The Global Corrosion Monitoring Market Size in 2022 was USD 312.6 Million, Market Value set to reach USD 879.9 Million at 11.1% CAGR by 2032

Corrosion Monitoring Market Overview

The corrosion monitoring market is a dynamic and rapidly growing industry that is driven by increasing demand for corrosion-resistant materials and the growing awareness of the importance of corrosion monitoring to prevent equipment failure and downtime. Corrosion monitoring involves the use of advanced technologies such as ultrasonic testing, radiography, and thermography to detect and monitor the degradation of materials caused by corrosion.

The market can be segmented by technology, end-use industry, and geography. Non-intrusive techniques such as ultrasonic testing and thermography are gaining popularity due to their ease of use and lower cost compared to intrusive techniques. The oil gas industry is the largest end-use segment for corrosion monitoring due to the high cost of equipment failure and downtime in this industry. The Asia-Pacific region is the largest as well as the fastest rising region in the corrosion monitoring market, driven by the increasing demand for infrastructure development in emerging economies like China and India.

Corrosion Monitoring Market Research Report Highlights and Statistics

• The global Corrosion Monitoring market size in 2022 stood at USD 6 Million and is set to reach USD 879.9 Million by 2032, growing at a CAGR of 11.1%
• The oil gas sub-category accounted for about 35% of the total market share in 2022, based on end-use industry.
• The value of the corrosion monitoring market in the Asia-Pacific region reached nearly USD 110 million in 2022.
• The non-intrusive technique sub-category produced over US$ 184 million in revenue in 2022.
• The Asia-Pacific corrosion monitoring market is expected to grow at a compound annual growth rate (CAGR) of more than 12% between 2023 and 2032.

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Trends in the Corrosion Monitoring Market

• High adoption of wireless sensors and IoT technology in corrosion monitoring systems to provide real-time data and enhance the effectiveness of corrosion prevention and control.
• Demand for non-destructive testing (NDT) techniques like electromagnetic testing, eddy current testing, and magnetic particle inspection for corrosion monitoring applications.
• Emergence of advanced coatings and materials that are designed to resist corrosion in harsh environments, like high-temperature and high-pressure conditions.
• Increasing focus on developing corrosion monitoring systems that are compatible with a wide range of materials, including composites and advanced alloys.
• Growing popularity of ultrasonic thickness testing (UTT) for corrosion monitoring in various industries, including marine, aerospace, and construction.
• Rising demand for remote monitoring and control of corrosion prevention systems to reduce the need for manual intervention and increase efficiency.

Market Dynamics

• Increasing use of corrosion-resistant alloys (CRA) in various industries, including oil and gas, chemical processing, and aerospace, to extend the lifespan of equipment and reduce maintenance costs.
• Growing adoption of cathodic protection techniques, such as sacrificial anodes and impressed current systems, for corrosion prevention in pipelines and other infrastructure.
• Emergence of smart corrosion sensors that can detect and analyze multiple parameters related to corrosion, including pH, temperature, and humidity.
• Growing awareness of the importance of corrosion monitoring in preventing environmental damage and preserving natural resources, particularly in the oil and gas industry.
• Increasing demand for corrosion monitoring services, driven by the need for specialized expertise and advanced equipment.
• Rising use of drones and other unmanned aerial vehicles (UAVs) for corrosion monitoring and inspection in difficult-to-reach areas.
• Growing focus on developing corrosion monitoring systems that are compliant with industry standards and regulations, like NACE (National Association of Corrosion Engineers) and API (American Petroleum Institute) standards.

Growth Hampering Factors in the market for Corrosion Monitoring

• High cost of implementing corrosion monitoring systems, including the cost of equipment, installation, and maintenance, which can limit adoption in some industries and applications.
• Limited availability of trained personnel with specialized expertise in corrosion monitoring and prevention, which can limit the implementation of effective corrosion control strategies.
• Complexity of corrosion monitoring systems and the need for specialized software and hardware, which can increase the time and cost required for installation and maintenance.
• Limited compatibility of some corrosion monitoring technologies with certain materials,like composites and advanced alloys, which can limit their usefulness in certain applications.
• Difficulty in accessing and maintaining corrosion monitoring systems in remote or offshore locations, which can limit their usefulness in some industries and applications.
• Inadequate infrastructure and support for corrosion monitoring and prevention in some industries and applications, which can limit the effectiveness of control strategies.
• Difficulty in detecting and monitoring corrosion in certain environments, such as those with high temperatures, high pressure, or corrosive chemicals, which can limit the effectiveness of some corrosion monitoring technologies.

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Market Segmentation

By Type

• Non-Intrusive
• Intrusive

By Technique of corrosion monitoring

• Manufacturing
• Power Generation
• Linear Polarization Resistance
• Ultrasonic Thickness Measurement
• Electrical Resistance

End User

• Manufacturing
• Chemicals
• Water Treatment
• Power Generation
• Marine
• Aerospace and Defense
• Oil and Gas
• Others

Corrosion Monitoring Market Overview by Region

• The Asia-Pacific region’s Corrosion Monitoring Market share is the fastest rising as well as the largest, driven by the increasing demand for infrastructure development in emerging economies such as China and India. The region is home to many leading corrosion monitoring technology providers, such as Korosi Specindo, CORROCONT Ltd., and Corrosion Control Engineering Pty Ltd. Additionally, the increasing adoption of advanced technologies, such as wireless sensors and IoT, in the region is expected to drive growth in the corrosion monitoring market.
• North America’s Corrosion Monitoring market share is one of the highest globally, driven by the high demand for corrosion-resistant materials and the large number of industries that require corrosion monitoring services. The region is home to many leading corrosion monitoring technology providers, such as Honeywell International Inc., Emerson Electric Co., and AZZ Inc. Additionally, the presence of several regulatory bodies, such as NACE International, the American Petroleum Institute (API), and the Pipeline and Hazardous Materials Safety Administration (PHMSA), has led to the development of strict standards and regulations for corrosion monitoring in the region.
• Europe is another key market for Corrosion Monitoring, driven by the presence of several major industries, including chemical processing, automotive, and aerospace. The region is home to many leading corrosion monitoring technology providers, such as SGS S.A., TÜV Rheinland Group, and Applus+ Velosi. Additionally, the European Union (EU) has implemented strict environmental regulations that require industries to monitor and control corrosion to prevent environmental damage and preserve natural resources.
• The South American and MEA regions have a growing Corrosion Monitoring market share.

Corrosion Monitoring Market Key Players

Key players in the market include Emerson Electric Co., Honeywell International Inc., ABB Ltd., AZZ Inc., SGS S.A., TÜV Rheinland Group, Applus+ Velosi, Korosi Specindo, CORROCONT Ltd., Cortec Corporation, DuPont de Nemours, Inc., Gulf Coast Environmental Systems, Intertek Group plc, Bureau Veritas S.A., Acuren Inspection Inc., MISTRAS Group, Inc., WSP Global Inc., Intertek Group plc, and T.D. Williamson, Inc.

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