Corrosion Monitoring Market

Corrosion Monitoring Market Size (2023-2028):

The Corrosion Monitoring Market size was around USD 289.35 million by revenue, at the end of 2022. It is anticipated to grow at an 11.23 % CAGR to reach USD 405.62 million by 2028.

Drivers & Restraints in the Corrosion Monitoring Market

Oil and gas production businesses have a significant application area for corrosion monitoring, which is driving the expansion of the global corrosion monitoring market. Corrosion monitoring is a significant tool against premature degradation like safety and environmental 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 of the worldwide industry. The pipeline industry and refineries are among other elements promoting the development of the 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 systems 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 the rising expansion of oil refineries has led to an escalating call for monitoring equipment as it assists the companies to reduce their maintenance expenses, driving development in the industry. The expansion in the corrosion monitoring system is high owing to increasing calls from end-user businesses like power generation and Oil & Gas.

Also, a rise in the deployment of Internet of Things (IoT) solutions is driving the growth of the industry. IoT is making an effective financial effect on oil and gas refineries and pipelines worldwide offering solutions for 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 productivity and reducing 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 a lack of sufficient regulatory compulsions in most of the businesses in the Asia Pacific and a lack of awareness in end-use businesses.

Opportunities in the Corrosion Monitoring Market

In the majority of 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 being more. In past years, with the escalating presence of online corrosion monitoring systems together with some reduction 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 REPORT COVERAGE

Corrosion Monitoring Market Segmentation:

Corrosion Monitoring Market - By Type

• Intrusive

• Non-Intrusive

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

• Corrosion Coupons

• Electrical Resistance

• Linear Polarization Resistance

• Galvanic

• Ultrasonic Thickness Measurement 

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

• Oil & Gas
• Chemical
• Manufacturing
• Others

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 & Africa 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 reduces the CAGR of the region although there are high growth regions of the Middle East.

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.

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.