Oil Condition Monitoring Market

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

Report Code: SE 5498 Nov, 2019, by marketsandmarkets.com
Updated date -

The overall oil condition monitoring market size is expected to grow from USD 460.9 million in 2016 to USD 850.1 million by 2023 at a CAGR of 9.1%. The market growth is fueled by increased demand for cost effective solutions and growing need for time optimization. The objective of the report is to define, describe, and forecast the market based on sampling type, product type, measurement type, industry, and region

Oil Condition Monitoring Market

By sampling type, market for off-site to account for the largest market size during the forecast period

Among the sampling type segment, the off-site segment is expected to account for the largest market size during the forecast period. The share of the off-site oil quality monitoring is more owing to the higher adoption of traditional monitoring systems.

oil condition monitoring market by measurement type for viscosity to account for the largest market size during the forecast period

Among the meaurement type segment, the viscosity segment is expected to account for the largest market size during the forecast period. 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.

By product type, market for turbine is expected to grow at a highest growth rate during the forecast period

The turbine deployment is expected to witness a faster growth rate in this market, as turbines play a vital role in the power, locomotive, and aerospace industries. The turbines used in these industries operates under very high pressure.

Energy & power to account for largest market size during forecast period

Energy & Power is expected to hold the largest market size in the oil conditioning monitoring market. 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.

Oil Condition Monitoring Market

Oil condition monitoring market in Americas to grow at highest CAGR during forecast period

The oil condition monitoring market in America is expected to grow at the highest CAGR during the forecast period. 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 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.

Key Market Dynamics in Oil Condition Monitoring Market

Driver: Increasing demand for cost effective solutions

Companies are constantly looking for various economical ways to cut down the cost of oil quality 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 quality monitoring needs of their customers. On-site oil quality monitoring has helped manufacturers to significantly enhance their productivity, efficiency, and profitability with regard to predictive maintenance. One of the reasons the industry players prefer on-site monitoring is due to cost reduction in the sample analysis. For example, 100 samples per month are taken for analysis. The cost of off-site analysis for these samples is USD32 thousand and for on-site analysis, it is USD 15.4 thousand

Restraint: Additional expenses incurred in retrofitting existing systems

Traditional way of oil quality 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, software) and staff up-skilling. The company might not be using any software platform or IoT-based systems. In such a scenario, the company needs to upgrade and have suitable infrastructure. Moreover, the company needs to invest in sensor-integrated products such as turbines and compressors, as well as engines or sensors that retrofit easily in the existing infrastructure. Furthermore, the company’s employees need to be trained to use the new technology. All these factors require a heavy investment from the company. The initial investment for the continuous on-site monitoring is high compared with the traditional approach. Hence, the additional expenses incurred in retrofitting existing systems may restrain the overall growth of continuous on-site monitoring.

Opportunity: Increasing adoption of big data analytics

The advent of big data analytics, coupled with efficient data storage mechanisms and parallel processing is transforming the oil quality monitoring market. Big data analytics, with the capability of processing large volumes of data, has accelerated the analysis process of the data generated by oil quality sensors. Big data analytics offer attractive features such as easier benchmarking of oil quality , better transparency in data, and efficient collaboration of various testing results of oil quality. Big data-enabled oil quality monitoring helps companies lower the overall cost of ownership for assets and run their business efficiently.

Challenge: Limited availability of skilled personnel at remote locations

Many companies are heavily investing for on-site oil quality monitoring systems, such as sensors, portable kits, and on-site laboratories, to achieve operational excellence in their manufacturing process. A certain level of expertise is required to use these systems correctly. As some systems are deployed at remote or hard-to-reach locations, the limited availability of skilled personnel in these locations is a matter of concern. Expertise is necessary to verify key parameters of monitoring systems such as system optimization, software updates, networking of a system, and transmission of data.

Oil Condition Monitoring Market

Key Market Players

As of 2017, 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)  were the major players in the oil condition monitoring market.

Bureau Veritas SA (France) is one of the leading oil condition service providers in the world. The company provides oil analysis services based on a centralized database, which provides the right information at the right time to reduce machine failure. The company has a strong geographic presence with offices located across 140 countries in the Americas, the Middle East and Africa, Europe, and Asia Pacific (APAC).

Scope of Report:

Report Metric

Details

Years considered for providing market size

2015–2023

Base year considered

2016

Forecast period

2017–2023

Forecast units

Value (USD) in million/billion

Segments covered

Sampling type, product type, measurement type, and industry

Regions covered

North America, APAC, Europe, and RoW

Companies covered

Bureau Veritas (France), Castrol (UK), Chevron (US), Intertek (UK), GE (US), SPECTRO (Germany), Shell (Netherlands), TestOil (US), TRIBOMAR (Germany), UniMarine (Singapore), Parker Hannifin (US), AVENISENSE (France), Poseidon (US)

In this report, the overall oil condition monitoring market has been segmented into sampling type, product type, measurement type, industry, and geography.

Oil Condition Monitoring Market, By Sampling Type:

  • On-Site
    • Portable Kit
    • Fixed Continuous Monitoring
  • Off-Site

Oil Condition Monitoring Market, By Product Type

  • Turbines
  • Hydraulic Systems
  • Compressors
  • Engines
  • Gear 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
    • Automobile
    • Aerospace
    • Marine
    • Heavy Vehicle
    • Locomotive Engine
  • Industrial
  • Oil & Gas
  • Energy & Power
  • Mining

Oil Condition Monitoring Market, By Region

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

Recent Developments

  • In August 2016, Bureau Veritas launched Lube Oil Analysis Management System (LOAMS) software at the Dubai OCM laboratory
  • In February 2017, Castrol Limited entered into a joint venture with Romax Technology Limited (UK) to grow its wind turbine predictive maintenance business
  • In June 2015, Intertek Group plc expanded its oil condition monitoring service in Melbourne, Australia to serve its clients effectively and increase its market presence in this country.
  • In March 2017, SPECTRO Analytical Instruments GmbH announced a revised version of ASTM D7751 – 16, a standard test method for determination of additive elements present in lubricating oils by EDXRF Analysis

Critical questions the report answers:

  • Where will all these developments take the industry in the long term?
  • What are the upcoming trends for the market?
  • Which segment provides the most opportunity for growth?
  • Who are the leading vendors operating in this market?
  • What are the opportunities for new market entrants?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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 Oil Condition Monitoring 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 Oil Condition Monitoring 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 Oil Condition Monitoring 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 Oil Condition Monitoring 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 Oil Condition Monitoring 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 Oil Condition Monitoring 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 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 Condition Monitoring Market, By Measurement Type ( USD Million)
Table 17 Oil Quality Monitoring Market for Transportation, By Product Type (USD Million)
Table 18 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 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 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 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 Oil Condition Monitoring 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 Market for Turbines, By Industry (USD Million)
Figure 23 Oil Quality Monitoring Market for Hydraulic Systems, By Industry (USD Million)
Figure 24 Market for Compressors, By Industry (USD Million)
Figure 25 Oil Quality Monitoring Market for Engines, By Industry (USD Million)
Figure 26 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 Condition 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 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 study involves major activities for estimating the current size of the oil conditioning monitoring market. Exhaustive secondary research was carried out to collect information on the market. The next step involved the validation of these findings, assumptions, and sizing with industry experts, identified in the value chain, through primary research. Both, top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources such as encyclopedias, directories, and databases [The Crude Oil Quality Association, Lube Oil Analysis Management System] Material Investor Presentations, OneSource, and Factiva] have been used to identify and collect information for an extensive technical and commercial study of the market.

Primary Research

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as to assess prospects. Key players in the market have been identified through secondary research, and their respective market rankings have been determined through primary and secondary research. This research includes the study of annual reports of the top market players and interviews with key opinion leaders, such as CEOs, directors, and marketing personnel.

Oil Condition Monitoring Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size through the estimation process, the total market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

The objectives of the study are as follows:

  • To describe and forecast the market, in terms of sampling type, by product type, measurement type and industry
  • To forecast the market size, in terms of value, by region - North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
  • To provide a detailed overview of the value chain of the oil condition monitoring system ecosystem
  • To strategically analyze micromarkets with regard to individual growth trends, prospects, and contributions to the total market
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
  • To analyze strategic approaches such as contracts, acquisitions, product launches, and expansions and partnerships in the market

Available Customizations:

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

Company information

Detailed analysis and profiling of additional market players (up to 5)

Report Code
SE 5498
Published ON
Nov, 2019
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