Global Corrosion Monitoring Market, Forecast to 2025

Global Corrosion Monitoring Market, Forecast to 2025

Revenue Growth Is Fueled by Non-intrusive Corrosion Monitoring

RELEASE DATE
14-May-2019
REGION
Global
Research Code: K2D2-01-00-00-00
SKU: TM00584-NA-MR_23115
$4,950.00
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Description

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.

Key Issues Addressed

  • How fast is the corrosion monitoring market growing and why? What is the rate at which the market will grow in the short, medium, and long terms?
  • What are the strategic growth regions and the factors driving and restraining the corrosion monitoring market?
  • How is the growth compared between intrusive corrosion monitoring and non-intrusive corrosion monitoring? How is the market growth compared between hardware and services?
  • What are the key growth opportunities in the corrosion monitoring market?
  •  Which are some of the end-user verticals, besides oil & gas that will experience growth?

Table of Contents

Key Findings

Market Engineering Measurements

CEO’s Perspective

Market Definitions

Market Definitions (continued)

Market Definitions (continued)

Key Questions this Study will Answer

Market Segmentation

Market Segmentation (continued)

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast Discussion

Hardware Versus Software Services Revenue Forecast

Hardware Versus Software Services Revenue Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Revenue Forecast by Vertical Market

Revenue Forecast Discussion by Vertical Market

Market Share

Market Share Analysis

Market Share Analysis (continued)

Competitive Environment

Top Competitors

Competitive Factors and Assessment

Growth Opportunity 1—Penetration in Emerging Economies

Growth Opportunity 2—Support and Services

Strategic Imperatives for Success and Growth

Key Findings

Market Engineering Measurements

Revenue Forecast

Revenue Forecast Discussion

Revenue Forecast by Vertical Market

Revenue Forecast Discussion by Vertical Market

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Competitive Environment

Key Findings

Market Engineering Measurements

Revenue Forecast

Revenue Forecast Discussion

Revenue Forecast by Vertical Market

Revenue Forecast Discussion by Vertical Market

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Competitive Environment

The Last Word—3 Big Predictions

Legal Disclaimer

Market Engineering Methodology

Additional Sources of Information on NDT Market

List of Companies in “Others”

List of Exhibits

List of Exhibits (continued)

Related Research
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.--BEGIN PROMO--

Key Issues Addressed

  • How fast is the corrosion monitoring market growing and why? What is the rate at which the market will grow in the short, medium, and long terms?
  • What are the strategic growth regions and the factors driving and restraining the corrosion monitoring market?
  • How is the growth compared between intrusive corrosion monitoring and non-intrusive corrosion monitoring? How is the market growth compared between hardware and services?
  • What are the key growth opportunities in the corrosion monitoring market?
  •  Which are some of the end-user verticals, besides oil & gas that will experience growth?
More Information
No Index No
Podcast No
Author Aravindhan Pillai Parthiban Rohinidevi
Industries Test and Measurement Instrumentation
WIP Number K2D2-01-00-00-00
Is Prebook No
GPS Codes 9404-A5,9594,9426