Global Corrosion Monitoring System Market 2017-2021
About Corrosion Monitoring System
Corrosion monitoring is a vital part of maintaining awareness of the condition and service life of industrial systems and assets. A corrosion monitoring system includes hardware (probes, sensors, and other monitoring devices), software, and services. The global corrosion monitoring system market is segmented based on type, namely the intrusive and non-intrusive corrosion monitoring systems. End-users of this market are industries such as oil and gas, chemical, power generation, and others, which are providing a positive impact toward the growth of this market.
Technavio’s analysts forecast the global corrosion monitoring system market to grow at a CAGR of 10.68% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global corrosion monitoring system market for 2017-2021. To calculate the market size, the report considers the sales, retrofit, replacement, and services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Corrosion Monitoring System Market 2017-2021
Technavio recognizes the following companies as the key players in the global corrosion monitoring system market: ClampOn, Emerson, Honeywell, Intertek, SGS Group.
Other Prominent Vendors in the market are: Aquarius Technologies, Alabama Specialty Products, Applied Corrosion Monitoring, BAC Corrosion Control, Buckleys (UVRAL), ChemTreat, Circul-Aire, Cosasco, Huguenot Laboratories, ICORR Technologies, Korosi Specindo, PYRAMID TECHNICAL SERVICES, and RYSCO Corrosion Services.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing potential in emerging economies. In emerging economies, many businesses are small and medium scale. In most cases, they cannot fully incorporate corrosion monitoring systems with sensor devices for manufacturing and other business activities. This is because the capital investment required for the procurement of corrosion monitoring systems is high. In recent years, with the increasing availability of online corrosion monitoring systems coupled with some reduction in the cost of such monitoring activities, there has been a substantial increase in the penetration of monitoring devices for quality assurance.”
According to the report, one of the major drivers for this market is increased use of wireless technology for corrosion monitoring. The corrosion monitoring system is an essential component of many industries that helps in increasing the productivity and decreasing the downtime. It enables the diagnosis of corrosion and change in parameters such as vibration, heat, and leak and oil analysis, which in turn helps in detecting problems early. Data collection instruments are of two types, namely online and offline monitoring systems, where data can be collected and stored automatically and manually according to the respective corrosive monitoring system. Online corrosion monitoring can be achieved through wired and wireless technologies.
Further, the report states that one of the major factors hindering the growth of this market is high cost of repair and replacement. Corrosion affects industries on a daily basis and causes damage to the equipment, machinery, pipelines, and materials. Corrosion is prevalent in aging infrastructure where repairs and replacements are highly required. The repairs and replacements costs are high in industries, such as oil and gas, marine, and power generation, where extreme and harsh environment persist. The corrosion monitoring system is easy to be installed for a greenfield project. However, it is difficult to be repaired and replaced as it is expensive and constitutes high labor cost. In addition, the lifetime of the industrial asset is not predictable.
ClampOn, Emerson, Honeywell, Intertek, SGS Group, Aquarius Technologies, Alabama Specialty Products, Applied Corrosion Monitoring, BAC Corrosion Control, Buckleys (UVRAL), ChemTreat, Circul-Aire, Cosasco, Huguenot Laboratories, ICORR Technologies, Korosi Specindo, PYRAMID TECHNICAL SERVICES, and RYSCO Corrosion Services.
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