Wilmington, Delaware, USA, August 17, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – TMR analysts estimate the oil condition monitoring services market to grow at a CAGR of 8.7% during the forecast period from 2022 to 2031. The importance of condition monitoring of oil in the predictive maintenance program is fueling the growth of the oil condition monitoring services market. Adoption of oil conditioning monitoring offers laboratory testing of engine oil, lubricating oil and machine condition assessment, to drive the oil monitoring service market oil condition.
Rising demand for energy and increasing adoption of IIoT and big data analytics for the large volume of data generated in industrial operations are creating many opportunities in the power monitoring services market. oil condition.
The critical benefits of oil condition monitoring technology, namely reduced unscheduled downtime, extended equipment life and safely extended oil drain intervals oil, are creating opportunities in the oil condition monitoring services market. Benefits of high-quality, accurate oil monitoring analysis for a complete understanding of equipment health and condition.
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Oil Condition Monitoring Services Market – Key Findings of the Report
- Importance of predictive maintenance in assessing the health of assets and being able to predict when a particular component or system is likely to fail and will require replacement or repair to influence the size of the Oil Conditioning Monitoring market
- The preference for predictive maintenance analysis, from targeted solutions for a single machine component to plant-wide deployment to increase overall equipment efficiency (OEE) in the production line, is driving a oil condition monitoring request. Oil condition monitoring companies play a vital role in detecting equipment before it causes serious damage.
- Deploying effective monitoring solutions for assets is of paramount importance to prevent unexpected outages that can disrupt operations across the industry. Oil conditioning monitoring technology is important for asset performance and for monitoring asset health.
- The need for reliable monitoring of lubricants, which are constantly under harsh conditions and exposed to high pressures, to prevent mechanical damage to machinery spare parts, underlies huge revenue potential in the service market. oil condition monitoring
- The criticality of a usable oil condition monitoring program to prevent unexpected shutdown of the industrial system drives adoption. Failure to adopt an oil condition monitoring system can lead to wear and tear on machine components, which, in the event of unexpected failures, can lead to significant costs for the purchase of new machines.
- Lubricants and oil testing service type held the leading oil condition monitoring services market share in 2021
- The lubricating oil fluid segment represents a key share of the oil condition monitoring services market. This is attributed to the growing demand for lubrication testing services by industry operators and the heavy use of lubricating oil in industrial machinery and equipment.
- North America held the major share of nearly 31% of the oil condition monitoring services market in 2021. The region is expected to maintain its share during the forecast period.
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Oil Condition Monitoring Services Market – Growth engines
- Adoption of oil condition monitoring by asset managers and machine operators, for predictive maintenance to detect mechanical issues for long-term savings, highlights growth
- The Importance of Oil Condition Monitoring to Monitor Critical Asset Health Components Drives Adoption
Oil Condition Monitoring Services Market – Key Players
Some of the major players operating in the oil condition monitoring services market are;
- Office Veritas
- ExxonMobil Corporation
- SGS S.A.
- Vickers oil
- STATE MONITORING SERVICES INC.
- Element Material Technology
- Intertek Group plc
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The oil condition monitoring services market is segmented as follows;
Oil Condition Monitoring Services Market, By Service
- Testing of lubricants and oils
- fat test
- Cylinder liner monitoring
- Ferrography tests
- Tribological tests
Oil Condition Monitoring Services Market, By Fluid
- lubricating oil
- Hydraulic oil
Oil Condition Monitoring Services Market, By Application
- Wind turbines
- Hydraulic systems
Oil Condition Monitoring Services Market, By End use Industry
- Automotive and transportation
- Energy and Utilities
Oil Condition Monitoring Services Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- South America
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