Market Overview:
The online oil condition monitoring market involves condition monitoring of lubricating oils and other fluid power assets in rotating and mechanical equipment through real-time online monitoring. It helps detecting the presence of contaminants like dust, water, soot and condition of additives like detergents and dispersants in lubricating oils that causes equipment failure and downtime. The key advantage is it provides continuous monitoring of lubricant condition without the need for manual sampling thus helping predict equipment failure and plan maintenance accordingly to avoid unexpected downtime.
Market key trends:
One of the key trends in the Online Oil Condition Monitoring Market Demand is growing adoption of wireless condition monitoring systems. Traditionally, condition monitoring involved wired sensor connectivity but wireless systems are gaining popularity due to advantages like low installation and maintenance cost, flexibility, and real-time monitoring capability. The wireless systems use vibration sensors, temperature sensors and other sensors integrated with wireless gateway to transmit machine condition data to a central platform via Wi-Fi or cellular network. This helps monitor hard to reach assets and mobile equipment easily without much intervention.
Segment Analysis
The online oil condition monitoring market is segmented based on sampling type, product type, deployment type, node, and end-use industry. The portable analyzers segment dominated the market in 2022 due to its easy portability and simple operations. Portable analyzers can perform multiple tests at a single point and provide instantaneous result readings.
Key Takeaways
The global online oil condition monitoring market is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing demand for condition-based maintenance and predictive analytics across industries.
Regional analysis: North America dominated the online oil condition monitoring market in 2022 accounting for over 30% share of the global market. This is attributed to growing demand from power generation and automotive industries in the US and Canada. The Asia Pacific region is projected to witness the fastest growth during the forecast period, owing to rapid industrialization and increasing acceptance of condition monitoring technologies across industries such as oil & gas, manufacturing, and mining in China and India.
Key players: Key players operating in the online oil condition monitoring market are Shell, Intertek Group plc., Bureau Veritas SA, SKF, SGS, SPECTRO Analytical Instruments GmbH, General Electric, SPM Instrument, Condition Monitoring Technologies (CMT), Parker Hannifin Corp, David Brown Santasalo, Eaton Corporation, and Poseidon Systems, LLC. Shell provides online oil condition monitoring solutions such as Shell LubeAnalyst for real-time analysis of lubricants. Intertek offers predictive maintenance solutions through its asset optimization group for online oil condition monitoring and analysis.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it