According to a research report titled ‘Global Oil Condition Monitoring Market by Product Type (Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems), Sampling Type (On-site, Off-site), Industry (Transportation, Industrial, Oil & Gas), and Region - Global Forecast to 2027’, available with Market Study Report, global oil condition monitoring market was valued at USD 779 million in 2020 and is projected to record 8.5% CAGR during the forecast period, amassing USD 1,380 billion by 2027.
 

As per report findings, factors such as rising focus on efficient arrangements, increased requirement for time management, and growing electricity demand that promotes continuous oil checking requirements in turbines are stimulating global oil condition monitoring market development.
 

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Progression in predictive maintenance technology is further driving end-users to adopt oil condition monitoring solutions across various verticals, hence boosting market growth.
 

Despite the lucrative prospects, additional costs incurred for retrofitting existing frameworks are anticipated to slow industry growth during the forecast period.
 

Based on sampling type, global oil condition monitoring market is bifurcated into off-site and on-site. Factors such as increased efficiency and productivity concerning prescient support has fueled the demand for on-site oil condition monitoring, particularly among automakers. On the other side, the demand for off-site oil condition monitoring can be attributed to higher receptions of customary observing frameworks.
 

Speaking of end-user industries, global oil condition monitoring industry is divided into industrial, transportation, and oil & gas. The transportation segment will likely witness a sustained demand for oil condition monitoring solutions in the coming years as heavy vehicles, automobiles, marine, aerospace and locomotive engines often require oil condition checking aids for preventing critical motor failure. Moreover, increasing preference of vehicle producers towards installing real-time oil checking sensors in cars is fostering the development of the automobile business.
 

Moving on, the market is also studied from the perspective of product type, which is classified into turbines, gear systems compressors, engines, and hydraulic systems.
 

Considering the regional outlook, North America is leading in terms of overall oil condition monitoring market share captured, due to prevalence of prominent players across automotive, power generation, oil & gas, and mining industries in this region. Meanwhile, Asia-Pacific is anticipated to register a robust growth rate during the forecast period 2020-2027.
 

Key contenders in the market are Parker-Hannifin Corporation, Chevron Corporation, BP plc, General Electric Company, Intertek Group plc, SGS S.A., Bureau Veritas S.A., Eaton Corporation plc, Royal Dutch Shell plc, Total SE.