The energy industry is a highly critical and depends on the continuous production of products. Any failure in its production can severely affect the customers’ businesses. Most of customers included are either large manufacturing industries, government organizations, or utilities. Hence, processes and technologies used in the energy industry need to be highly reliable. Several energy industries utilize fluids and rotating carrying equipment such as lubrication systems, hydraulic systems, gear oil systems, and other process systems. These systems have critical modules or machine parts that need to be handled with care to prevent malfunctions or breakdowns. A significant amount of resources and capital is invested to check and maintain the rotating components as every shut down leads to production losses, thus effecting the company’s revenues. Therefore, efficient analysis of lubrication oil is needed for efficient production and avoid any operational failures due to the malfunctioning and wear and tear moving parts. Lubrication oil is reduces friction between various rotating parts. Traditionally, maintenance professionals monitored the oil monitoring, analyzed the rotating equipment, and sent regular reports regularly. They detected unusual behavior in and wear & tear of the system caused due to contamination of oil by dirt and foreign objects. Although defect is being detected but by that time the damage is already being done. Lube oil analysis management system digitally monitors the system to prevent failures.
Growing digitization within industries to efficiently monitor critical systems and reduce production and downtime losses is a key driver of the global lube oil analysis management system market. Also as energy sector installations are becoming lighter and smaller The machine parts being installed are becoming smaller and lighter, in order to become more energy efficient. Demand for lube oil analysis management system is expected to rise owing to better efficiency and precision, also with smaller dimension, demand of oil purity used for lubrication is increasing. Lube oil analysis management systems also help analyze various oil parameters such as temperature, moisture, and wear particle. This helps in keeping in check on the contamination in oil, thereby increasing oil purity. Demand for lube oil analysis management system is likely to increase during the forecast period. Lube oil analysis management systems use predictive maintenance strategy to efficiently monitor in remote and dangerous locations and prevent high plant shutdown costs.
The global lube oil analysis management system market can be categorized based on solution, deployment type, enterprise size, end-user, and region. In terms of solution, the lube oil analysis management system market can be bifurcated into software and services. The services segment can be sub-segmented into consulting & planning, integration & implementation, operation & maintenance, and managed services. Based on deployment type, the lube oil analysis management system market can be categorized into cloud, on-premises, and hybrid. In terms of enterprise size, the lube oil analysis management system market can be segregated into large enterprises and small and medium size enterprises (SMEs). Based on end-user, the lube oil analysis management system market can be classified into refineries, gas treatment plants, power plants, wind power plants, oil & gas extraction plants. In terms of region, the global lube oil analysis management system market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major players operating in the global lube oil analysis management system market include Tech Mahindra Limited, and Bureau Veritas. These companies invest considerably in R&D to incorporate new technologies in their solutions and develop new products to gain lube oil analysis management system market share. Furthermore, these companies are entering into partnerships with local players to expand their presence and gain lube oil analysis management system market share in a region.
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