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.

Factors driving growth of the online oil condition monitoring market

Online oil condition monitoring significantly reduces the cost of oil changes and repairs, machinery downtime, and risk of running machinery on bad oil. Online oil condition monitoring improves economic and ecological efficiency by reducing down times and increasing operating safety. Online oil condition monitoring enables fast and informed on-site decision-making to safeguard critical machinery from damage. Such successful troubleshooting can save significant amount of money.

In online oil condition monitoring, sensors are installed on plants, whereas, the measuring data can be analyzed off-site. 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 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.

Regional Analysis of online oil condition monitoring market

On the basis of the region, online oil condition monitoring market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Among regions, North America is expected to account for the largest market share over the forecast period, owing to the presence of key players in the region offering online oil condition monitoring solutions.

Key players in the online oil condition monitoring market

Key players operating in the oil condition monitoring market include Shell, Intertek Group Plc,  Bureau Veritas SA, SGS SA, CASTROL LIMITED, SPECTRO Analytical Instruments GmbH, INSIGHT SERVICES, INC. (TestOil) and Parker Hannifin Corp among others. Companies such as SPM Instrument, Bureau Veritas, David Brown Santasalo are focusing on launching online solutions for oil condition monitoring. For Instance, In May 2019, SPM Instrument launched new versions of the high-performance online system, Intellinova Parallel EN. Intellinova Parallel EN is a condition monitoring system. In May 2016, Bureau Veritas launched Lube Oil Analysis Management System (LOAMSSM) software at their Adelaide Oil Condition Monitoring (OCM) laboratory. The LOAMS software provides online tools offer better clarity and meaning to complex laboratory results.

Segmentation of online oil condition monitoring market

 The online oil condition monitoring market is segmented on the basis of product type, measurement type, end-use industry, and region.

  • On the basis of product type , the market is segmented into:
    • Gear Systems and Motors
    • Hydraulic Oil Systems
    • Wind Power Turbines
    • Others (Engines, Compressors etc.)
  • On the basis of measurement type, the market is segmented into:
    • Pressure
    • Temperature
    • Total Acid Number (TAN)
    • Total Base Number (TBN)
    • Water Dilution
    • Fuel Dilution
    • Others (Soot, Viscosity, Dielectric, Density etc.)
  • On the basis of end-user industry, the market is segmented into:
    • Oil and Gas
    • Energy and Power
    • Mining
    • Transportation
    • Others (Automotive, Industrial etc.)
  • On the basis of region, the market is segmented into:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East
    • Africa
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