The global oil condition monitoring market size is estimated to be USD 779 million by 2020 and is projected to reach USD 1,175 million by 2025, growing at a CAGR of 8.5% between 2020 and 2025. The main objective of the oil condition monitoring is to understand and diagnose the health of machinery. It helps to avoid machines and engine failures with predictive maintenance and timely oil quality analysis.
The oil condition monitoring market for turbines is expected to grow at the highest CAGR from 2020 to 2025. Turbine oil analysis is one of the most commonly used predictive-maintenance technologies. Turbines are used for various applications, which need scheduled check-ups for efficient operations. The turbines used in the industries operate under very high pressure. To avoid failure, companies use high-quality oil as a lubricant in the turbines, thereby reducing the friction caused due to heavy pressure.
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The oil condition monitoring market for the power generation sector is expected to grow at the highest CAGR during the forecast period. The power generation is one of the emerging industries witnessing a rapid adoption of oil condition monitoring. Several machines, equipment, and components are used in the power generation industry. Equipment such as engines, turbines, gearboxes, and compressors operate at high temperature and pressure, thus, degrading the quality of oil used in these equipment. The oil condition monitoring helps to identify small problems within the equipment before any catastrophic failure.
The oil condition monitoring market for on-site sampling is expected to grow at the highest CAGR during the forecast period. Oil is an essential part of machinery maintenance. On-site oil condition monitoring enables engineers and maintenance managers to conduct oil analysis quickly and easily. It helps to conduct an oil analysis test quickly and easily on the site itself, thereby reducing the downtime and limiting major damage to the machines.
APAC is expected to be the fastest-growing market for oil condition monitoring during 2020–2025. The growing industrial activities and investments in the region are expected to boost the oil condition monitoring market. Countries such as China, India, and Japan have investments for industries such as oil & gas, manufacturing, and mining. The oil condition monitoring helps users to give warning of possible machinery malfunction, allowing early remedial action to be taken.
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