Global Corrosion Monitoring System Market - 2022-2029

Global Corrosion Monitoring System Market - 2022-2029

Market Overview

Corrosion Monitoring System Market is expected to grow at a CAGR of 9.1% during the forecast period (2022-2029).

The practice of corrosion monitoring includes evaluating and checking for corrosion in equipment parts, buildings, process units and facilities. The monitoring system aims to spot specific issues to increase safety and lower replacement costs while extending the life and serviceability of assets. The corrosion monitoring system covers all forms of corrosion and materials.

The main benefit of a corrosion monitoring system is the ability to spot early corrosion warning indicators and identify trends and processing factors that could lead to corrosive conditions. Temperature, pressure, pH and other processing factors may need to be changed. In order to assess if different inspection and monitoring procedures should be used, corrosion monitoring also measures the efficacy of corrosion prevention strategies.

Furthermore, A corrosion monitoring system offers various advantages to any equipment parts, buildings, process units and facilities by providing an early warning that damaging process conditions exist, which may result in a corrosion-induced failure. The system examines the relationship between modifications to process variables and their impact on system corrosivity. It also gives management information on the plant's ongoing status and maintenance needs.

Market Dynamics

Improving demand for corrosion monitoring systems in various end-user industries has created huge market growth potential for the product

Improving demand for corrosion monitoring systems in various end-user industries has created huge market growth potential for the product

The corrosion monitoring system has shown immense demand in various industries such as oil and gas. The oil and gas sector is the primary application of a framework for managing corrosion. Environmental agencies and regulators closely monitor each stream of the oil and gas industry, which consists of downstream, upstream and midstream companies. As a result, the industry is beginning to realize the need for strong security and safety standards to extend the life of its properties and for best practices to maintain a corrosion-free environment. In particular, areas where accidental safety and prevention are crucial, such as flow lines, gathering systems, transport pipelines, water injection facilities, vessels, chemical injection systems, drilling mud systems, etc., the need for a corrosion monitoring system in the oil and gas industry, is essential.

Furthermore, Corrosion monitoring systems are now being used more and more in various huge infrastructures, including pipelines, refinery facilities, offshore structures, bridges, buildings, etc., as well as in electronic devices, instrument panels, big computers, and biological implants. For instance, online corrosion monitoring systems may be used in chemical plants as a process control tool to ensure safe operation and prevent process disturbances. In order to forecast aluminum corrosivity activity, corrosion monitoring systems may be installed in an airplane. These systems take measurements of air and surface temperatures, relative humidity, solution resistance and polarisation resistance. Thus, to assure the continuing operation of the equipment for extended periods, supercomputers may monitor the corrosion of electrical components.

Since the corrosion of some implants may provide a danger of toxicity due to the release of metals into the patient's body, the implants in humans may be monitored by routinely analyzing the nickel concentration in urine. Thus, the application mentioned above of corrosion monitoring system generates the demand for the product, leading to accelerated market growth in the forecast period.

The remote monitoring system efficiently replaced the manual corrosion monitoring system leading to creating huge market growth opportunities in the forecast period

Operations in complex industries like oil and gas extraction necessitate extensive equipment and upkeep. Remote corrosion monitoring is especially useful for difficult-to-reach areas in oil and gas installations or pipelines. Maintenance employees face difficulties because of the complexity of their procedures, inaccessible locations due to distance, hostile settings, height or difficult operating circumstances.

In order to overcome these obstacles, it may be necessary to shut down the industrial facility or, at the very least, remove insulation covers or install temporary scaffolding. Additionally, manually tracking corrosion can occasionally misread the results, particularly if several measurements are made over time in slightly different locations on the metal. Therefore, manual corrosion monitoring may result in inaccurate data, have a negative impact on productivity and be difficult or impractical in particular places.

Adopting a remote corrosion monitoring system ensures repeatable and reliable results and the issues with manual measurements can be resolved. Additionally, the systems produce high-quality data in a straightforward format that non-experts can understand. Corrosion data can be gathered constantly or at predetermined intervals by remote systems. Corrosion management specialists evaluate the data and when measurements go above thresholds, they issue an alert.

Thus, growing advanced corrosion monitoring system creates huge market growth potentials for the product to grow in various industries in the forecast period.

COVID-19 Impact Analysis

The COVID-19 outbreak has significantly influenced the global corrosion monitoring system market. An overall global slowdown in new projects has resulted in a drop in demand for analog semiconductors. Due to workers staying at home, it has been difficult for multinational firms to integrate new corrosion monitoring systems, which has disrupted supply chains all around the globe.

Only the production and supply chain is stalled; therefore, COVID-19's effects on this market are only temporary. Production, supply chains and demand for corrosion monitoring equipment will all progressively rise as soon as the situation improves.

Segment Analysis

The global corrosion monitoring system market can be segmented on type, technique, component, method, end-user and region.

Corrosion coupons are growing at a significant rate due to simple and easy monitoring of the system

Based on technique, the global corrosion monitoring system market is segmented into corrosion coupons, linear polarization resistance, galvanic electrical resistance, ultrasonic thickness measurement and others. Corrosion coupons hold a significant position in the corrosion monitoring systems market. The simplest type of corrosion monitoring used in any setting is corrosion coupon (or mass loss coupon) testing (e.g., gases, fluids and slurries). The process entails exposing a material sample (the coupon) to a process environment for a predetermined time before extracting the sample for analysis.

Weight loss is the fundamental measurement obtained from corrosion coupons; the corrosion rate is given as the weight loss over the exposure duration. Thus, for relatively brief exposures and inadequately characterized exposure circumstances, the majority of data for alloy corrosion in high-temperature gases are given in terms of weight change/area. However, the decision-making process for equipment design and operation must take metal loss into account directly.

Geographical Analysis

Asia-Pacific currently holds a monopoly on the corrosion monitoring market owing to the availability of developing nations like China and India

The market in Asia-Pacific is expected to develop at the fastest rate and continue to dominate through 2021. Asia-Pacific currently holds a monopoly on the corrosion monitoring market owing to the availability of developing nations like China and India. In these nations, industrial activity is expanding and end-use sectors are putting a greater emphasis on asset protection and loss minimization.

Furthermore, Due to an increase in shale gas development operations throughout the forecast period, the North American region is anticipated to hold onto its market position in the worldwide corrosion monitoring market. A similar trend in the corrosion monitoring market in North America is anticipated to be supported by the expansion of stabilizing chemical production businesses. It is anticipated that rising investments in the chemical and oil & gas industries in response to strict safety requirements will propel the corrosion monitoring market.

Competitive Landscape

The corrosion monitoring system market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are Intertek, Korosi Specindo, Rysco Corrosion Services, SGS SA, Cosasco, BAC Corrosion Control, Applied Corrosion Monitoring, Permasense, ICORR Technologies, Pyramid Technical Services and others.

The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the global corrosion monitoring system's global market growth.

In 2017, Purafil launched its new active corrosion monitoring product, the OnGuard Smart. By adding a room pressure sensor and Wi-Fi capabilities, the OnGuard Smart expands on the capabilities of the OnGuard 4000. It offers a comprehensive picture of the surrounding area's air quality with various connectivity possibilities.

Intertek

Overview: Intertek Group plc is a global assurance, inspection, product testing and certification company based in London, England. It is a part of the FTSE 100 Index and is traded on the London Stock Exchange. The largest consumer products tester in the world, Intertek Consumer Goods and Retail, has a network of more than 1,000 laboratories spread over 100 nations.

Over 42,000 people work for the corporation in over 1,000 locations in over 100 countries, including sizable offices and testing facilities in New York City, London and Hong Kong.

Product Portfolio:

Corrosion Monitoring Consultancy: Intertek is an independent corrosion monitoring consultancy and the company offers services with over forty years of experience. The company offers advice on how corrosion monitoring can fit into general design principles and safe operations plans, giving you the peace of mind that your assets and processes will be ready for routine and ad hoc inspections.

Key Development:

On 2019, Intertek announced to expand Sharjah Corrosion Facility. Intertek expands Sharjah Corrosion Facility, which assists clients in Kuwait, Oman, UAE and Saudi in delivering enhanced services for 'sour' corrosion testing.

Why Purchase the Report?
• Visualize the corrosion monitoring system market segmentation by type, technique, component, method, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the corrosion monitoring system market by analyzing trends and co-development deals.
• Excel data sheet with thousands of corrosion monitoring system market-level 4/5 segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global corrosion monitoring system market report would provide approximately 77 market data tables, 75 figures and 207 pages.

Target Audience 2022
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers
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