North America Corrosion Monitoring Market, By Technique Type (Corrosion Coupons, Electrical Resistance, Linear Polarization Resistance, Galvanic, Ultrasonic Thickness Measurement, Others), Type (Intrusive Techniques and Non-Intrusive Techniques), Method Type (Direct Methods and Indirect Methods), End-User (Oil and Gas, Chemicals/Petrochemical Plants, Pulp and Paper, Manufacturing, Power Generation, Water/Wastewater and LNG, Others) - Industry Trends and Forecast To 2030.
North America Corrosion Monitoring Market Analysis and Size
Reduced accidental risks are made possible by real-time information about the operating circumstances of high-value assets, such as equipment parts, process units, structures, and facilities. In process-intensive industries such as oil and gas, petrochemical, power generation, and others, corrosion monitoring techniques are increasingly used to check aging infrastructure and corrosion-prone equipment to increase efficiency, and decrease replacement costs, equipment downtime, and operational risk.
Data Bridge Market Research analyses that the corrosion monitoring market, valued at USD 32.28 million in 2022, will reach USD 80.05 million by 2030, growing at a CAGR of 12.02% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
North America Corrosion Monitoring Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Technique Type (Corrosion coupons, Electrical resistance, Linear polarization resistance, Galvanic, Ultrasonic thickness measurement, Others), Type (Intrusive Techniques and Non-Intrusive Techniques), Method Type (Direct Methods and Indirect Methods), End-User (Oil and Gas, Chemicals/Petrochemical Plants, Pulp and Paper, Manufacturing, Power generation, Water/Wastewater and LNG, Others)
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Countries Covered
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U.S., Canada and Mexico
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Market Players Covered
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Pepperl+Fuchs (Germany), ClampOn AS. (Norway), Cosasco (U.S.), Emerson Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Baker Hughes Company (U.S.), Crystal Industrial Syndicate Pvt. Ltd. (India), Alabama Specialty Products, Inc. (U.S.), Sphere Construction (U.S.), Rysco Corrosion Services Inc. (Canada), Caproco Ltd. (Canada)
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Market Opportunities
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Market Definition
Corrosion monitoring continuously exposes "probes" to the conditions of the process stream to measure how corrosive they are. Many industries require corrosion monitoring because it increases productivity and decreases downtime. Determining the location, causes, and severity of corrosion is essential to ensuring that operations are dependable and continue. Corrosion testing can identify any non-conforming elements in any alloy that are vulnerable to corrosion and cause significant loss during routine operations. It provides excellent advantages for safety procedures and preventive maintenance. Corrosion facilitates decision-making regarding the lifetime of corrosion-prone objects, techniques for extending the life of the material, and material selection.
Corrosion Monitoring Market Dynamics
Drivers
- Climatic conditions are directly influencing the growth of the market
Environmental factors accelerate the corrosion of metal. The oxygen and electrons on the metal's surface react with the air's moisture content. In general, prolonged exposure to humid air speeds up the corrosive process of metal parts. This type of corrosion is common when the air's moisture content reaches critical humidity or when water can no longer evaporate or be absorbed from the atmosphere. Numerous industries, including geothermal, water treatment, automotive, healthcare, and chemical, constantly need systems to monitor corrosion under insulation. As a result, corrosion and erosion issues are frequent when insulated pipes and vessels come into contact with water or another liquid. The industrial sector is expanding through these climatic conditions, promoting corrosion growth in the insulation monitoring market. As that industry expands, so will the demand for corrosion under insulation (CUI) monitoring.
- Rising energy consumption has increased the corrosion monitoring market growth
With rising energy consumption, crude oil production, and exploration, the demand for corrosion monitoring systems is expected to rise soon. As corrosion monitoring systems play a significant role in industries where accidental safety and obstruction are crucial, the demand for the overall corrosion monitoring market will likely rise in the upcoming years. Flow lines, vessels, drilling mud systems, gathering systems, chemical injection systems, and other things are included, as there are transport pipelines, water injection facilities, gathering systems, and transport pipelines.
Opportunities
- The successful replacement of a remote monitoring system is opening up enormous market growth opportunities
Complex industries, such as oil and gas extraction, necessitate extensive equipment and maintenance. Remote corrosion monitoring is useful in pipelines or oil and gas installations with difficult-to-reach areas. Maintenance personnel faces challenges due to the complexity of their work processes, inaccessible locations due to distance, hostile environments, height, or difficult operating conditions. Manual measurements have flaws that can be overcome by implementing a remote corrosion monitoring system that ensures repeatable and reliable results. The systems also produce high-quality data in an understandable format for non-experts. Remote systems can collect corrosion data on a continuous or periodic basis. When measurement thresholds are exceeded, corrosion management experts evaluate the data and issue an alert. As a result of the expanding advanced corrosion monitoring system, there are enormous market growth opportunities for the product in many industries during the forecast period.
Restraints/Challenges
- The complexity issues may hinder the growth of the current sense amplifier market
The main market restraints are the lack of sufficient regulatory requirements in most markets and awareness among end-user industries. It is anticipated that the difficulty in getting an accurate reading and installing equipment in hazardous environments, the corrosion monitoring market is anticipated to face difficulties during the forecast period. Furthermore, it is anticipated that in the coming years, market demand will be constrained by the process's expensive installation and maintenance costs.
This corrosion monitoring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the corrosion monitoring market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In 2021 – Emerson unveiled a complete suite of digital corrosion and erosion monitoring solutions. Operators can push plants to their limits while preventing costly incidents using a fully integrated software suite and service solutions for monitoring corrosion and erosion.
- In 2021 –Saudi Aramco energy ventures funded the corrosion radar technology for anticipating corrosion. With the money, corrosion radar grew its business and used digitalization to solve operational problems like corrosion under insulation (CUI) and others.
- In 2019 – Pepperl+Fuchs introduced Corrtran aqua, a system created especially to meet the corrosion monitoring requirements of municipal and industrial water and wastewater treatment facilities.
- In 2018 – The Roxar FSM log 48 area corrosion monitor, a pipeline integrity management system, was made available by Emerson. This is specially made to help operators track corrosion and offer affordable pipelines even in difficult environments. This new system can monitor a significant portion of the pipeline and accurately detect corrosion.
North America Corrosion Monitoring Market Scope
The corrosion monitoring market is segmented on the basis of by technique type, type, method type and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
By Technique Type
- Corrosion coupons
- Electrical resistance
- Linear polarization resistance
- Galvanic
- Ultrasonic thickness measurement
- Others
Type
- Intrusive Techniques
- Non-Intrusive Techniques
Method Type
- Direct Methods
- Indirect Methods
End-User
- Oil and Gas
- Chemicals/Petrochemical Plants
- Pulp and Paper
- Manufacturing
- Power generation
- Water/ Wastewater and LNG
- Others
Corrosion Monitoring Market Regional Analysis/Insights
The corrosion monitoring market is analysed and market size insights and trends are provided by technique type, type, method type and end-user as referenced above.
The countries covered in the corrosion monitoring market report are U.S., Canada and Mexico
The U.S. dominates the market and will continue to flourish its trend of dominance during the forecast period in the region of North America. The major factors attributable to the region's dominance are the growing oil consumption, which has increased oil refiners and monitoring tools for avoiding corrosion as corrosion increases the company's maintenance cost.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Corrosion Monitoring Market Share Analysis
The corrosion monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to corrosion monitoring market.
Some of the major players operating in the corrosion monitoring market are:
- Pepperl+Fuchs (Germany)
- ClampOn AS. (Norway)
- Cosasco (U.S.)
- Emerson Electric Co. (U.S.)
- Honeywell International, Inc. (U.S.)
- Baker Hughes Company (U.S.)
- Crystal Industrial Syndicate Pvt. Ltd. (India)
- Alabama Specialty Products, Inc. (U.S.)
- Sphere Construction (U.S.)
- Rysco Corrosion Services Inc. (Canada)
- Caproco Ltd. (Canada)
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