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Allied Market Research

Corrosion Monitoring Market by Type (Intrusive Techniques and Non-Intrusive Techniques), Technique (Corrosion Coupons, Electrical resistance, Linear Polarization Resistance, Galvanic, and Ultrasonic Thickness Measurement), and End User (Oil & Gas, Chemical, and Manufacturing): Global Opportunity Analysis and Industry Forecast, 2021–2027

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Aug 2021 | 751 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Corrosion monitoring is the practice of measuring corrosiveness of process stream conditions by using "probes" that are inserted into process stream and are constantly exposed to process stream state. In several industries, corrosion monitoring plays a vital role and helps increase productivity and decrease downtime. Identifying location, causes, and extent of corrosion is essential so that operations continue and are reliable. Corrosion testing may detect any non-conforming components in any alloy, which are susceptible to corrosion and cause major loss in normal operations. It has tremendous advantages for safety procedures and preventive maintenance. Corrosion monitoring helps to make informed decisions about remaining life of objects of corrosion, strategies to extend the life of material and its selections.

COVID-19 scenarioAnalysis:

  • Global corrosion monitoring market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors.
  • Global factories have struggled to integrate new corrosion monitoring equipment as workers have stayed in their homes, which disrupted the global supply chains.
  • The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for corrosion monitoring equipment are gradually going to increase. 
  • This COVID-19 lockdown would help companies think about more advanced corrosion monitoring equipment to enhance efficiency.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Fast-growing end-use industries and increased knowledge of corrosion monitoring techniques are the driving forces for corrosion monitoring market development. Strict government guidelines on occupational health will also propel the corrosion control market in the years to come. In addition, old infrastructure or machinery in ancient industries that leads to metal corrosion would likely drive the corrosion monitoring market. The main market restraints are recognized as lack of adequate regulatory mandates in most Asia Pacific markets, and unawareness among end-use industries.

The global corrosion monitoring market trends are as follows:

Growth in demand for corrosion monitoring in oil & gas industry

In batch processing, where corrosive materials are concentrated due to repetitive cycles, the corrosion control system is important for maintaining safety standards. The oil & gas industry is the key application field for a framework for controlling corrosion. The oil & gas industry consisting of downstream, upstream, and midstream industries, and environmental agencies and regulators are under strict scrutiny for every stream. Hence, theindustry is in emerging needs for a high level of security and safety standards to enhance the longevity of itsproperties, as well as best practices to maintain the corrosion-free climate. The demand for a corrosion monitoring system in the oil & gas industry is essential in specific areas where accidental safety and prevention such as flow line, gathering system, transport pipeline, water injection facilities, vessels, chemical injection system, drilling mud system, etc. are of great importance. In the near future, energy consumption and increased production and exploration of crude oil and increasing downstream demand are expected to drive the market for a corrosion monitoring system.

Surge in use of corrosion monitoring across the globe

Monitoring of corrosion is the important tool against premature degradation including certain safety and environmental problems. Corrosion can have cost penalties caused by the loss of the systems and components in production, repairs and unplanned replaces.In addition to this, the rise in awareness regarding corrosion control and corrosion-related failure is a significant driving force for global market growth.Other key factors for the growth of the corrosion monitoring market include the pipeline industry and refineries. In the coming year, growth in urbanization and use of reinforced concrete structures in construction may also foster the global market for corrosion monitoring. Furthermore, the market leaders such as Permasense, SGS SA, Cosasco, and others have a good brand identity, in both the intrusive and non-intrusive corrosion monitoring industry. Growing Asia-Pacific demand would lead to a change of global majors to the region. It's also anticipated that new and local players will start exploring the growing global corrosion monitoring market.

Key segments covered:

Segments

Subsegments

Type

  • Intrusive Techniques
  • Non-Intrusive Techniques

Technique

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

End User

  • Oil & Gas
  • Chemical
  • Manufacturing

Key benefits of the report:

  • This study presents the analytical depiction of the global corrosion monitoring industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the globalcorrosion monitoring market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global corrosion monitoring systemmarket growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed globalcorrosion monitoring market analysis based on competitive intensity and how the competition will take shape in coming years.

Market scope and structure analysis:

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2019

Forecast period

2021–2027

Forecast units

Value (USD)

Segments covered

Type, Technique, End User, and Region

Regions covered

North America (Canada, Mexico, and U.S.), Europe (France, Germany, UK, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Africa, Latin America, and Middle East)

Companies covered

Major players analyzed areIntertek (U.K.), SGS SA (Switzerland), Cosasco (U.S.), Korosi Specindo (Indonesia), Rysco Corrosion Services (Canada), BAC Corrosion Control (U.K.) Applied Corrosion Monitoring (U.S.), Permasense (U.K.), ICORR Technologies (U.S.), and Pyramid Technical Services (India).

Questions answered in thecorrosion monitoringmarket research report:

  • Which are the leading market players active in the corrosion monitoring market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the corrosion monitoring market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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