There is much similarity between lubricants used in hydraulic systems and those used in turbine applications; hydraulic oil and turbine oil are sometimes interchangeable but they both fall in to the category of R&O - Rust & Oxidation - inhibiting oils.

Turbine systems themselves tend to be well maintained being a small cost in a large asset. We do not see much activity in terms of failures derived from the lubricants. Hydraulic systems are different and well suited to On-Line monitoring systems especially detection of water and wear metals.
Kittiwake have two sensors for detection of wear metals:
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Total Ferrous Sensor capable of resolving sub-micron particles and providing a gross contamination level. This is best suited to sliding, frictional wear modes such as used in Linerscan for 2 stroke engine cylinder liner protection.
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A Metallic Particle Sensor that can detect very small ferrous and non-ferrous particles, group and size those particles. This is appropriate for large or centralised hydraulic systems where the wear mechanisms tend to be spalling and abrasive in nature.
Above: Metallic Wear Debris Sensor - Ferrous Particle Graph (click to enlarge)
We also have three sensors for water contamination:
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A low cost sensor that detects the moisture saturation level on the oil. Idea for storage tanks, head spaces and smaller hydraulic systems, especially high pressure ones that are intolerant of water.
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An IR Based Total Water Sensor that will report all water present to laboratory standards be it free, dissolved or chemically bound with the additives. Suitable for larger critical systems.
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An Oil Condition Sensor that does not report water as such rather a change in the oil properties. This is targeted at systems that suffer gross contamination but are ordinarily quite robust. Hydraulic thrusters and systems used in land based drill rigs would be excellent examples of this application.
Additionally, particles will cause increased wear and high pressure hydraulic systems are very intolerant of water. AN (formerly TAN) is indicative of thermal stress on the oil, leading to gum and lacquer build-up, especially on control spools. The best advice we can give is to filter well (including oil used to top up the tanks) and keep the water out by all means possible.
On-Line sensors will help make sure that happens in reality. Consider also Holroyd sensors for bearings and motors and Kittiwake - FTIR
3 for Off-Site laboratory accurate analysis in centralised systems.