oil conditioning monitoring Market

The global oil conditioning monitoring market is expected to grow from US$ 982.96 million in 2021 to US$ 1,572.93 million by 2028; it is estimated to grow at a CAGR of 6.9% during 2021-2028.

Hundreds of oil samples are analyzed every day by specialist service laboratories and large plant operators for a variety of constituents to detect component wear and the presence of foreign materials that may accelerate wear. The study of lubricating oils in use helps in lowering operating costs, reducing downtimes, increasing plant and equipment lives, and making effective maintenance plans. Lubricating oil analysis is also being used to check the condition of engines and other machinery. It is used to lubricate most lubricated mechanical systems, such as engines, gear gearboxes, hydraulics, and the like, and has a wide range of applications in industries such as construction, power production, and transportation, including aircraft, fleet operations, and public transit. In addition, under fault circumstances, many additional changes may occur in oils, such as dilution by fuels or contamination by water or anti-freeze. For example, oxidation can cause changes in lubricant characteristics such as viscosity, resulting in faster wear rates. Because elemental analysis cannot identify all these processes, a combination of physical and chemical measuring techniques is required for complete condition monitoring, although elemental analysis has emerged as the most important instrument for wear detection. As a result, efficient oil monitoring aids in the provision of cost-effective services in a variety of industrial surroundings.

The oil conditioning monitoring market is segmented on the bases of sampling, sensors type, product, measurement, industry, and geography. Based on sampling, the global oil conditioning monitoring market is segmented into on-site and off-site. In 2020, the off-site segment led the oil conditioning monitoring segment accounted for a larger share in the market. Based on sensor type, the oil conditioning monitoring market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. In 2020, the oil quality sensor segment led the oil conditioning monitoring segment accounted for a larger share in the market. Based on product, the oil conditioning monitoring market is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. In 2020, the turbines segment led the oil conditioning monitoring segment accounted for a larger share in the market. Based on measurement, the oil conditioning monitoring market is segmented into temperature, pressure, density, viscosity, dielectric, TAN/TBN, water dilution, fuel dilution, soot, and wear particles. In 2020, the viscosity segment led the oil conditioning monitoring segment accounted for a larger share in the market. Based on industry, the oil conditioning monitoring market is segmented transportation, industrial, oil and gas, energy and power, and mining. In 2020, the transportation segment led the oil conditioning monitoring segment accounted for a larger share in the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

In Europe, the COVID-19 pandemic has a different impact on different countries, as only selective countries have witnessed the rise in the number of cases and subsequently attracted strict, as well as prolonged, lockdown periods or social isolation norms. However, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of their strong healthcare systems. These countries have been investing significantly to make the diagnosis and treatment of the disease more effective and less time-consuming. Even though Europe is in a state of emergency, many nations are beginning to see the light at the end of the tunnel. Traditional corporate frameworks have been swiftly replaced by more innovative business concepts. Even though everything is unlikely to return to normal very soon, the oil and gas industry is projected to rebound quickly.

The overall oil conditioning monitoring market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the oil conditioning monitoring market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the oil conditioning monitoring market.

The key companies operating in the oil conditioning monitoring market include CM Technologies GmbH, Des-Case, Hydac Technology Limited, Intertek Group Plc., Poseidon Systems, Rheonics Group, SGS SA, Special Oilfield Services Co. LLC, TAN Delta Systems Limited, and Veritas Petroleum Services.