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

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users