Oil Condition Monitoring Market by Sampling Type (On-Site and Off-Site), Product Type (Turbine, Compressors Engine, Gear System, and Hydraulic System), Measurement Type, Industry (Transportation, Energy & Power), and Geography - Global Forecast to 2023

The oil condition monitoring market was valued at USD 460.9 Million in 2016 and is expected to reach USD 850.1 Million by 2023, at a CAGR of 9.1% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market based on sampling type, product type, measurement type, industry, and region; information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges); and a detailed value chain analysis. Moreover, the study strategically profiles key players and comprehensively analyzes their market share and core competencies, along with detailing the competitive landscape for the market leaders; and analyzes competitive developments such as joint ventures, mergers and acquisitions, and product launches and developments, service launches, along with research and development (R&D) in the oil condition monitoring  market.

The research methodology used to estimate and forecast the size of the oil condition monitoring market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources referred for this research include information from various journals and databases such as IEEE journals, Factiva, Hoover’s, and OneSource. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the oil condition monitoring market from the revenues of the key players in this market. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

After arriving at the overall market size, the total market has been split into several segments and subsegments. The following illustration depicts the breakdown of the primaries conducted during the research study on the basis of company type, designation, and region.

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The oil condition monitoring  ecosystem comprises manufacturers such as Bureau Veritas SA (France), Intertek Group plc (UK), Parker Hannifin Corporation (US), Castrol Limited (UK), General Electric Company (US), TestOil (Insight Services, Inc.) (US), and Spectro Analytical Instruments GmbH (Germany).

The Target Audience for the report includes:

• Raw material and manufacturing equipment suppliers
• Integrated device manufacturers (IDMs)
• Oil condition monitoring  component manufacturers
• Oil condition monitoring  product manufacturers 
• Oil condition monitoring  original equipment manufacturers (OEMs)
• Commercial laboratories
• Organizations, forums, alliances, and associations

“The study answers several questions for the stakeholders, primarily, which market segments to focus on in the next two to six years for prioritizing efforts and investments”.

The market covered under this report has been segmented as follows:

Oil condition monitoring Market, By Sampling Type

• On-site
• Off-site

Oil condition monitoring Market, By Product Type

• Turbines
• Compressors
• Engines
• Gear Systems
• Hydraulic Systems

Oil condition monitoring Market, By Measurement Type

• Temperature
• Pressure
• Density
• Viscosity
• Dielectric
• TAN
• TBN
• Water Dilution
• Fuel Dilution
• Soot
• Wear Particles

Oil condition monitoring Market, By Industry

• Transportation
• Industrial
• Oil & Gas
• Energy & Power
• Mining

Oil condition monitoring Market, By Region

• Americas
• Europe
• Asia Pacific (APAC)
• Rest of the World (RoW)

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players on the basis of various blocks of the value chain

Measurement type Analysis

• Further breakdown of the measurement type segment, by industry

Geographic Analysis

• Further breakdown of the geography segment, by country

Table of Content

1 Introduction
    1.1 Market Definition
    1.2 Scope of Work
           1.2.1 Monitoring Methods
           1.2.2 Industries
           1.2.3 Region/Country
    1.3 Stakeholders Covered in Study

2 Research Methodology
    2.1 Research Data
           2.1.1 Datasets From Secondary Sources
           2.1.2 Datasets From Primary Sources
    2.2 Research Design and Flow
    2.3 Assumptions

3 Executive Summary

4 Premium Insights

5 Market Overview
    5.1 Market Segmentation
    5.2 Market Dynamics for On-Site Continuous Monitoring
           5.2.1 Driver
           5.2.2 Restraint
           5.2.3 Opportunity
           5.2.4 Challenge
    5.3 Value Chain Analysis
    5.4 Impact of IoT on the Condition Monitoring
    5.5 Monitoring Categories 
           5.5.1 Machine Wear
           5.5.2 Contamination
           5.5.3 Degradation

6 Market Analysis, By Sampling Type
    6.1 Introduction
    6.2 On-Site 
           6.2.1 Portable Kit (On-Board)
           6.2.2 Fixed Continuous Monitoring
    6.3 Off-Site

7 Market Analysis, By Product Types
    7.1 Introduction 
    7.2 Turbines
    7.3 Compressors
    7.4 Engines
    7.5 Gear Systems 
    7.6 Hydraulic Systems 

8 Market Analysis, By Measurement Types
    8.1 Introduction 
    8.2 Temperature
    8.3 Pressure
    8.4 Density
    8.5 Viscosity
    8.6 Dielectric
    8.7 TAN
    8.8 TBN
    8.9 Water Dilution
    8.10 Fuel Dilution
    8.11 Soot
    8.12 Wear Particles

9 Market Analysis, By Industry
    9.1 Introduction
    9.2 Transportation
           9.2.1 Automobile
           9.2.2 Aerospace
           9.2.3 Marine
           9.2.4 Heavy Vehicle
           9.2.5 Locomotive Engine
    9.3 Industrial 
    9.4 Oil & Gas 
    9.5 Energy & Power
    9.6 Mining 

10 Market Analysis, By Geography
     10.1 Introduction
     10.2 Americas
     10.3 Europe
     10.4 APAC
     10.5 RoW

11 Competitive Landscape
     11.1 Market Share/Rank Analysis
     11.2 Dive Matrix
             11.2.1 Product Offering Scorecard
             11.2.2 Business Strategy Scorecard
     11.3 Market Synergy
             11.3.1 New Product Development
             11.3.2 Merger & Acquisition
             11.3.3 Partnership, JV, and Collaboration

12 Company Analysis
     12.1 Bureau Veritas
     12.2 Castrol Limited
     12.3 Chevron Corporation
     12.4 GE
     12.5 Intertek Group Plc 
     12.6 Parker Hannifin Manufacturing Ltd
     12.7 SPECTRO Analytical Instruments GmbH
     12.8 Shell
     12.9 Test Oil (Insight Services Inc.)
     12.10 TRIBOMAR GmbH
     12.11 Unimarine
     12.12 Innovators
             12.12.1 AVENISENSE S.A.
             12.12.2 Poseidon Systems, LLC
             12.12.3 Micromem Applied Sensor Technologies Inc.
             12.12.4 Delta Services Industriels (DSi)

13 Appendix
     13.1 Discussion Guide
     13.2 Available Customization
     13.3 Related Reports

List of Table (38 Tables)

Table 1 Key Data From Secondary Sources
Table 2 Key Data From Primary Sources
Table 3 Key Oil Analysis Parameters and Corresponding Analytical Techniques
Table 4 Damage Caused By Core Contaminant Types
Table 5 Oil Quality Monitoring Market, By Sampling Type (USD Million)
Table 6 On-Site Oil Quality Monitoring Market (USD Million)
Table 7 On-Site Oil Quality Monitoring Market, By Industry (USD Million)
Table 8 Off-Site Oil Quality Monitoring Market, By Industry (USD Million)
Table 9 On-Site Oil Quality Monitoring Market for Transportation Industry (USD Million)
Table 10 Off-Site Oil Quality Monitoring Market for Transportation Industry (USD Million)
Table 11 Oil Quality Monitoring Market for Turbines in Transportation Industry (USD Million)
Table 12 Oil Quality Monitoring Market for Hydraulic Systems in Transportation Industry (USD Million)
Table 13 Oil Quality Monitoring Market for Compressors in Transportation Industry (USD Million)
Table 14 Oil Quality Monitoring Market for Engines in Transportation Industry (USD Million)
Table 15 Oil Quality Monitoring Market for Gear Systems in Transportation Industry (USD Million)
Table 16 Oil Quality Monitoring Market, By Measurement Type ( USD Million)
Table 17 Oil Quality Monitoring Market for Transportation, By Product Type (USD Million)
Table 18 Oil Quality Monitoring Market for Energy & Power, By Product Type (USD Million)
Table 19 Oil Quality Monitoring Market for Industries, By Product Type (USD Million)
Table 20 Oil Quality Monitoring Market for Oil & Gas, By Product Type (USD Million)
Table 21 Oil Quality Monitoring Market for Mining, By Product Type (USD Million)
Table 22 Oil Quality Monitoring Market for Marine, By Product Type (USD Million)
Table 23 Oil Quality Monitoring Market for Aerospace, By Product Type (USD Million)
Table 24 Oil Quality Monitoring Market for Heavy Vehicle, By Product Type (USD Million)
Table 25 Oil Quality Monitoring Market for Locomotive, By Product Type (USD Million)
Table 26 Oil Quality Monitoring Market for Automobile, By Product Type (USD Million)
Table 27 Oil Quality Monitoring Market, By Region, 2015–2023 (USD Million)
Table 28 Oil Quality Monitoring Market in Americas, By Industry (USD Million)
Table 29 Oil Quality Monitoring Market in Americas, By Transportation Industry (USD Million)
Table 30 Oil Quality Monitoring Market in Europe, By Industry (USD Million)
Table 31 Oil Quality Monitoring Market in Europe, By Transportation Industry (USD Million)
Table 32 Oil Quality Monitoring Market in APAC, By Industry (USD Million)
Table 33 Oil Quality Monitoring Market in APAC, By Transportation Industry (USD Million)
Table 34 Oil Quality Monitoring Market in RoW, By Industry (USD Million)
Table 35 Oil Quality Monitoring Market in RoW, By Transportation Industry (USD Million)
Table 36 Ranking of Key Players in Oil Quality Monitoring Market, 2016
Table 37 Competitive Leadership Mapping (Strength of Product & Service Portfolio )
Table 38 Competitive Leadership Mapping (Business Strategy Excellence)

List of Figure (42 Figures)

Figure 1 Years Considered for Study
Figure 2 Secondary Sources
Figure 3 Research Design
Figure 4 Key Industry Insights
Figure 5 Research Methodology
Figure 6 Bottom-Up and Top-Down Approach
Figure 7 Market Size Estimation
Figure 8 Market Data Triangulation
Figure 9 Research Assumptions
Figure 10 Rising Demand for Cost-Effective Solutions Would Increase Demand for Oil Quality Monitoring During Forecast Period
Figure 11 Turbines to Hold Largest Share of Oil Quality Monitoring Market By 2023
Figure 12 Energy & Power Industry to Hold Significant Share of the Oil Quality Monitoring Market By 2023
Figure 13 Oil Quality Monitoring Market in Americas to Grow at the Highest CAGR Between 2017 and 2023
Figure 14 Market Segmentation
Figure 15 Market Dynamics for On-Site Continuous Monitoring
Figure 16 Value Chain Analysis
Figure 17 Supply Chain Analysis
Figure 18 Oil Quality Monitoring Market, By Sampling Type (USD Million)
Figure 19 On-Site Oil Quality Monitoring Market, By Industry (USD Million)
Figure 20 Off-Site Oil Quality Monitoring Market, By Industry (USD Million)
Figure 21 Oil Quality Monitoring Market, By Product Type (USD Million)
Figure 22 Oil Quality Monitoring Market for Turbines, By Industry (USD Million)
Figure 23 Oil Quality Monitoring Market for Hydraulic Systems, By Industry (USD Million)
Figure 24 Oil Quality Monitoring Market for Compressors, By Industry (USD Million)
Figure 25 Oil Quality Monitoring Market for Engines, By Industry (USD Million)
Figure 26 Oil Quality Monitoring Market for Gear Systems, By Industry (USD Million)
Figure 27 Oil Quality Monitoring Market, By Measurement Type (USD Million)
Figure 28 Oil Quality Monitoring Market, By Industry (USD Million)
Figure 29 Oil Quality Monitoring Market for Transportation, By Product Type (USD Million)
Figure 30 Oil Quality Monitoring Market for Energy & Power, By Product Type (USD Million)
Figure 31 Oil Quality Monitoring Market for Industries, By Product Type (USD Million)
Figure 32 Oil Quality Monitoring Market for Oil & Gas, By Product Type (USD Million)
Figure 33 Oil Quality Monitoring Market for Mining, By Product Type (USD Million)
Figure 34 Oil Quality Monitoring Market for Marine, By Product Type (USD Million)
Figure 35 Oil Quality Monitoring Market for Aerospace, By Product Type (USD Million)
Figure 36 Oil Quality Monitoring Market for Heavy Vehicle, By Product Type (USD Million)
Figure 37 Oil Quality Monitoring Market for Locomotive, By Product Type (USD Million)
Figure 38 Oil Quality Monitoring Market for Automobile, By Product Type (USD Million)
Figure 39 Companies Adopted Product Launch, Development, and Service Launch as Key Growth Strategies Between January 2014 and April 2017
Figure 40 Competitive Situation and Trends
Figure 41 Battle for Market Share: Product Launches, Developments and Service Launches Were Key Strategies Between January 2014 and April 2017
Figure 42 Competitive Leadership Mapping

The oil condition monitoring market is expected to be valued at USD 850.1 Million by 2023, growing at a CAGR of 9.1% between 2017 and 2023. The growth of this market is driven by factors such as increasing demand for cost-effective solutions, growing need for time optimization, and increasing demand for electricity that drives the need for continuous oil monitoring in turbines. Companies are constantly looking for various economical ways to minimize the cost of oil condition monitoring. With the development of cost-effective on-site technologies such as portable kits, oil condition monitoring sensors, and on-site laboratories, the companies now have an economical option for meeting the oil condition monitoring needs of their customers. On-site oil condition monitoring has helped manufacturers to significantly enhance their productivity, efficiency, and profitability with regard to predictive maintenance.

This report segments the oil condition monitoring market on the basis of sampling type, measurement type, product type, industry, and region. The market for on-site sampling type is expected to grow at a high CAGR between 2017 and 2023. This growth can be attributed to the increasing demand for time and cost optimized oil condition monitoring solutions within the industries.

The off-site sampling type is likely to account for the largest share of the oil condition monitoring market by 2023. This market growth can be attributed to the higher adoption of traditional monitoring systems. The off-site oil condition monitoring majorly comprises the testing of oil samples at company-operated laboratories or third-party laboratories. Majority of the oil condition monitoring companies are involved in laboratory testing for better and in-detailed analysis of the sample.

Viscosity accounted for the largest share of the oil condition monitoring market in 2016, owing to the role of viscosity in oil condition. Viscosity is a vital parameter of oil, which helps in the frictionless working of an asset. Viscosity is always monitored in a laboratory or by using a portable on-site kit.

The oil condition monitoring market for the turbines is expected to grow at a high CAGR between 2017 and 2023. This market growth can be attributed to the increasing usage of turbines in critical applications in industries such as power, locomotive, and aerospace. The turbines used in these industries operate under very high pressure. At such a high pressure, 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 these turbines, thereby reducing the friction caused due to high pressure.

The oil condition monitoring market for the energy & power industry is expected to grow at a high CAGR between 2017 and 2023. This market growth can be attributed to the increasing demand for energy in emerging economies such as China, India, and Brazil, owing to the increasing population, transportation, and digitization. This growth in the energy & power industry would boost the need for oil condition monitoring services.

The oil condition monitoring market in the Americas is expected to grow at a high CAGR between 2017 and 2023. The high growth can be attributed to the increasing adoption of oil condition monitoring solutions in the logistics and transportation industry.

Additional expenses incurred in retrofitting existing systems are one of the major factors restricting the growth of the oil condition monitoring market. The traditional way of oil condition monitoring consists of commercial laboratory-based oil testing, which requires less initial investment from the company. Industry players have to incur/bear heavy costs to implement continuous on-site monitoring. Continuous on-site oil monitoring requires an investment in infrastructure (sensors, hardware, and software) and staff up-skilling. Hence, the additional expenses incurred in retrofitting existing systems may restrain the overall growth of the continuous on-site monitoring.

The key players in this market include Bureau Veritas SA (France), Intertek Group plc (UK), Parker Hannifin Corporation (US), Castrol Limited (UK), General Electric Company (US), TestOil (Insight Services, Inc.) (US), and Spectro Analytical Instruments GmbH (Germany).

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