Corrosion monitoring is a process of monitoring any alloy component, which is susceptible and leads to corrosion, causing catastrophic failure for normal operations.
The process helps in taking the decisions regarding remaining life of corrosion objects, strategies to extend the life of material and its selections.
The growth in the corrosion monitoring system is mainly due to rising demand from end-user industries such as power generation and Oil & Gas.
Also, an increase in deployment of Internet of Things (IoT) solutions is driving the growth of the market. IoT is creating a significant financial impact on oil and gas refineries and pipelines globally providing solutions for the safety and performance issues in the form of pervasive sensing solutions.
The plant monitoring, especially in corrosion, provides timely action using predictive analysis, hence, improves the safety and performance of pipeline systems.
However, the high cost of repair and replacement is a primary key restraint that hampering the corrosion monitoring system market growth globally.
The global corrosion monitoring system market is segmented by type into intrusive techniques and non-intrusive techniques.
Further by end-user, the market is segmented into oil & gas, power generation, chemicals, manufacturing, and others.
Based on technique, the market is segmented into electrical resistance, corrosion coupons, linear polarization resistance, galvanic technology, ultrasonic thickness measurement, and others. among these, ultrasonic thickness measurement is estimated to hold the prominent share of the global corrosion monitoring market in 2017. This technique is replacing other methods rapidly such as corrosion coupons and electrical resistance.
The segment is growing due to ease of operations, quick and fast monitoring of the process, and accuracy of data.
Further, by end-user, the market is segmented into oil & gas, power generation, chemicals, manufacturing, and others.
Among these, the oil & gas industry holds the largest market share in 2018 due to increased exploration and production with rising demand from downstream sectors, hence, leading to rising for corrosion monitoring during the forecast period.
Based on geography, the market is segmented into North America, South America, Europe, Asia-Pacific and Rest of the world. North America and the Asia Pacific holds a prominent share of global Corrosion Monitoring market in 2017.
The Asia-Pacific market is projected to grow at the fastest rate due to increasing demand from fast-developing economies of the region.
With the increasing ease availability of online corrosion monitoring systems along with the reduction in the cost of monitoring activities, there has been a substantial increase in the penetration of monitoring devices for quality assurance.
Key players in the global corrosion monitoring system Market are Emerson, Honeywell, Intertek, SGS Group, Cosasco, Korosi Specindo, Rysco Corrosion Services, and BAC Corrosion Control.
The market is highly competitive, and the competition among the vendors is based on product features, price, customized solutions, and monitoring services. Also, high investments from manufacturers for innovative product development will also drive the growth of the market.
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