The global corrosion monitoring market was worth USD 322 million in 2023. The global market is anticipated to reach a valuation of USD 610 million by 2029 and register a CAGR of 11.23% from 2024 to 2029.
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.
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.
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.
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.
The high price of repair and replacement is a major significant restraint that is hindering the corrosion monitoring market expansion worldwide.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
11.23% |
Segments Covered |
By Type, Technique, End-use, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa. |
Market Leaders Profiled |
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. |
The non-intrusive type of corrosion monitoring systems is expected to lead the global market in the aforementioned forecast period.
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.
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.
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 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.
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.
By Type
By Technique
By End-use
By Region
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