Corrosion Monitoring System Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT701 | Last Updated On: Dec 20 2022 | Available Formats

Corrosion Monitoring System Market Expected to reach a high CAGR of 9.0% By 2029: DataM Intelligence.

The corrosion Monitoring System Market is segmented By Type (Intrusive Techniques, Non-Intrusive Techniques), By Technique (Electrical Resistance, Corrosion Coupons, Linear Polarization Resistance, Galvanic Technique, Ultrasonic Thickness Measurement, Others), By End-User (Oil & Gas, Power Generation, Chemicals, Manufacturing, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2022-2029

Corrosion Monitoring System Market Share, Size, Demand Insights

[195 Pages Report] Corrosion Monitoring System Market is expected to grow at a CAGR of 9.0%  during the forecast period (2022-2029).

The practice of corrosion monitoring includes evaluating and checking for corrosion in equipment parts, buildings, process units, and facilities. The monitoring system aims to spot specific issues to increase safety and lower replacement costs while extending the life and serviceability of assets. The corrosion monitoring system covers all forms of corrosion and materials.

The main benefit of a corrosion monitoring system is the ability to spot early corrosion warning indicators and identify trends and processing factors that could lead to corrosive conditions. Temperature, pressure, pH, and other processing factors may need to be changed. To assess if different inspection and monitoring procedures should be used, corrosion monitoring also measures the efficacy of corrosion prevention strategies.

Furthermore, A corrosion monitoring system offers various advantages to any equipment parts, buildings, process units, and facilities by providing an early warning that damaging process conditions exist, which may result in a corrosion-induced failure. The system examines the relationship between modifications to process variables and their impact on system corrosivity. It also gives management information on the plant's ongoing status and maintenance needs.

Corrosion Monitoring System Market Scope and Summary

Metrics

Details

Market CAGR

9.0%

Segments Covered

By Type, By Techniques, By End-User, And By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

To realize the suppositions considered for the review, Request for Free Sample Report Click Here

 

Corrosion Monitoring System Market Dynamics and Trends

Improving demand for corrosion monitoring systems in various end-user industries has created huge market growth potential for the product

Improving demand for corrosion monitoring systems in various end-user industries has created huge market growth potential for the product

The corrosion monitoring system has shown immense demand in various industries such as oil and gas. The oil and gas sector is the primary application of a framework for managing corrosion. Environmental agencies and regulators closely monitor each stream of the oil and gas industry, which consists of downstream, upstream, and midstream companies. As a result, the industry is beginning to realize the need for strong security and safety standards to extend the life of its properties and for best practices to maintain a corrosion-free environment. In particular, in areas where accidental safety and prevention are crucial, such as flow lines, gathering systems, transport pipelines, water injection facilities, vessels, chemical injection systems, drilling mud systems, etc., the need for a corrosion monitoring system in the oil and gas industry, is essential.

Furthermore, Corrosion monitoring systems are now being used more and more in various huge infrastructures, including pipelines, refinery facilities, offshore structures, bridges, buildings, etc., as well as in electronic devices, instrument panels, big computers, and biological implants. For instance, online corrosion monitoring systems may be used in chemical plants as a process control tool to ensure safe operation and prevent process disturbances. To forecast aluminum corrosivity activity, corrosion monitoring systems may be installed in an airplane. These systems take measurements of air and surface temperatures, relative humidity, solution resistance, and polarization resistance. Thus, to assure the continuing operation of the equipment for extended periods, supercomputers may monitor the corrosion of electrical components.

Since the corrosion of some implants may provide a danger of toxicity due to the release of metals into the patient's body, the implants in humans may be monitored by routinely analyzing the nickel concentration in urine. Thus, the application mentioned above of the corrosion monitoring system generates demand for the product, leading to accelerated market growth in the forecast period.

The remote monitoring system efficiently replaced the manual corrosion monitoring system leading to creating colossal market growth opportunities in the forecast period

Operations in complex industries like oil and gas extraction necessitate extensive equipment and upkeep. Remote corrosion monitoring is especially useful for difficult-to-reach areas in oil and gas installations or pipelines. Maintenance employees face difficulties because of the complexity of their procedures, inaccessible locations due to distance, hostile settings, height, or difficult operating circumstances.

To overcome these obstacles, it may be necessary to shut down the industrial facility or, at the very least, remove insulation covers or install temporary scaffolding. Additionally, manually tracking corrosion can occasionally misread the results, particularly if several measurements are made over time in slightly different locations on the metal. Therefore, manual corrosion monitoring may result in inaccurate data, hurt productivity and be difficult or impractical in particular places.

Adopting a remote corrosion monitoring system ensures repeatable and reliable results and the issues with manual measurements can be resolved. Additionally, the systems produce high-quality data in a straightforward format that non-experts can understand. Corrosion data can be gathered constantly or at predetermined intervals by remote systems. Corrosion management specialists evaluate the data and when measurements go above thresholds, they issue an alert.

Thus, growing advanced corrosion monitoring system creates huge market growth potentials for the product to grow in various industries in the forecast period.

COVID-19 Impact on Corrosion Monitoring System Market Growth

The COVID-19 outbreak has significantly influenced the global corrosion monitoring system market. An overall global slowdown in new projects has resulted in a drop in demand for analog semiconductors. Due to workers staying at home, it has been difficult for multinational firms to integrate new corrosion monitoring systems, which has disrupted supply chains all around the globe.

Only the production and supply chain is stalled; therefore, COVID-19's effects on this market are only temporary. Production, supply chains, and demand for corrosion monitoring equipment will all progressively rise as soon as the situation improves.

Corrosion Monitoring System Market Segment and Shares Analysis

The global corrosion monitoring system market can be segmented by type, technique, component, method, end-user, and region.

Corrosion coupons are growing at a significant rate due to simple and easy monitoring of the system

Based on technique, the global corrosion monitoring system market is segmented into corrosion coupons, linear polarization resistance, galvanic electrical resistance, ultrasonic thickness measurement, and others. Corrosion coupons hold a significant position in the corrosion monitoring systems market. The simplest type of corrosion monitoring used in any setting is corrosion coupon (or mass loss coupon) testing (e.g., gases, fluids, and slurries). The process entails exposing a material sample (the coupon) to a process environment for a predetermined time before extracting the sample for analysis.

Weight loss is the fundamental measurement obtained from corrosion coupons; the corrosion rate is given as the weight loss over the exposure duration. Thus, for relatively brief exposures and inadequately characterized exposure circumstances, the majority of data for alloy corrosion in high-temperature gases are given in terms of weight change/area. However, the decision-making process for equipment design and operation must take metal loss into account directly.

Corrosion Monitoring System Market Geographical Analysis

Asia-Pacific currently holds a monopoly on the corrosion monitoring market owing to the availability of developing nations like China and India

The market in Asia-Pacific is expected to develop at the fastest rate and continue to dominate through 2021. Asia-Pacific currently holds a monopoly on the corrosion monitoring market owing to the availability of developing nations like China and India. In these nations, industrial activity is expanding and end-use sectors are putting a greater emphasis on asset protection and loss minimization.

Furthermore, Due to an increase in shale gas development operations throughout the forecast period, the North American region is anticipated to hold onto its market position in the worldwide corrosion monitoring market. A similar trend in the corrosion monitoring market in North America is anticipated to be supported by the expansion of stabilizing chemical production businesses. It is anticipated that rising investments in the chemical and oil & gas industries in response to strict safety requirements will propel the corrosion monitoring market.

Corrosion Monitoring System Companies and Competitive Landscape

The corrosion monitoring system market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are Intertek, Korosi Specindo, Rysco Corrosion Services, SGS SA, Cosasco, BAC Corrosion Control, Applied Corrosion Monitoring, Permasense, ICORR Technologies, Pyramid Technical Services, others.

The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations, contributing to the global corrosion monitoring system's global market growth.

  • In 2017, Purafil launched its new active corrosion monitoring product, the OnGuard Smart. By adding a room pressure sensor and Wi-Fi capabilities, the OnGuard Smart expands on the capabilities of the OnGuard 4000. It offers a comprehensive picture of the surrounding area's air quality with various connectivity possibilities.

Intertek

Overview: Intertek Group plc is a global assurance, inspection, product testing, and certification company based in London, England. It is a part of the FTSE 100 Index and is traded on the London Stock Exchange. The largest consumer products tester in the world, Intertek Consumer Goods and Retail, has a network of more than 1,000 laboratories spread over 100 nations.

Over 42,000 people work for the corporation in over 1,000 locations in over 100 countries, including sizable offices and testing facilities in New York City, London, and Hong Kong.

Product Portfolio:

  • Corrosion Monitoring Consultancy: Intertek is an independent corrosion monitoring consultancy and the company offers services with over forty years of experience. The company offers advice on how corrosion monitoring can fit into general design principles and safe operations plans, giving you the peace of mind that your assets and processes will be ready for routine and ad hoc inspections.

Key Development:

  • In 2019,  Intertek announced to expansion Sharjah Corrosion Facility. Intertek expands Sharjah Corrosion Facility, which assists clients in Kuwait, Oman, UAE, and Saudi in delivering enhanced services for 'sour' corrosion testing.

 

Frequently Asked Questions

What is the Growth Rate of the Corrosion Monitoring System Market?

Throughout the forecast period( 2022-2029), it's going to develop a CAGR of 9.0%

What Companies Are Included in the Corrosion Monitoring System Market?

Intertek, Korosi Specindo, Rysco Corrosion Companies, SGS SA, Cosasco, BAC Corrosions Control, Permasense, Pyramid Technical Companies, and other medication is causing the expansion of the industry.

What is The COVID-19 Impact on the Corrosion Monitoring System Market?

A global outbreak of COVID-19 provides significantly impacted the worldwide industry for corrosion detection systems. The demand for analog semiconductors has fallen sharply in recent years due to the worldwide slowdown in new projects. It has been difficult for multinational companies to integrate new corrosion monitoring systems due to workers staying at home.

 

Trending Topics

Anti-Corrosion Coatings Market

Steel Market

Corrosion Inhibitors Market 

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report

20% Discount Applied*



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest