The corrosion monitoring market is a low-value but fast-growing market, driven mainly by increasing industrial growth around the world. The global market for corrosion monitoring is expected to reach a total of 356.62 million by the end of 2023, with a rapid CAGR of 9.23%.
Drivers and Restraints:
The global market for corrosion monitoring is driven mainly by the growing demand from the oil, gas and chemical industries. The high rate of corrosion of machines in these industries requires regular maintenance, hence the constant need for corrosion monitoring systems. However, the main obstacle to the global market for corrosion monitoring is the lack of advanced technology to perform this task effectively. Besides, the concentration of the worldwide market for monitoring corrosion in the Asia-Pacific region may not allow the expansion of the market on a global scale.
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By geographic area, the corrosion monitoring market is segmented in Latin America, Europe, Asia-Pacific, Middle East, and Africa and North America. The Asia-Pacific region had the highest market volume in 2018 and is expected to lead the global corrosion monitoring market during the forecast period. The environmental benefits received by companies in this region, such as cheap labor, easy availability of raw materials and promising prospects for the future, make the Asia-Pacific region such a high CAGR. Besides, with the rapid growth of the economy and significant investments in various sectors, such as chemicals, energy production, and petrochemicals, growth will strengthen the market in this region.
North America ranks second in the global corrosion monitoring market with a similar but slightly lower growth rate than the Asia-Pacific region. Well established companies in this region are the main reason for their survival in the market. Europe, a stable region for many markets, had a decent market value in 2018. It is expected that the growth rate in this region will gradually increase at the end of the forecast period. The regions of the Middle East, Africa, and Latin America are experiencing the slowest growth in the world since these regions contain countries with a low GDP, which in general reduces the CAGR of the region, although there are growing regions in the Middle East.
Key Market Players:
By the end of 2018, Permasense Emerson (USA), Alabama Specialty Products (USA), SGS SA (Switzerland), Aquarius Technologies (India), Cosasco (USA), Circle-Aire (Canada) , Corrpro Companies Inc (United States), Honeywell (United States), GE Rightrax (United States), ClampOn (Norway), Sensorlink AS (Norway), BAC Corrosion Control (United Kingdom), Applied Corrosion Monitoring (United Kingdom) The shareholders are ICORR Technologies (United States), Intertek (United Kingdom), Huguenot Laboratories (United States), Rysco Corrosion Services (Canada), Pyramid Technical Services (India) and Korosi Specindo (Indonesia) of the global corrosion monitoring market. These companies are currently focusing on expansion strategies to improve their value and position in the market.
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The Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed, and the prospects with huge growth potential identified and debated.
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