Oil Condition Monitoring (OCM) is a component of condition monitoring (CM) that focuses on monitoring the working of any machinery to help predict and identify developing or worsening faults. It mainly identifies minute problems within machinery components before they become catastrophic failures that can incur costly repairs and bring production to a halt by increasing the downtime. In simpler words, the main purpose of oil condition monitoring and degradation detection is to determine whether the oils have deteriorated to such a degree that they no longer fulfill their functions. Oil condition monitoring (OCM) helps in determining the considerable diagnosis and prognosis of types of machinery in the factories which are unable to give a valuable output. It also helps to avoid machine failure by the utilization of machine operation and failure analysis program. It provides information about the actual condition of oil used inside hydraulic systems, gearboxes, compressors, and engines.
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As machines and equipment have to work under demanding conditions, bare to stable high pressures & temperatures, the properties of lubricating oil can change and may cause damage. In addition, different types of tests are conducted for the oil condition monitoring (OCM). Some of the tests are marine lubricants quality scanning, oil condition monitoring tests, wear metals testing, ferrography testing, and others. The advantages of oil condition monitoring are reducing equipment operating costs, improve productivity, Minimised oil waste and disposal, smooth and efficient operation of machinery, unbiased/impartial oil analysis, saving of precious resources and protection of the environment. The “Oil Condition Monitoring Market”accounted for $435.16 million in 2016 and is expected to reach $864.17 million by 2023 growing at a CAGR of 10.3% during the forecast period.
With the rising development in technology, the need for oil condition monitoring is growing. The oil condition monitoring systems can be widely used in oil & gas, energy & power, metals & mining, chemicals, aerospace & defence and various types of industries. Though, its use in oil & gas is rising as oil and gas operations, including refineries, offshore, petrochemical, and chemical, top the list of extreme operating environments. The work conditions in the industry are hazardous. Hence, detecting and preventing unpredicted oil and gas machinery and component problems is necessary and the use of oil condition monitoring can help to overcome it. This factor fuelled the market in future. Opportunities for minimizing equipment failure, dropping the cost of analysis, and automating the oil maintenance process provide the need for developing an oil condition sensor that operates in real time.
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Over the last few years, the method of predictive maintenance has emerged, and has rapidly started gaining prominence among industry operators and asset managers. With the help of predictive maintenance, industries can evaluate the health of their assets and predict the time when a particular component or a system is likely to fail, and as such, needs replacement or repair. Moreover, Rapid development of engine oil condition monitoring systems has taken place to determine engine lubricant degradation level in reducing unnecessary power loss and maintenance cost. There are several motivational benefits from cost, environmental and logistical perspectives to improve the means of lubricant monitoring and to make it extremely reliable.
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Growth of the oil condition monitoring market in Asia Pacific is driven by countries such as China, Japan, and India. China has emerged as one of the most attractive investment destinations for automotive and mining companies in the recent past. The oil analysis can help users to evade the abrupt damage by offering the condition of the lubricant oil being used in mining equipment and vehicles. Asia Pacific region has numerous growing oil & gas activities and agreed projects for the production of commercial aircraft, which is anticipated to lead the manufacturing of in-house large passenger planes. Countries such as China, India, and Japan in the region have future investments from automotive manufacturers. Moreover, the growth in the automotive industry and growing demand for energy monitoring in the energy sector are expected to boost the oil condition monitoring market in this region. Further, India is among the rapidly growing economies in Asia Pacific, due to government initiatives are leading toward the development of the manufacturing sector in the country. Additionally, another significant growing economy of the world is India. With India's ambitious plan of 'Make in India', the manufacture and consequent distribution and logistics activities are expected to witness an exponential growth in manufacturing industries. Thus, in return, the oil condition monitoring equipment market for industrial equipment is also expected to see considerable growth in this region.
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