Oil Condition Monitoring Market was valued to be USD 910.0 billion in 2021, and forecast to touch USD 1,483.6 billion in 2029, growing at a CAGR of 6.3% from 2022-2029.

The factors driving the growth of Oil Condition Monitoring Market includes rising awareness amongst end-users about the benefits of using oil condition monitoring machines, increasing consumption of electricity around the world, strict regulations imposed by Governments regarding workplace safety and improvements in the living standards. Moreover, integration of advanced technologies such as Artificial Intelligence, Big Data Analytics and IIoT with oil condition monitoring systems, emerging need to conserve energy and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing application of oil condition monitoring solutions in end-use industries such as Aerospace, Automotive and Oil and Gas, rising investments by major players on research and development and growing population growth rates, are further contributing towards the market growth.

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However, growth of the Oil Condition Monitoring Market is hindered due to insufficient availability of skilled technical resources.

The major players operating in the market are Parker Hannifin Corp, Chevron Corporation, General Electric Company, BP Plc, Eaton Corporation Plc, Intertek Group Plc, Shell Oil Company, Bureau Veritas SA, SGS SA, and Total Group, among others.

Based On Sampling, the On-site segment is predicted to expand at a significant CAGR during the forecast period

On-site oil condition monitoring solutions enhances efficiency and minimizes maintenance and servicing costs, are some of the factors propelling Oil Condition Monitoring Market size.

Based on Application, the Transportation segment is projected to grow at a robust CAGR over the forecast period

The oil condition monitoring systems aids in managing the vehicles components wear and eliminates machine failures, are some of the factors pushing segment’s growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Growing demand for advanced oil condition monitoring systems, presence of the leading companies such as shell Oil Company, General Electric Company, and Chevron Corporation, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Market Segmentation

Segmentation by Product

  • Turbines
  • Compressors
  • Engines
  • Gear Systems
  • Hydraulic Systems

Segmentation by Sampling

  • On-site
  • Off-site

Segmentation by Application

  • Transportation
    • Automobile
    • Aerospace
    • Marine
    • Heavy Vehicles
    • Locomotive Engines
  • Industrial
  • Oil & Gas
  • Power
  • Mining

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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