Oil Condition Monitoring Market Opportunities and Strategies to 2033

This report describes and explains the oil condition monitoring market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global oil condition monitoring market reached a value of nearly $1.31 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.22% since 2018. The market is expected to grow from $1.31 billion in 2023 to $1.9 billion in 2028 at a rate of 7.63%. The market is then expected to grow at a CAGR of 8.13% from 2028 and reach $2.81 billion in 2033.

Growth in the historic period resulted from the rising automotive industry, increased investments in oil and gas sector and rising industrial automation. Factors that negatively affected growth in the historic period were lack of skilled labor.

Going forward, the renewable energy expansion, expanding mining activities, increasing industrialization, rising use of electric vehicles and growth in military and defense equipment will drive the growth. Factor that could hinder the growth of the oil condition monitoring market in the future include cybersecurity concerns.

The oil condition monitoring market is segmented by product into turbines, engines, gear systems, hydraulic systems and other products. The engines market was the largest segment of the oil condition monitoring market segmented by product, accounting for 32.28% or $425.27 million of the total in 2023. Going forward, the hydraulic systems segment is expected to be the fastest growing segment in the oil condition monitoring market segmented by product, at a CAGR of 8.97% during 2023-2028.

The oil condition monitoring market is segmented by sampling into on site and off site. The off site market was the largest segment of the oil condition monitoring market segmented by sampling, accounting for 62.37% or $821.66 million of the total in 2023. Going forward, the on site segment is expected to be the fastest growing segment in the oil condition monitoring market segmented by sampling, at a CAGR of 8.16% during 2023-2028.

The oil condition monitoring market is segmented by end-user into transportation, oil and gas, mining, energy and power and industrial. The oil and gas market was the largest segment of the oil condition monitoring market segmented by end-user, accounting for 33.49% or $441.17 million of the total in 2023. Going forward, the transportation segment is expected to be the fastest growing segment in the oil condition monitoring market segmented by end-user, at a CAGR of 9.13% during 2023-2028.

North America was the largest region in the oil condition monitoring market, accounting for 39.72% or $523.23 million of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the oil condition monitoring market will be Asia Pacific and South America where growth will be at CAGRs of 9.25% and 8.92% respectively. These will be followed by Africa and Middle East where the markets are expected to grow at CAGRs of 8.52% and 8.47% respectively.

The global oil condition monitoring market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 49.05% of the total market in 2023. General Electric Company (GE) was the largest competitor with a 6.73% share of the market, followed by Exxon Mobil Corporation with 6.35%, Chevron Corporation with 5.73%, Shell PLC with 5.72%, SGS SA with 5.44%, Bureau Veritas with 5.10%, Eurofins Scientific SE (Test Oil) with 4.95%, Intertek Group plc with 4.12%, Eaton Corporation Plc with 2.59% and Emerson Electric Co (National Instruments) with 2.34%.

The top opportunities in the oil condition monitoring market segmented by product will arise in the engines segment, which will gain $188.71 million of global annual sales by 2028. The top opportunities in the oil condition monitoring market segmented by sampling will arise in the off site segment, which will gain $347.31 million of global annual sales by 2028. The top opportunities in the oil condition monitoring market segmented by end-user will arise in the oil and gas segment, which will gain $219.56 million of global annual sales by 2028. The oil condition monitoring market size will gain the most in the USA at $170.3 million.

Market-trend-based strategies for the oil condition monitoring market include focus on revolutionizing oil condition monitoring with real-time sensing technology, focus on advanced oil condition monitoring with remote monitoring technology, focus on role of digital transformation in enhancing fluid monitoring systems and focus on enhancing oil condition monitoring with innovative testing solutions.

Player-adopted strategies in the oil condition monitoring market include focus on new product launches to expand services in the marine and construction industries, focus on strategic and partnerships to enhance operational efficiency and sustainability across product portfolio and focus on infrastructure investments to support sector growth in the energy and utility sectors.

To take advantage of the opportunities, the analyst recommends the oil condition monitoring companies to focus on leveraging innovation in oil condition monitoring systems, focus on advancing remote oil monitoring applications, focus on adopting advanced digital transformation solutions, focus on expanding advanced laboratory capabilities, focus on the hydraulic systems market, focus on the on-site market, expand in emerging markets, focus on expanding distribution channels, focus on developing flexible pricing strategies, focus on targeted digital marketing campaigns, focus on partnerships and industry events and focus on the transportation market.