Growing Adoption of Internet of Things (IoT) Devices Boosts the Global Online Oil Condition Monitoring Market Growth

 
Online Oil Condition Monitoring Market 

Market Overview:

The online oil condition monitoring market involves monitoring various parameters of oil such as viscosity, density, contamination, moisture content among others to determine the health of lubricating oil used in rotating equipment such as turbines, compressors, gear boxes, hydraulic systems and engines. Online oil monitoring helps in reducing machine downtime, repair costs and assists in predictive maintenance which extends the life of equipment. It provides lubricant analysis reports in real-time which help in taking timely decisions for maintenance without needing to stop operations.

Market key trends:
One of the key trends in the global Online Oil Condition Monitoring Market Demand is growing adoption of internet of things (IoT) based devices for condition monitoring. IoT based condition monitoring sensors continuously stream oil condition data to cloud platforms for analysis. This helps in remotely monitoring equipment from any location. IoT also enables usage-based maintenance through analytics of large amount of condition data collected over the lifetime of equipment. Advancements in sensor technology are also driving the market as new sensor types are being developed which can detect more parameters and work under extreme operating conditions. Growing need for predictive maintenance among industries is boosting demand for online oil condition monitoring systems for preventing unexpected breakdowns.
Porter’s Analysis

Threat of new entrants: Low capital requirements and technology availability have lowered barriers to entry. However, existing players have significant brand recognition and customer loyalty which new entrants will find challenging to overcome.

Bargaining power of buyers: Buyers have moderate bargaining power. They can negotiate on price and demand additional services from suppliers. However, switching costs are relatively high which limits their influence.

Bargaining power of suppliers: A few large companies dominate the supply market. However, their impact is moderated by the availability of alternative suppliers globally.

Threat of new substitutes: Alternatives like offline oil monitoring and scheduled oil changes pose a minor threat. Online monitoring offers significant operational advantages in terms of maintenance planning and costs.

Competitive rivalry: The market is moderately competitive with players differentiating based on technology, services and customer relationships. Industry consolidation is expected to intensify competition.

Key Takeaways

The global Online Oil Condition Monitoring Market size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period of 2023 to 2030, due to increasing focus on preventive maintenance by industries. The market size for 2023 is estimated at US$ 310.1 Mn.

The North America region is expected to dominate the global market over the forecast period. Stringent regulations regarding work safety and machinery maintenance in the US and Canada is driving increased adoption of oil condition monitoring systems. The region is estimated to account for around 35% of the global market in 2023.

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, Eaton Corporation, and Poseidon Systems, LLC. Major players are focused on development of integrated monitoring systems and analytics to provide predictive maintenance solutions.

Read more:

https://www.dailyprbulletin.com/online-condition-monitoring-demand-growth-and-share/

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