The global online oil condition monitoring (OCM) market was valued at US$ 258,935.37 Thousand in 2020 and is expected to surpass US$ 430,531.31 Thousand by 2028, registering a CAGR of 7.32% during the forecast period (2021-2028), according to the Global Online Oil Condition Monitoring (OCM) Market Report, 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.)), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
The oil conditioning monitoring is divided into three types off-site, on-site or online sampling. Online oil sampling is relatively new method compared to the other types. In online oil conditioning monitoring the 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 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 analysed 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 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.
For instance, Poseidon Systems offers Online oil quality sensors, which calculate trending factors such as percent soot, base number, relative humidity, additive depletion, and other parameters. The company offers three online oil condition sensors.1) Trident QM3100 includes oil quality monitor. 2) Trident QW3100 includes oil quality and water contamination monitors and 3) Trident FQMS is a multi-sensor system for advanced fluid quality monitoring, which includes oil quality monitor, wear metal sensor, online viscometer, and water contamination monitor.
Global Online Oil Condition Monitoring (OCM) Market - Impact of Coronavirus (Covid-19) Pandemic
End-use industries such as oil and gas, mining, aerospace, automotive, marine, and others have been affected due to covid-19 pandemic. For instance, according to Coherent Market Insights’ analysis, the automotive market witnessed 12-15% decrease. Furthermore, due to the spread of COVID-19, the revenue generation of mining business has hampered. For instance, according to S&P Global Inc., an American publicly traded corporation, the top 52 global mining companies faced drop in capital expenditure of around US$ 7.5 billion.
Moreover, transportation industry was hampered across air, freight, and sea sectors. According to Coherent Market Insights, air cargo demand fell down during COVID-19 pandemic. At the end of March 2020, North America to Asia Pacific average cargo capacity fell by around 17% and Asia Pacific to North America average cargo capacity fell by around 18%.
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Key Trends and Analysis of the Global Online Oil Condition Monitoring (OCM) Market:
Thus, many global players are focused on partnering with leading Indian companies to expand their presence in India. For instance, in January 2019, Shell announced partnership with Mahindra Group, an India-based multinational manufacturing company. Through this partnership, Shell and Mahindra Group manufacture high performance products such as engine oil, transmission & axle oils. These companies are also committed to developing innovative, unique, and differentiated technologies and products.
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