Corrosion Monitoring Market

Global Corrosion Monitoring Market Size (2024 to 2032)

The global Corrosion monitoring market size is expected to be worth USD 358.16 million in 2024 and USD 839.18 million by 2032, growing at a CAGR of approximately 11.23% during the forecast period from 2024 to 2032.

MARKET CURRENT SCENARIO

Corrosion monitoring is the equipment used to get information on the corrosion rate in a mill per year using a set of methods. The equipment will provide complete information regarding the corrosion rate online or offline. The monitoring helps prevent or take necessary measures to combat corrosion. There are many measures to combat corrosion, but eventually, corrosion monitoring is highly important to identify the effect of corrosion and process effective procedures. Usually, companies do follow preventive measures for corrosion, but knowing the accurate results through equipment and taking the next step in protection is highly recommended to the companies. Corrosion monitoring can check on the change frequently and evaluate the need to improve the preventive measure with the predicted results. The proper monitoring of the components will eventually increase the life expectancy of the unit. The detection of early warning signs of corrosion is very important as it causes a major threat in the end-user industries. For instance, corrosion poses a major threat to the oil and gas industry, where negligence will result in the loss of huge dollars and sometimes the lives of innocent individuals working there. Therefore, the purpose of corrosion monitoring is to promote safety and improve the productivity of the company.

MARKET DRIVERS

The growing usage of corrosion monitoring in the oil and gas industry has been a key growth driver for the corrosion monitoring market.

The oil and gas industry has a significant application area for corrosion monitoring. 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, 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.

The rise in the deployment of Internet of Things (IoT) solutions in the oil and gas industry is contributing to the expansion of the corrosion monitoring market.

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 market expansion. The corrosion monitoring system is a major part of so many businesses that help 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 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.

MARKET RESTRAINTS

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.

MARKET OPPORTUNITIES

In most 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.

MARKET CHALLENGES

The high price of repair and replacement is a major significant restraint that is hindering the corrosion monitoring market expansion worldwide.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Corrosion Monitoring Market Analysis By Type

The non-intrusive type holds a significant share of the corrosion monitoring market. Non-intrusive corrosion monitoring is generally referred to as monitoring the changes in pipes and pipelines. Preventing corrosion when a non-stable metal is exposed to water. The protection of these metals is a challenging thing for companies where non-intrusive corrosion monitoring plays an effective role in preventing huge damage. The advanced technology is adding fuel to the growth rate of the market. The use of sensors and ultrasound technology in detecting the corrosion effects enhances the ability to find out the accuracy of promoting the preventive measures that greatly influence the market value. The intrusive segment is likely to have a prominent growth rate during the forecast period.

Corrosion Monitoring Market Analysis By Technique

By technique, the corrosion coupons segment is ruling with the largest market size, whereas ultrasonic thickness measurement is likely to have great growth opportunities throughout the forecast period. Corrosion coupons help in effectively monitoring the pipeline, which is crucial for safe operation and management. Growing investments in the end-user industries by both public and private organizations are driving the growth rate of this segment. The

rising demand to increase the effectiveness of adopting new technologies in order to raise the lifetime of the units is greatly influencing the market value towards a positive one. Ultrasonic thickness measurement is widely adopted by many companies due to its effectiveness in giving precise results to take necessary measures to prevent corrosion at the initial stage. The launch of innovative products with the latest technology by the key companies shall widely enhance the growth rate of the market in the future. The launch of smart corrosion coupons is gearing up to play an important role in oil and gas companies to ensure the structural integrity of the oil and gas pipelines online.

Corrosion Monitoring Market Analysis By End-use

Oil & gas end use segment is leading with the significant share of the market. The rising number of oil and gas industries equipped with the most advanced technologies especially in developed and emerging countries like US, Canada, India, Japan, and China is anticipated to leverage the growth opportunities for the corrosion monitoring market. Corrosion monitoring have major applications in end user industries. Early detection and prevention of the corrosion can reduce the risk of environmental pollution and huge damages. Chemical segment is next in holding the prominent share of the market.

REGIONAL ANALYSIS

Asia Pacific region had the largest market volume value in 2023 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 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 lower 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 because these regions contain countries with low GDP, which on the whole reduces the CAGR of the region, although there are high growth regions of the Middle East.

KEY PLAYERS IN THE GLOBAL CORROSION MONITORING MARKET

Companies playing a prominent role in the global 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), and Others.

RECENT HAPPENINGS IN THE MARKET

• In 2023, Cosasco and Eptec Group partnered together to establish effective state of art corrosion monitoring technologies to the Clients exclusively in Australasia. Cosasco is having much reputation in delivery excellent corrosion monitoring devices with best long term operational success. A member in Eptec group, Corrosion Control Engineering (CCE) aims to deliver world class equipment that helps engineers to manage critical assests. The partnership shall improve the legacy of both companies in the future period
• 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.

DETAILED SEGMENTATION OF THE CORROSION MONITORING MARKET INCLUDED IN THIS REPORT

This research report on the global corrosion monitoring market has been segmented and sub-segmented based on type, technique, end-use and region.

By Type

• Intrusive
• Non-Intrusive

By Technique

• Corrosion Coupons
• Electrical Resistance
• Linear Polarization Resistance
• Galvanic
• Ultrasonic Thickness Measurement 

By End-use

• Oil & Gas
• Chemical
• Manufacturing
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa