Corrosion Monitoring Market Size Estimated to Reach $3.1 Billion by 2026

Increasing Demand for Power Generation Driving the Growth of Corrosion Monitoring Market.

Hyderabad, India – July 24, 2021 /MarketersMedia/ —

Corrosion Monitoring Market size is estimated to reach $3.1 billion by 2026 at a CAGR 8.5% during the forecast period 2021-2026. The growth of Corrosion Monitoring Market is majorly attributed to increasing investments in inspection and continuous monitoring techniques for gaining real-time insights about the operational conditions of high-value assets including equipment component, process units, structures and facilities to mitigate accidental risks in harsh operating environment. Increasing adoption of corrosion monitoring techniques such as corrosion coupons, electrical resistance, galvanic monitoring in oil & gas, petrochemical, power generation and other process-intensive industries for checking aging equipment and corrosion prone infrastructure to increase efficiency, reduce replacement costs, equipment downtime and operational risk is analyzed to augment the Corrosion Monitoring Market during 2021-2026.

Corrosion Monitoring Market Segment Analysis – By Technique

By technique, Corrosion Monitoring is segmented under Corrosion coupons, Electrical Resistance, Linear Polarization Resistance, Galvanic monitoring, Ultrasonic thickness measurement, Biological monitoring, Hydrogen penetration monitoring and others. Corrosion Coupons dominated the market in 2020 acquiring a share of 16.5% and is estimated to dominate the market during 2021-2026 with a CAGR 6.9% due to the rising demand of this cost-effective predictive maintenance tool against premature degradation of assets extending the life of material. In April 2021 Qatar Foundation, Research, Development and Innovation announced to develop a smarter version of corrosion coupons embedded sensor to monitor the integrity in pipelines. Such developments are anticipated to steer the market between 2021 and 2026.

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Corrosion Monitoring Market Segment Analysis – By Industry Vertical

By industry vertical, Corrosion Monitoring Market is segmented under Oil & gas, Petrochemical, Power, Utility, Mining, Construction, Chemical, Pharmaceutical, Food & Beverages and Others. Oil & Gas held the largest market share in 2020 and is estimated to witness low growth with a CAGR 3.3% during 2021-2026 due to increasing demand for Corrosion Monitoring systems to modernize and upgrade aging infrastructure and components through continuous monitoring and predictive maintenance tools for optimizing plant efficiency and productivity, reducing unanticipated downtime and equipment failure, lowering maintenance costs while minimizing operational risks. Corrosion monitoring system is adopted in areas including transport pipeline, chemical injection system, flow line, vessels, drilling mud system, gathering system, water injection facilities where the probability of accidental risks are very high. Power generation sector is anticipated to be the fastest growing market with a CAGR 10.0% due to unprecedented upsurge in electricity supply accelerated by heavy industrialization and urbanization.

Corrosion Monitoring Market Segment Analysis – By Geography

By Geography, Corrosion Monitoring market is segmented under North America, Europe, APAC, South America and RoW. APAC dominated the market in 2020 acquiring a share of 36.5% and is estimated to account for the largest market share with the fastest growing CAGR 9.9% during the forecast period 2021-2026 owing to the emerging economy and rising investments towards maintenance and monitoring of ageing infrastructure to control accidental risks. South-east Asia is estimated to be the hot-zone for establishing manufacturing hubs during 2021-2026 and thus contributing to the growth of the market. In April 2021, China announced US$ 400 billion strategic and economic partnership agreement with China to strengthen petrochemical and oil & gas sectors. Such partnerships are anticipated to boost the market growth from 2021 to 2026.

Corrosion Monitoring Market Drivers

Increasing demand for power generation

Increasing penetration of industry 4.0 and rapid urbanization have accelerated the demand for continuous electricity supply and thus boosting the market growth. Rising demand for continuous monitoring of aging infrastructure for optimizing electricity efficiency reducing losses has contributed to the growth of the market. The rapid technological advancements such as supervisory control and data acquisition (SCADA) systems with the rising developments of smart sensors is analyzed to significantly trigger the market growth.

Rising awareness to mitigate corrosion related accidents in oil & gas industries

Increasing demand for Corrosion Monitoring systems in oil & gas refineries to reduce or mitigate accidental risks due to pipelines or storage tank failure is driving the market. Increasing integration of IoTs with corrosion monitoring techniques to increase productivity reducing downtime has contributed to the growth of the market. Rising adoption of several sensor devices incorporated onto data acquisition system leveraging wireless communication to provide unisons among all associated systems for gathering real time in-situ information about components vulnerable to corrosion is propelling the growth of the market.

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Corrosion Monitoring Market Landscape
Corrosion Monitoring top 10 companies include Intertek Group PLC, SGS S.A., Applied Corrosion Monitoring Ltd., BAC Corrosion Control Ltd., Parmasense Ltd., ICORR Technologies, Rysco Corrosion Services, Pyramid Technical Services, Corrpro Companies Inc., Korosi Specindo among others.

Key Takeaways

APAC is estimated to dominate the market during 2021-2026 owing to emerging economy and high investments in up-gradation of ageing infrastructure through continuous monitoring.

Increasing demand for power generation and increasing awareness about mitigating accidental risks in oil & gas industries are augmenting the market.

Corrosion coupon segment is analyzed to dominate the market during the forecast period 2021-2026 owing to cost efficient solutions.

Oil & gas is anticipated to dominate the market between 2021 and 2026 owing to rising demand of corrosion monitoring solutions for wide range of applications where accidental safety is highly significant.

High capital expenditure is one of the challenges impeding the market growth.

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