The oil condition monitoring market for the power generation vertical is expected to grow with the highest CAGR during the forecast period. The power generation is one of the emerging industries witnessing a rapid adoption of oil condition monitoring. Several machines, equipment, and components are used in the power generation industry. Equipment such as engines, turbines, gearboxes, and compressors operate at high temperature and pressure, thus, degrading the quality of oil used in these equipment. The oil condition monitoring helps to identify small problems within the equipment before any catastrophic failure.
The oil condition monitoring market for on-site sampling is expected to grow at the highest CAGR during the forecast period. Oil is an essential part of machinery maintenance. On-site oil condition monitoring enables engineers and maintenance managers to conduct oil analysis quickly and easily. It helps to conduct an oil analysis test quickly and easily on the site itself, thereby reducing the downtime and limiting major damage to the machines.
The oil condition monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. The growing industrial activities and investments in the region are expected to boost the oil condition monitoring market. Countries such as China, India, and Japan have investments for industries such as oil & gas, manufacturing, and mining. The oil condition monitoring helps users to give warning of possible machinery malfunction, allowing early remedial action to be taken.