Northrook, IL -- (SBWIRE) -- 05/26/2020 -- The global oil condition monitoring market size is expected to grow from USD 779 million in 2020 to USD 1,175 million by 2025, at a CAGR of 8.5%. The market growth is fueled by increasing demand for cost-effective solutions, reduction in maintenance cost, and growing need for time optimization.

Turbines to lead the oil condition monitoring market during the forecast period

Turbine oil analysis is one of the most commonly used predictive-maintenance technologies. The 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. At such high pressures, the turbines are more prone to be damaged due to friction, which decreases the life of the system. To avoid system failure, companies use high-quality oil as a lubricant in the turbines, thereby reducing the friction caused due to heavy pressure. Moreover, there is a need for regular monitoring of the oil quality to ensure the smooth operation of the system.

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On-site sampling is expected to lead the global oil condition monitoring market during the forecast period

On-site oil analysis can reduce servicing and maintenance costs, increase equipment productivity, minimize oil waste and disposal, and reduce downtime. The user can ensure the proper functioning of engines used in industries such as power generation, transportation, and marine.

Transportation to be the largest market for oil condition monitoring during the forecast period

The transportation industry includes automobiles, aerospace, marine, heavy vehicles, and locomotive engines. The oil condition monitoring helps in avoiding critical engine failures that may occur in ships and airplanes. Hence, the demand for oil condition monitoring is expected to increase in the marine and aerospace industry. The growth in the automobile industry is attributed to the increasing emphasis of car manufacturers to install real-time oil monitoring sensors in cars.

North America to be the largest oil condition monitoring market during the forecast period

North America is the largest market for oil condition monitoring systems. The region has the presence of several major players in industries such as automotive, oil & gas, power generation, and mining. The advancements in predictive maintenance technologies are encouraging end-users to adopt oil condition monitoring solutions across industries.

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Key Market Players
As of 2019, Parker Hannifin (US), Chevron (US), General Electric (US), Shell (Netherlands), Bureau Veritas (France), BP (UK), Eaton (Ireland), Intertek Group (UK), SGS (Switzerland), and Total (France) were the major players in the global oil condition monitoring market.

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