Global Corrosion Monitoring Market Overview
The Corrosion Monitoring Market Size was estimated at 11.15 (USD Billion) in 2022. The Corrosion Monitoring Industry is expected to grow from 11.79 (USD Billion) in 2023 to 19.5 (USD Billion) by 2032. The Corrosion Monitoring Market CAGR (growth rate) is expected to be around 5.75% during the forecast period (2024 - 2032).
Key Corrosion Monitoring Market Trends Highlighted
Key market drivers for corrosion monitoring include the increasing demand for corrosion protection in various industries, including oil and gas, chemicals, and infrastructure. The growing awareness of the economic and safety impacts of corrosion is also driving demand.
Opportunities exist in the development of advanced corrosion monitoring technologies, such as wireless and remote monitoring systems. These technologies offer real-time monitoring and data analytics, enabling better decision-making and preventive maintenance.
Additionally, there is a growing demand for corrosion monitoring services in emerging markets, particularly in regions experiencing rapid industrialization and infrastructure development.
Recent trends in the corrosion monitoring market include the adoption of data analytics and artificial intelligence (AI) for corrosion prediction and prevention. This trend is expected to continue as data analysis capabilities improve.
Additionally, there is a growing focus on non-destructive testing (NDT) methods for corrosion monitoring, which offer advantages such as portability and real-time inspection.
The market is also witnessing increasing collaboration between corrosion monitoring solution providers and end-users to develop customized solutions tailored to specific industry requirements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Monitoring Market Drivers
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Rising Demand for Corrosion Monitoring in Infrastructure
Various kinds of infrastructure assets – including bridges, buildings, and pipelines – are continuously exposed to various corrosive features, such as moisture, chemicals, or pollutants.
The constant exposure can lead to the deterioration of asset structures, severe damage, and subsequent decreasing lifespans. Corrosion monitoring is essential for the process of identifying and mitigating risks, as these tools provide real-time data on the activity that occurs.
As an effect, with the advanced corrosion monitoring systems, infrastructure owners can ensure preemptive handles over the corrosion and prolong the lifespan of assets, safeguarding public security.
The growing emphasis on infrastructure development and maintenance across the globe is likely to increase the demand for one of the solutions of such nature.
Advancements in Corrosion Monitoring Technologies
The Corrosion Monitoring Market is currently undergoing an innovation trend, embracing the adoption of corrosion monitoring technologies such as non-destructive testing, wireless sensors, and data analytics.
Non-destructive testing implies carrying out testing and inspection of structures and equipment without causing any damage to the material.
Under this testing method, radiography or ultrasonic testing, for instance, is conducted to image the structure, pipeline, or tank inspected.
Sensors, in turn, are capable of actualizing stopcocks monitoring of the activity of corrosion besides reducing the necessity of manual inspections.
Finally, data analytics ingests and analyses the data on corrosion to find patterns and predict rates of corrosion as well as maintain labor and material costs.
Increasing Environmental Regulations and Standards
Governments worldwide are implementing stricter environmental regulations and standards to reduce the impact of corrosion on the environment and human health.
These regulations focus on controlling the discharge of corrosive substances into the environment and promoting the use of corrosion-resistant materials.
The increasing regulatory pressure is expected to drive the demand for corrosion monitoring solutions in various industries, such as chemical processing, energy, and manufacturing.
Corrosion Monitoring Market Segment Insights
Corrosion Monitoring Market Sensor Type Insights
The Corrosion Monitoring Market is segmented by Sensor Type into Electrical Resistance Sensors, Electrochemical Sensors, Acoustic Emission Sensors, Ultrasonic Sensors, and Radio Frequency Identification Sensors.
The Electrical Resistance Sensors held the largest share of the market in 2023 and are expected to remain the most prominent segment of the market through the year 2032.
They are commonly used in numerous industries since they can measure the corrosion rate of materials and provide highly accurate results avoiding deviations of the critical measures.
The Electrochemical Sensors are forecast to observe a significant rise over the period under consideration as they have the capacity to continuously detect and monitor the presence of corrosion.
Their use is becoming increasingly common in the oil and gas industry as it becomes possible to monitor the pipelines and other facilities for the presence of corrosion and contamination.
The Acoustic Emission Sensors are expected to register similarly high growth rates over the said period as they are utilized for the purpose of real-time detection and location of corrosion.
These sensors are best suited for monitoring the presence of corrosion in pipelines and large structures.
The Ultrasonic Sensors are to observe steadier growth over the said period, as they can detect and assess corroding in a wide range of mediums and products, often used in aerospace and automobile industries.
The Radio Frequency Identification Sensors are likely to be the next breakout component of the market as they can track corrosion and what caused it in real time in hard-to-reach and remote locations.
This growth trend is primarily due to the increasing demand for solutions that monitor corrosion in several industries, including oil and gas, chemical processing, and others.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Monitoring Market Vertical Insights
The Corrosion Monitoring Market is segmented by industry vertical into Oil and Gas, Chemical and Petrochemical, Power Generation, Water and Wastewater Treatment, Mining, and Transportation. Oil and Gas are expected to hold the largest share of the market in 2023.
It is a significant industry vertical based on the wide adoption of pipelines, storage tanks, and other infrastructure susceptible to general and localized corrosion attacks.
Chemical and Petrochemicals are also expected to hold a hefty share, considering the demand for a program to monitor the production, storage, and transportation of highly corrosive chemicals.
Power Generation is also forecasted to experience a steady rise due to the legalization of aging coal-fired power plants and the push for operational efficiency.
Water and Wastewater Treatment is also up for growth because municipal and industrial facilities are starting to put corrosion monitoring programs in their utility systems for water infrastructure protection and to maintain water quality.
Mining is expected to increase moderately because miners are finding ways to extend the life of mining equipment and maximize the use of these corrosive substances.
Transportation is the other vertical likely to experience growth since the use of lightweight materials is increasing, and the push for safety is prompting the need to monitor corrosion with various solutions and equipment.
Corrosion Monitoring Market Application Insights
The Corrosion Monitoring Market segmentation by Application comprises Internal Corrosion Monitoring, External Corrosion Monitoring, Hydrogen-Induced Cracking Detection, Stress Corrosion Cracking Detection, and Pitting Corrosion Monitoring.
The internal Corrosion Monitoring segment is expected to dominate the Corrosion Monitoring Market by application in 2023. Internal Corrosion Monitoring is a technique used to detect and monitor corrosion within pipelines, vessels, and other industrial equipment.
The increasing demand for internal corrosion monitoring solutions is attributed to the rising awareness of the need to maintain the integrity and safety of critical infrastructure, such as oil and gas pipelines, water distribution systems, and chemical processing plants.
For instance, the Corrosion Monitoring Market revenue for Internal Corrosion Monitoring is projected to reach USD 4.2 billion by 2024, exhibiting a CAGR of 5.7% during the forecast period.
Corrosion Monitoring Market Corrosion Monitoring Service Type Insights
The Corrosion Monitoring Market segmentation by service type includes on-site corrosion monitoring, remote corrosion monitoring, corrosion data analysis and interpretation, and corrosion mitigation consulting.
On-site corrosion monitoring involves deploying sensors and equipment directly on the asset to collect real-time data.
Remote corrosion monitoring utilizes sensors and devices that transmit data wirelessly to a central location for monitoring and analysis. Corrosion data analysis and interpretation services provide insights and recommendations based on the collected data to optimize corrosion management strategies.
Corrosion mitigation consulting involves providing expert guidance and support to industries to develop and implement effective corrosion control measures.
Corrosion Monitoring Market Regional Insights
The Corrosion Monitoring Market is anticipated to grow significantly in the coming years, driven by increasing demand from various sectors such as oil and gas, chemical processing, and infrastructure.
Regionally, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
North America is expected to hold the largest share of the Corrosion Monitoring Market in 2023 due to the presence of many oil and gas, chemical, and manufacturing industries.
The Corrosion Monitoring Market revenue in Europe is estimated to reach USD 14.25 billion by 2032, exhibiting a CAGR of 6.21%.
APAC is the fastest-growing region in the Corrosion Monitoring Market, driven by rapid industrialization and infrastructure development.
The Corrosion Monitoring Market revenue in APAC is projected to reach USD 22.69 billion by 2032, growing at a CAGR of 7.53%.
South America and MEA are also expected to witness significant growth in the Corrosion Monitoring Market due to increasing investments in oil and gas, chemical, and infrastructure projects.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Corrosion Monitoring Market Key Players and Competitive Insights
Corrosion Monitoring Market’s major players are striving hard to continuously develop innovative technologies and solutions to cater to the ever-evolving customer needs.
Leading players operating in the Corrosion Monitoring Market are making huge investments in research and development to enhance the accuracy, reliability, and efficiency of their technologies.
Corrosion Monitoring Market development landscape is dominated by key players engaging in strategic initiatives such as partnerships, acquisitions, and collaborations.
The competitive market environment is constantly driving up innovations to push the technological boundaries of the Corrosion Monitoring Market.
Emerson Electric is a prominent stakeholder in the Corrosion Monitoring Market. The company provides a broad range of corrosion monitoring solutions, including ultrasonic thickness gauges stored under corrosion probes and data management software.
They have a deep and long-established presence in the oil and gas, power generation, and chemical processing industries.
Their prime focus lies on providing reliable and accurate corrosion monitoring solutions and exceptional service ensured by their high-quality control standards.
The company has achieved a significant share in the Corrosion Monitoring Market due to its broad industry experience and presence.
Corrpro Companies is another key competitor in the Corrosion Monitoring Market. The company specializes in corrosion monitoring, and to this end, it provides a comprehensive range of services such as corrosion surveys, electrochemical testing, and data analysis.
The company benefits from strong expertise in the area of corrosion engineering, as well as it highly engaged in providing customer variably sized, customized solutions and reporting.
Corrpro Companies’ technical standing, as well as its ability to offer customized solutions, makes it a strong competitor in the Corrosion Monitoring Market.
Key Companies in the Corrosion Monitoring Market Include
- MISTRAS Group, Inc.
- Halliburton Company
- Baker Hughes Company
- Siemens AG
- General Electric Company
- Spectro Scientific
- Thermo Fisher Scientific Inc.
- Yokogawa Electric Corporation
- Emerson Electric Co.
- Honeywell International Inc.
- Stresswave Ltd
- Smart Signal
- National Oilwell Varco, Inc.
- Aclara Technologies LLC
- Schlumberger Limited
Corrosion Monitoring Market Developments
The rising concerns over the integrity and safety of aging infrastructure, coupled with the increasing adoption of corrosion monitoring solutions in various industries, are driving the market growth.
Recent advancements in sensor technologies, such as wireless sensors and the Internet of Things (IoT), are enabling real-time monitoring and data analytics, further propelling market expansion.
Additionally, the growing emphasis on predictive maintenance and asset management strategies is contributing to the adoption of corrosion monitoring solutions.
Key market players are focusing on developing innovative and cost-effective solutions to cater to the evolving needs of industries such as oil and gas, power generation, and manufacturing.
Corrosion Monitoring Market Segmentation Insights
Corrosion Monitoring Market Sensor Type Outlook
- Electrical Resistance Sensors
- Electrochemical Sensors
- Acoustic Emission Sensors
- Ultrasonic Sensors
- Radio Frequency Identification (RFID) Sensors
Corrosion Monitoring Market Vertical Outlook
- Oil and Gas
- Chemical and Petrochemical
- Power Generation
- Water and Wastewater Treatment
- Mining
- Transportation
Corrosion Monitoring Market Application Outlook
- Internal Corrosion Monitoring
- External Corrosion Monitoring
- Hydrogen-Induced Cracking Detection
- Stress Corrosion Cracking Detection
- Pitting Corrosion Monitoring
Corrosion Monitoring Market Corrosion Monitoring Service Type Outlook
- On-Site Corrosion Monitoring
- Remote Corrosion Monitoring
- Corrosion Data Analysis and Interpretation
- Corrosion Mitigation Consulting
Corrosion Monitoring Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
11.15(USD Billion) |
| Market Size 2023 |
11.79(USD Billion) |
| Market Size 2032 |
19.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.75% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
MISTRAS Group, Inc., Halliburton Company, Baker Hughes Company, Siemens AG, General Electric Company, Spectro Scientific, Thermo Fisher Scientific Inc., Yokogawa Electric Corporation, Emerson Electric Co., Honeywell International Inc., Stresswave Ltd, Smart Signal, National Oilwell Varco, Inc., Aclara Technologies LLC, Schlumberger Limited |
| Segments Covered |
Sensor Type, Industry Vertical, Application, Corrosion Monitoring Service Type, Regional |
| Key Market Opportunities |
Rising demand for corrosion monitoring in oil and gas infrastructure and aerospace. Technological advancements in sensor technologies Growing focus on asset integrity and safety Increasing adoption of wireless and IoT-enabled monitoring solutions Need for real-time corrosion monitoring and data analytics |
| Key Market Dynamics |
Rising demand for corrosion monitoring in oil and gas, increasing infrastructure development, growing adoption of wireless monitoring systems, advancements in sensor technology, stringent government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Corrosion Monitoring Market was valued at USD 11.79 billion in 2023 and is projected to grow at a CAGR of 5.75% from 2024 to 2032. The market growth is attributed to the increasing demand for corrosion monitoring solutions from various industries, such as oil and gas, chemical processing, and manufacturing.
The key regions in the Corrosion Monitoring Market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share due to the presence of many oil and gas companies and chemical processing plants. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the increasing industrialization and infrastructure development in the region.
The major applications of Corrosion Monitoring solutions include oil and gas, chemical processing, manufacturing, infrastructure, and transportation. Corrosion monitoring is essential in these industries to ensure the safety and reliability of assets and to prevent costly downtime and repairs.
The key competitors in the Corrosion Monitoring Market include Emerson Electric Co., General Electric Company, Honeywell International Inc., Baker Hughes Company, and Halliburton Company. These companies offer a wide range of corrosion monitoring solutions, including corrosion sensors, data loggers, and software.
The key trends in the Corrosion Monitoring Market include the increasing adoption of wireless and remote monitoring solutions, the use of artificial intelligence (AI) for corrosion prediction and prevention, and the development of new corrosion-resistant materials.
The challenges in the Corrosion Monitoring Market include the high cost of corrosion monitoring equipment, the lack of skilled personnel, and the harsh operating conditions in some industries.
The growth opportunities in the Corrosion Monitoring Market include the increasing demand for corrosion monitoring solutions from emerging economies, the development of new technologies, and the growing awareness of the importance of corrosion prevention.
The Corrosion Monitoring Market is expected to grow from USD 11.79 billion in 2023 to USD 19.5 billion by 2032, at a CAGR of 5.75%.
The key factors driving the growth of the Corrosion Monitoring Market include the increasing demand for corrosion monitoring solutions from various industries, the growing awareness of the importance of corrosion prevention, and the development of new technologies.
The key factors restraining the growth of the Corrosion Monitoring Market include the high cost of corrosion monitoring equipment, the lack of skilled personnel, and the harsh operating conditions in some industries.
