Market Trends of Oil Condition Monitoring Industry
This section covers the major market trends shaping the Oil Condition Monitoring Market according to our research experts:
Transportation Industry to hold major market share
- As with the aerospace industry where reliability, timing, fast access to test results, and solutions are considered vital, the OCM solutions provide monitoring aircraft engines for symptoms of overheating, unusual wear, contamination, water, and loss of lubricant properties over the time. For instance, AeroCHECKTM by Intertek provides a fully integrated solution aimed to support all aspects of aircraft fuel and lubricant systems.
- Also with demand for the railway, transportation across the globe continues to grow at a healthy pace arises the need to maintain the reliability, efficiency, and safety of trains as they hold the potential to cause disruption and delays due to equipment failure added to it as rail sector demands minimal downtime, smooth operative service makes it crucial for authorities to invest in oil condition monitoring that regularly monitors lubricants to identity if the asset is fit for the operation.
- The oil condition monitoring conducts monitoring on the locomotive properties such as particle size, total acid number (TAN), total base number (TBA), oxygen content, and total insoluble matter (TIM) at regular intervals thereby helps rail operates to be aware of any recognizable faults that may otherwise go unnoticed.
- Furthermore, engine oil condition monitoring is considered to be one of the largest areas of innovation, and R&D in the automobile industry added with the rapid development of engine condition monitoring system determining engine lubricant degradation level leverages the automotive manufactures to reduce unnecessary power loss and maintenance cost.
- For instance, lubricating oils in IC engines are usually exposed to various strains with respect to its fuel quality, operating parameters, and ambient conditions which eventually alters both its physical and chemical properties leading to engine failures but with engine oil condition monitoring provides insight into actual states of the engine by considering the oil viscosity to early detect failure.
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North America Holds Major Market Share
- North America holds a major market share for the oil condition monitoring market owing to established markets including Logistics and Transportation, Oil & Gas, among others, the presence of major players such as General Electric, Parker-Hannifin Corporation, Chevron Corporation sharing significant revenue share from regions aids growth of the market, for instance, General Electric reported 39% of total revenue share from the US alone.
- Also, for the fiscal year 2021, the US' The Federal Aviation Administration requested the president budget of USD 17.5 billion is aimed to protect aviation safety and enable new entrants to enter national airspace among others leverages the growth of the market
- Also, The Environmental Partnership’ is an industry-led initiative created to help the largest oil and gas companies in the United States to work together and continuously negate adverse environmental impacts. This landmark collaboration focused on reducing emissions from oil and gas production in the United States and signifies the shift toward growing environmental concerns with respect to the conservation of energy sources and emissions by streamlining the predictive maintenance techniques that foster the growth of the market.
- Furthermore, Pipeline construction projects such as Keystone XL Pipeline by TransCanada, Permian Basin to Cushing Pipeline by Plains All American Pipeline LP, and the Cactus II Pipeline in Texas, among others are some of the projects that are destined to be completed by the first half of 2020. Such projects are expected to create a considerable demand for deployment in the industry over the next few years.
- However, with recent outbreak of global pandemic COVID-19 has resulted in shutdown of major markets including Oil & Gas industries, Transportation industries that constituted to growth of market are currently experiencing recession added with US economy reporting 701,000 job losses in the month march 2020 which includes factory workers, engineers among others may halt the market growth.
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