The Corrosion Monitoring market size was around USD 229.35 million by revenue, at the end of 2020. It is anticipated to grow at a 9.23 % CAGR to reach USD 356.62 million by 2025.
Recent Developments
Sensor Technologies Inc., a Bristol Startup and supplier of new technologies to industries, has announced their new work orders from North American top pipeline companies. The order includes 3 new electric field mapping corrosion monitoring systems which are to be used in the pipeline company’s side branches in Canada and the USA.
Drivers & Restraints in the Corrosion Monitoring Market
Oil and gas production businesses have significant application area for corrosion monitoring, that is driving the expansion of the global corrosion monitoring market. Corrosion monitoring is the significant tool against premature degradation like safety and the environment problems. Corrosion can have price punishments owing to the loss in production, repairs and unplanned substitutions of the systems and components. Escalating awareness about corrosion monitoring and failure related to corrosion is a significant driving factor for the expansion in the worldwide industry. Pipeline industry and refineries are among other elements promoting the development of corrosion monitoring market. Energy consumption and the rise in manufacturing and exploration of crude oil and increasing call from the downstream industry are predicted to push the call for corrosion monitoring system in the coming future. Expansion in urbanization and employment of reinforced concrete structures in construction may also boost the worldwide corrosion monitoring industry in the near few years. Aging infrastructure in old businesses is boosting the consumption of corrosion monitoring goods and rising expansion of oil refineries has led to escalating call for the monitoring equipment as it assist the companies to reduce their maintenance expenses, driving development in the industry. The expansion in the corrosion monitoring system is highly owing to increasing call from end-user businesses like power generation and Oil & Gas.
Also, a rise in deployment of Internet of Things (IoT) solutions is driving the growth of the industry. IoT is making an effective financial affect on oil and gas refineries and pipelines worldwide offering solutions for the safety and performance worries in the type of pervasive sensing solutions. The risen use of wireless technology for corrosion monitoring is one of the major factors driving the industry expansion. The corrosion monitoring system is a major part of so many businesses that helps in raising the productivity and reducing the downtime. The checking of corrosion and volatility in factors like vibration, heat, and leak and oil analysis assists in getting to know of the problems early. Online corrosion monitoring done with the help of wireless technologies adds extra ease and enables remote monitoring. These systems are more advantageous as they provide immediate data, constant coverage, and data of machines. Also, sensors are the major parts of corrosion monitoring systems. The sensor technology industry is integrating better and better developments to show optimum services. Latest technologies, like system-on-a-chip, have initiated limits of data acquisition as they let real-time accurate data acquisition that can be relayed instantly to handheld equipment, like smartphones. In growing economies, several industries are small and medium scale, creating huge potential.
The significant restraints in the industry are known to be lack of sufficient regulatory compulsions in most of the businesses in the Asia Pacific and lack of awareness in end-use businesses.
Opportunities in the Corrosion Monitoring Market
In majority of the cases, they cannot completely incorporate corrosion monitoring systems with sensor equipment for making and other business activities. This is due to the capital fund needed for the procurement of corrosion monitoring systems is more. In past years, with the escalating presence of online corrosion monitoring systems together with some deduction in the price of such monitoring works, there has been a high rise in the penetration of monitoring equipment for quality assurance.
Challenges in the Corrosion Monitoring Market
The high price of repair and replacement is a major significant restraint that is hindering the corrosion monitoring market expansion worldwide.
Corrosion Monitoring Market segmentation as per the research report until 2025.
Corrosion Monitoring Market - By Type
The non-intrusive type of corrosion monitoring systems is expected to lead the global market in the aforementioned forecast period.
Corrosion Monitoring Market - By Technique
Of the mentioned techniques the corrosion coupons segment had the largest share of revenue generated in the year 2018. However, the second largest share belonged to the ultrasonic thickness measurement segment which has the highest growth rate and is anticipated to lead the corrosion monitoring market in the mentioned forecast period.
Corrosion Monitoring Market - By End-use
Among the mentioned end-use industries the oil & gas segmented is accounted for the highest market share in 2018 in the corrosion monitoring market. The high rate of corrosion in the oil & gas industry is the major reason for the demand for corrosion monitors, hence boosting the global market.
Corrosion Monitoring Market - By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Asia Pacific region had the largest market volume value in 2018 and is expected to lead the global market for corrosion monitoring in the forecast period. The regional advantages received by companies in this region such as cheap labor, ease of availability of raw materials and promising future opportunities make the Asia Pacific region to have such a high CAGR. Also due to the rapid growth in the economy and heavy investments across various industries such as chemicals, power generation and petrochemicals the growth will strengthen the market in this region.
North America is next in the lead in the global corrosion monitoring market with a similar but slightly less growth rate when compared to the Asia Pacific. The well-established companies in this region are the major reason for its survival in the market. Europe, being a stable region for many markets, has a decent market value as of 2018. The growth rate in this region is anticipated to grow gradually by the end of the forecast period. The Middle East & African and Latin American Regions are the slowest growing in the world due to the fact that these regions contain countries with low GDP, which on a whole reduce the CAGR of the region although there are high growth regions of Middle East.
Corrosion Monitoring Market key players listed in the report are,
Major companies plying their trade in the Corrosion Monitoring Market include Permasense Emerson (US), Alabama Specialty Products (US), SGS SA (Switzerland), Aquarius Technologies (India), Cosasco (US), Circle-Aire (Canada), Corrpro Companies Inc (US), Honeywell (US), GE Rightrax (US), ClampOn (Norway), Sensorlink AS (Norway), BAC Corrosion Control (UK), Applied Corrosion Monitoring (UK), ICORR Technologies (US), Intertek (UK), Huguenot Laboratories (US), Rysco Corrosion Services (Canada), Pyramid Technical Services (India), and Korosi Specindo (Indonesia) are the leading shareholders of the Global Corrosion Monitoring market. These companies are currently focused on expansion strategies to improve their market value and position.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Intrusive
5.1.3 Non- Intrusive
5.1.4 Y-o-Y Growth Analysis, By Type
5.1.5 Market Attractiveness Analysis, By Type
5.1.6 Market Share Analysis, By Type
5.2 Technique
5.2.1 Introduction
5.2.2 Corrosion Coupons
5.2.3 Electrical resistance
5.2.4 CLinear Polarization Resistance
5.2.5 Galvanic
5.2.6 Ultrasonic Thickness Measurement
5.2.7 Y-o-Y Growth Analysis, By Technique
5.2.8 Market Attractiveness Analysis, By Technique
5.2.9 Market Share Analysis, By Technique
5.3 End-Use Industry
5.3.1 Introduction
5.3.2 Oil & Gas
5.3.3 Chemical
5.3.4 Manufacturing
5.3.5 Others
5.3.6 Y-o-Y Growth Analysis, By End-Use Industry
5.3.7 Market Attractiveness Analysis, By End-Use Industry
5.3.8 Market Share Analysis, By End-Use Industry
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Technique
6.1.3.4 By End-Use Industry
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Technique
6.1.4.4 By End-Use Industry
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Technique
6.1.5.4 By End-Use Industry
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Korosi Specindo
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Permasense Emerson
8.3 SGS SA
8.4 Cosasco
8.5 Corrpro Companies Inc
8.6 GE Rightrax
8.7 Sensorlink AS
8.8 BAC Corrosion Control
8.9 ICORR Technologies
8.10 Rysco Corrosion Services
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
The segment-level analysis in terms of By Diagnostic Wearable Devices, and Therapeutic Wearable Devices along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Corrosion Monitoring Market Market By Region, From 2020-2025 ( USD Million )
Global Corrosion Monitoring Market Market By Type, From 2020-2025 ( USD Million )
Global Intrusive Market By Region, From 2020-2025 ( USD Million )
Global Non- Intrusive Market By Region, From 2020-2025 ( USD Million )
Global Corrosion Monitoring Market Market By Technique, From 2020-2025 ( USD Million )
Global Corrosion Coupons Market By Region, From 2020-2025 ( USD Million )
Global Electrical resistance Market By Region, From 2020-2025 ( USD Million )
Global Linear Polarization Resistance Market By Region, From 2020-2025 ( USD Million )
Global Galvanic Market By Region, From 2020-2025 ( USD Million )
Global Ultrasonic Thickness Measurement Market By Region, From 2020-2025 ( USD Million )
Global Corrosion Monitoring Market Market By End-Use Industry, From 2020-2025 ( USD Million )
Global Oil & Gas Market By Region, From 2020-2025 ( USD Million )
Global Chemical Market By Region, From 2020-2025 ( USD Million )
Global Manufacturing Market By Region, From 2020-2025 ( USD Million )
Global Others Market By Region, From 2020-2025 ( USD Million )
