by Market Overview:
The online oil condition monitoring market covers monitoring oil-immersed machines or equipment for early detection of contamination, degradation of lubricant properties, and potential component failures. It helps in preventing unexpected equipment failure and extending equipment life through predictive maintenance. Online monitoring provides a continuous flow of real-time data on oil condition and equipment health compared to periodic offline monitoring.
Market key trends:
One of the major trends fueling growth in the Online Oil Condition Monitoring Market Demand is the growing adoption of predictive maintenance strategies by end-use industries. Continuous monitoring of oil condition helps identify potential problems early on and schedule maintenance activities before failure occurs. This helps reduce maintenance costs, downtime, and risks associated with unplanned breakdowns. It allows companies to transition from reactive to proactive maintenance approaches. Furthermore, online monitoring data is useful for conducting big data analytics and implementing predictive maintenance programs using AI and IoT technologies. This enables automated condition-based monitoring of fleets of assets from remote locations.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand value of existing players pose entry barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power considering low switching costs and availability of substitute products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and less differentiation in products.
Threat of new substitutes: Threat of substitutes is moderate ascondition monitoring helps reduce downtime and costs.
Competitive rivalry: Intense as companies offer similar products and pricing models.
SWOT Analysis
Strengths: Non-intrusive nature and ability to continuously monitor assets prevent unexpected downtime.
Weaknesses: Requirement of technical skills and high installation costs.
Opportunities: Growing penetration of IoT and predictive maintenance presents an avenue for growth.
Threats: Changing technological standards and vulnerability to cyber threats.
Key Takeaways
The global online oil condition monitoring market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand for predictive maintenance. North America dominates the market currently due to stringent regulations regarding workplace safety.
Asia Pacific is expected to grow at the fastest pace during the forecast period owing to growth in industries such as manufacturing, chemicals, and oil & gas in developing countries like China and India. Moreover, rising awareness regarding benefits of condition monitoring systems is expected to fuel the demand in the region.
Key players operating in the online oil condition monitoring market are Shell, Intertek Group plc., Bureau Veritas SA, SKF, SGS, SPECTRO AnalyticalInstruments GmbH, General Electric, SPM Instrument, Condition MonitoringTechnologies (CMT), Parker Hannifin Corp, David Brown Santasalo, EatonCorporation, and Poseidon Systems, LLC.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
