Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Oil condition monitoring is done by using either off-site, on-site or online sampling method. Online oil condition monitoring technology is relatively new and is significant addition to offline oil analysis giving an early alarm for critical situations. Transport IoT (Internet of Things) has enabled real time analysis of oil samples and machineries using online sensors. In comparison to laboratory oil testing, online testing provides continuous evaluation of oil condition parameters.
Thus, online testing is considered as technological advancement in the oil condition monitoring market. Online oil testing offers real-time analysis in which the sensors readily detects problem and further provides suggestions for on-site or off-site testing. Online testing gives an indication of when an oil sample should be sent to a laboratory for more detailed information. Currently, plant operators are more interested in continuous oil quality testing rather than regular sampling. This is driving demand for online oil testing.
The global online oil condition monitoring (OCM) market is expected to witness significant growth during the forecast period (2021–2028) due to growing applications in various industries.
Growing applications of online oil condition monitoring in various industries such as oil and gas, power generation, mining, transportation, aerospace and defence, metal, and other industries is propelling the growth of the online oil condition monitoring market
Online oil condition monitoring (OCM) continuously monitors physical and chemical parameters of oil, which includes temperature, pressures, density, viscosity, and other. It provides real-time information about oil parameters and lubricant quality to avoid failure of engines, gearbox, power train, and costly machineries. Hence, for proper functioning of machineries of the various industries, online oil condition monitoring is very important. It provides early insights about upcoming problem, which can occur due to oil and helps in reducing the downtime expenses.
For instance, in oil and gas industry, the security of upstream and downstream processes is important. Therefore, online oil condition monitoring is used to monitor performance of oil drilling rigs and other machineries, which are used in oil and gas industry. Furthermore, growing awareness about power and energy management leads to increasing use of online oil condition monitoring in power generation sector. In power generation industry, appliances such as compressors, turbines, engines, and others performs at high temperature and pressure, which lead to decrease in the quality of oil used in these appliances. Moreover, in other industries, to avoid failure or dis-functioning of machines and equipment which are depend on oil, online oil condition monitoring is used.
The major factor restraining growth of the global online oil condition monitoring (OCM) market is high installation cost. In online oil condition monitoring, test equipment is expensive to install and requires money to analyse databases. Furthermore, the professional knowledge of data analysis is required to perform proper work, hence, high cost is required to provide professional training to the staff of online oil condition monitoring market players.
Online Oil Condition Monitoring (OCM) Market Report Coverage
||Market Size in 2020:
||US$ 258,935.3 Thousand
|Historical Data for:
||2017 to 2019
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2027 Value Projection:
||US$ 430,531.3 Thousand
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, Italy, UK, Nordic Countries, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, ASEAN, Australia, South Korea, and Rest of Asia Pacific
- Middle East: Saudi Arabia, Iraq, Iran, Kuwait, Oman, Qatar, and Rest of Middle East
- Africa: South Africa, and Rest of Africa
- By Product Type: Gear Systems, Hydraulic Systems, Turbines, Engines, and Others (Compressors)
- By System Component: Software and Hardware (Oil Quality Sensor, Wear Debris Sensor, Moisture Content Sensor, Online Particle Detector/Oil Contamination Monitoring, Density and Viscosity Measurement Instrument, and Others (Acoustic Emission Sensor, etc.)
- By Measurement Type: Pressure, Temperature, Total Acid Number (TAN) , Total Base Number (TBN), Water Dilution, Fuel Dilution, Density and Viscosity, and Others (Soot, Dielectric, etc.)
- By End-use Industry: Oil and Gas, Power Generation, Mining, Transportation, and Others (Industrial, etc.)
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
- Growing applications in various industries
- Reduce the cost of machinery maintenance
|Restraints & Challenges:
Global Online Oil Condition Monitoring (OCM) Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including automotive, medical & healthcare, consumer electronics, clothing & textile, food & beverage, automation, manufacturing, aerospace & defense, oil & gas, construction, semiconductor, agriculture, and others. Liquidity shortfall, cash crunch, and others are factors restraining the growth of various sectors during Covid 19 pandemic
The global online oil condition monitoring market was affected, as many key players in the market had to temporarily closedown in order to safeguard health of their employees. Furthermore, on the supply chain side, unavailability of raw materials for manufacturing of components due to complete lockdown is a major restraint for the growth of the market. Due to delay in supply of raw materials and components, the manufacturing companies were unable to deliver the products in the market. Therefore, global online oil condition monitoring market is affected by the pandemic. As governments are opening up in phases in many countries, production is resuming, however, companies are still working with partial employees on the shop floor and remaining from home. Several global online oil condition monitoring market players witnessed decrease in revenue. The revenue of many market players such as SGS SA, General Electric, Shell, Intertek Group plc, Bureau Veritas, and others decreased in 2020 as compared to 2019. For instance, in the period 2019 to 2020, revenue of Bureau Veritas decreased by about 9.8%.
North America held dominant position in the global online oil condition monitoring (OCM) market in 2020
North America held dominant position in the global online oil condition monitoring (OCM) market in 2020, accounting for 33.9% share in terms of value, followed by Europe and Asia-Pacific, Latin America, Middle East and Africa.
Figure 1: Global Online Oil Condition Monitoring (OCM) Market Share (%), By Region, 2020
Over the forecast period, North America is expected to account for the largest market share in the global online oil condition monitoring (OCM) market. The companies in this region are heavily investing in the adoption of advanced technologies such as machine learning, artificial intelligence, and others to improve their manufacturing process. Furthermore, due to COVID-19 pandemic, the adoption of such technologies have accelerated.
Thus, considering the shift of work culture, many key players in the market are launching products, which enable end users to monitor equipment remotely. For instance, in May 2018, SGS SA signed an agreement with Logilube, a U.S.-based technology company, for Smartlab Technology. Through this agreement, SGS Oil Condition Monitoring (OCM) customers
Oil and gas segment is expected to drive the market growth during the forecast period.
Among end-use industry, the oil and gas segment is expected to hold dominant position in the global online oil condition monitoring (OCM) market during the forecast period. The demand for online oil condition monitoring (OCM) is rapidly increasing for predictive maintenance in the oil and gas industry. Predictive maintenance is used to determine the condition of in-service equipment to estimate the time of maintenance. It helps to reduce the maintenance cost. Thus, leading players in the oil and gas market such as BP plc, Exxon Mobil Corporation, Chevron Corporation, and others are taking various steps to increase the adoption of predictive maintenance in order to save the operation and maintenance cost, which is expected to drive the global online oil condition monitoring (OCM) market growth. For instance, in February 2019, Exxon Mobil Corporation, a U.S.-based natural gas company, collaborated with Microsoft Corporation, a U.S.-based technology company in order to use Microsoft’s data analytics tools and Azure cloud computing platform and to use predictive maintenance technologies at Permian shale assets in the U.S. and New Mexico.
Figure 2: Global Online Oil Condition Monitoring (OCM) Market Value (US$ Thousand) Analysis and Forecast, 2017 - 2028
The global online oil condition monitoring (OCM) market was valued at US$ 258,935.3 Thousand in 2020 and is expected to reach US$ 430,531.31 Thousand by 2028 at a CAGR of 7.32% between 2021 and 2028.
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