Europe Corrosion Monitoring Market – Industry Trends and Forecast to 2030

Europe Corrosion Monitoring Market, By Type (Intrusive and Non-Intrusive), Technique (Corrosion Coupons, Electrical Resistance, Linear Polarization Resistance, Galvanic Monitoring, Ultrasonic Thickness Measurement, Biological Monitoring, Hydrogen Penetration Monitoring, Others), Probe Type (Electrical, Mechanical, Electro-chemical), Method Type (Direct, Indirect), End-User (Oil and Gas, Chemicals/Petrochemical Plants, Manufacturing, Pulp and Paper, Power Generation, Water/ Wastewater and LNG and Others) - Industry Trends and Forecast to 2030.

Europe Corrosion Monitoring Market Analysis and Size

Corrosion monitoring system plays a role in specific areas where hindrance and accidental safety is extremely significant, such as flow line, vessels, drilling mud system, and others, probably increasing the demand for the overall corrosion monitoring market. Corrosion is one of the costliest causes of the deterioration of concrete and metallic structures, leading to unexpected loss of life and significant financial losses. Thus, corrosion monitoring is important to the valuation structures' residual performance and identification of pathologies in the initial stages for predictive maintenance of facilities.

Data Bridge Market Research analyses that the corrosion monitoring market is expected to reach USD 275.02 million by 2030, which was USD 103.45 million in 2022, registering a CAGR of 13.00% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Europe Corrosion Monitoring Market Scope and Segmentation

Market Definition

Corrosion monitoring activity means monitoring the chances of critical corrosion of all the industrial components, such as concert structures, factories, workshops, and plants, including rails, materials, tunnels,  machines, assets, and others for any possibility of corrosion. Corrosion monitoring aims to identify when and where there are indications that a product might become corroded and predict future risk levels for possible corrosion damage on the same product.

Europe Corrosion Monitoring Market Dynamics

Drivers

• Growing demand for corrosion monitoring in various end-user industries

Corrosion monitoring is now being used increasingly in several huge infrastructures, including offshore structures, bridges, pipelines, refinery facilities, buildings, and many others, as well as in big computers, electronic devices, instrument panels, and biological implants. For instance, online corrosion monitoring may be used in chemical plants to prevent process disturbances and control tools to ensure safe operation. An airplane may install corrosion monitoring to measure air and surface temperatures, solution resistance, relative humidity, and polarization resistance to forecast aluminum corrosion activity. Thus, the growing demand for corrosion monitoring in various end-user industries is expected to drive market growth.

• Increasing product launches to widen the market scope

Various product launches by market players are boosting the growth of the market. For instance, in 2019, SGS SA, which provided certification, inspection, testing, and verification services, launched humidity and U.V. testing for salt spray. This new product is lucrative, allowing the consumer to reduce the risk and shorten the time. The product launch aided the company in fulfilling the demand of coating manufacturers for testing corrosion.

Opportunities

• Increasing investments in digital corrosion monitoring solution

Rapid technological advancements such as supervisory control and data acquisition systems with increasing investments in digital corrosion monitoring solutions will create lucrative opportunities for market growth during the forecast period. For instance, Saudi Aramco Energy Ventures announced investing around $5 million in Corrosion RADAR Ltd., a U.K.-based company, to increase its predictive digital corrosion monitoring solution in 2021. Such investments are expected to boost market growth during the forecast period.

• Growing awareness in various end-user industries to lessen corrosion-related accidents

Increasing awareness in various end-user industries to lessen corrosion-related accidents such as chemical leakage, oil pipeline breakdown, and fire will likely create lucrative market growth opportunities. Furthermore, corrosion monitoring can warn of high corrosion rates, measure the loss of wall thickness, verify the effectiveness of corrosion control, and support remnant life extension in various industries. These factors also increase the market growth during the forecast period.

Restraints/ Challenges

• High maintenance and deployment costs

The robustness of corrosion monitoring solutions requires high maintenance and deployment costs, likely hindering the market growth. Many medium and small enterprises are still unwilling to adopt this technology because of high budget constraints. The high price of corrosion monitoring systems leads to their high-class use with limited measuring points, which will further hamper the growth of the corrosion monitoring market.

• Dearth in the presence of a skilled workforce

The lack of skilled workforce and professionals in the corrosion monitoring market, which leads to higher resolution time in case of technical glitches, will be expected to hamper the growth of the corrosion monitoring market during the forecast period of 2023 to 2030.

This corrosion monitoring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the corrosion monitoring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2021, Olympus revealed its new D.C. series transducers, offering a complete corrosion monitoring toolbox for tank and pipeline integrity in energy, oil & gas, and mining industries. This series of transducers work with ultrasonic inspection procedures and various NDT instruments.
• In 2021, Emerson launched an erosion and corrosion monitoring portfolio with digital capabilities to monitor the risk of erosion or corrosion in oil and gas processing. This monitoring portfolio changes existing offline corrosion probes into online tools to monitor the risk of erosion or corrosion in oil and gas processing.

Europe Corrosion Monitoring Market Scope

The corrosion monitoring market is segmented on the basis of type, technique, probe type, method type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Intrusive
• Non-Intrusive

 Technique

• Corrosion Coupons
• Electrical Resistance
• Linear Polarization Resistance
• Galvanic Monitoring
• Ultrasonic Thickness Measurement
• Biological Monitoring
• Hydrogen Penetration Monitoring
• Others

Probe Type

• Electrical
• Mechanical
• Electro-chemical

 Method Type

• Direct
• Indirect

 End-User

• Oil and Gas
• Upstream
• Midstream
• Downstream
• Chemicals/Petrochemical Plants
• Manufacturing
• Pharmaceutical
• Food
• Automotive
• Pulp and Paper
• Power Generation
• Conventional
• Unconventional
• Water/ Wastewater and LNG
• Others

Corrosion Monitoring Market Regional Analysis/Insights

The corrosion monitoring market is analyzed and market size insights and trends are provided by country, type, technique, probe type, method type and end-user as referenced above.

The countries covered in the corrosion monitoring market report Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Corrosion Monitoring Market Share Analysis

The corrosion monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to corrosion monitoring market.

Some of the major players operating in the corrosion monitoring market are:

• Intertek Group Plc (U.K.)
• General Electric (U.S.)
• FUJIFILM Corporation (Japan)
• Ashtead Group plc (U.K.)
• Socomore (U.S.)
• MISTRAS Group (U.S.)
• Olympus Corporation (Japan)
• Nikon Metrology Inc. (U.S.)
• Magnaflux (U.S.)
• Zetec Inc. (U.S.)
• Eddfyi  (Canada)
• Sonatest (U.K.)
• SGS SA (Switzerland)
• Emerson Electric Co. (U.S.)
• Honeywell International Inc (U.S.)
• Baker Hughes Company (U.S.)
• ICORR Technologies (U.S.)
• ACM Instruments (U.A.E)