The global Online Oil Condition Monitoring Market is estimated to be valued at US$ 310.1 Mn in 2023 and is forecast to reach a value of US$ 524.8 Mn by 2030 at a CAGR of 7.8% between 2023 and 2030.
Oil conditioning monitoring is divided into three types, off-site, on-site, or online sampling. Online oil sampling is a relatively new method compared to other types. In online oil conditioning monitoring, various sensors are used instead of taking sample to the laboratory, which result into quick and accurate analysis. Furthermore, online oil conditioning monitoring enables users to constantly monitor the equipment due to the use of various sensors such as temperature, pressure, viscosity, and others.
In online oil condition monitoring, sensors are installed in plants, whereas the measuring data can be analyzed offsite. In an online oil condition monitoring system, sensor signals are transferred to a database server via internet.
Furthermore, the online oil monitoring system has a display (deployed on-site or off-site) to read characteristics or condition of the oil. These systems also have an indicator on the panel, which is used to indicate the status or alarm state. To monitor oil parameters, various types of sensors are developed and installed. Currently, multi-parameter oil condition sensors are used, which significantly reduces integration costs.
Market Statistics:
The global online oil condition monitoring market accounted for US$ 290.7 Mn in terms of value in 2022.
Global Online Oil Condition Monitoring Market: Driver
Equipment Longevity
Monitoring oil condition allows businesses to extend the lifespan of their equipment. By maintaining optimal oil quality and machinery experiences less wear and tear, reducing the frequency of replacements and capital expenses. Online oil condition monitoring allows businesses to identify potential equipment issues at an early stage. By addressing these issues promptly, companies can prevent more extensive damage that would require costly repairs or component replacements. Equipment breakdowns can lead to significant downtime, causing production interruptions and revenue loss. Monitoring the condition of oil and equipment in real-time helps avoid unexpected failures and maintain continuous operations. Online monitoring provides insights into the actual condition of machinery and oil. This enables companies to perform maintenance when needed, rather than relying on fixed schedules. This targeted approach optimizes resource allocation and reduces unnecessary maintenance.
Global Online Oil Condition Monitoring Market: Opportunity
Improved Asset Utilization
Equipment that function optimally and have an extended lifespan contribute to improved asset utilization. Companies can get more productive output from their assets, leading to increased operational efficiency. Online oil condition monitoring enables businesses to keep their equipment operating at optimal levels. This translates to increased uptime and improved overall productivity. By utilizing assets more efficiently, businesses can better allocate resources, both in terms of manpower and equipment, leading to cost savings and streamlined operations. Proactive monitoring allows for the early detection of potential issues, enabling maintenance teams to address problems before they lead to unplanned downtime. This results in improved operational continuity. Accurate data on asset health enables businesses to plan their capacity needs more effectively. They can determine when equipment might need maintenance or replacement, facilitating informed decision-making.
Global Online Oil Condition Monitoring Market: Restraint
Lack of Expertise
Operating and maintaining monitoring systems may require skilled personnel who understand the technology, data interpretation, and equipment maintenance. A shortage of qualified personnel can hinder successful adoption. Properly implementing and operating online oil condition monitoring systems requires a deep understanding of the underlying technology including sensors, data collection methods, and software interfaces. Interpreting the data generated by monitoring systems is crucial for making informed decisions. Expertise is needed to distinguish normal fluctuations from abnormal conditions that require maintenance actions.
Accurate sensor calibration is essential for reliable data collection. Expertise is needed to calibrate sensors correctly and maintain their accuracy over time. Configuring the monitoring system to align with the specific needs of different machinery and operating conditions demand technical know-how and experience.
COVID-19 Impact Analysis:
The COVID-19 pandemic had significant impact on various industries including the online oil condition monitoring market. However, it's important to acknowledge that circumstances and patterns might have changed since that time. The pandemic expedited the acceptance of remote monitoring solutions, encompassing online oil condition monitoring, within the business landscape. With restrictions on travel and access to physical facilities, industries sought ways to remotely monitor equipment health, leading to increased demand for such solutions. As companies faced workforce disruptions due to lockdowns and social distancing measures, online monitoring allowed for remote maintenance planning and reduced the need for on-site inspections. This helped maintain operational continuity. The economic uncertainty caused by the pandemic led businesses to emphasize cost savings and operational efficiency. Online oil condition monitoring, by enabling preventive maintenance, became a valuable tool to prevent unplanned downtime and optimize resource allocation.
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Key Takeaways:
The global online oil condition monitoring market is estimated to be valued at US$ 310.1 Mn in 2023 and is forecast to reach a value of US$ 524.8 Mn by 2030 at a CAGR of 7.8% between 2023 and 2030.
The gear systems segment held the dominant position in the global online oil condition monitoring market in 2023, accounting for 32.50% shares in terms of value. Increasing product approvals and launch of new products is expected to propel the segment growth during the forecast period.
Global Online Oil Condition Monitoring Market Trend:
Integration of Multiple Parameters
Monitoring solutions were evolving to measure not only oil condition but also other parameters such as temperature, vibration, and pressure. This comprehensive approach provided a holistic view of equipment health. The integration of multiple parameters in the online oil condition monitoring market refers to the practice of monitoring not just the quality of oil, but also various other critical parameters that provide a holistic view of equipment health and operational conditions. This trend has gained traction due to its ability to offer comprehensive insights into machinery performance. Instead of relying solely on oil condition as an indicator of equipment health, monitoring multiple parameters, such as temperature, vibration, pressure, and humidity, provides a more complete understanding of how the equipment is functioning. Different parameters can exhibit abnormal behavior before a breakdown occurs. By tracking various parameters, anomalies can be detected earlier, allowing for timely maintenance and preventing costly downtime.
Global Online Oil Condition Monitoring Market: Competitive Landscape
The major players operating in the global online oil condition monitoring (OCM) market include 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.
Global Online Oil Condition Monitoring Market: Recent Development
In June 2021, Rexnord Process & Motion Control (PMC) unveiled an expansion to its current range of smart condition monitoring systems, introducing the 1030 model. This advanced On-condition Monitoring (OCM) system is designed to effectively oversee oil quality, vibration levels, and temperature parameters across a wide array of large gear drives.
