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Revenue Growth Is Fueled by Non-intrusive Corrosion Monitoring
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The corrosion monitoring plays a vital role in several industries and assists in raising productivity and decreasing the downtime. There is a clear shift from intrusive corrosion monitoring techniques to non-intrusive corrosion monitoring technique. This is mainly due to the inherent disadvantages related to safety in intrusive corrosion monitoring. The market has been broadly segmented by product into intrusive corrosion monitoring—electrical resistance (ER) probes, linear polarization resistance (LPR) probes, and corrosion coupons and non-intrusive corrosion monitoring—permanently installed ultrasonic sensors that are used to measure wall thickness and correlate thickness information to corrosion. More than 80% of the total corrosion monitoring market revenue is derived from the oil & gas industry. Low oil prices are restraining the upstream and midstream oil & gas segments of the market. During the next 7 years, the software services segment is expected to grow at a CAGR of 21.3%, whereas the hardware segment is likely to grow by 10.6%. Asia-Pacific, specifically India, China, Vietnam, and South Korea, provides the highest growth opportunities in the global corrosion monitoring market. In addition, there are growth opportunities in the Middle East, with Saudi Arabia and the United Arab Emirates (UAE) as the most important markets. The investment in new infrastructure projects, especially in the oil & gas industry, has taken a back seat globally. This is due to the instability of price in the oil & gas industry. As a result, end users are maximizing the profitability of the existing assets. They want to extend the life of existing plants, which will drive the corrosion monitoring market. Over the last few years, there has been no major investment or cost saving projects. Despite this, the market for corrosion monitoring solutions is growing significantly higher than the industry growth due to the kind of impact it is creating in the existing plants. The most common challenge with aging infrastructure is corrosion, and this is leading to the increasing demand for corrosion monitoring solutions.
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