Asia-Pacific Corrosion Monitoring Market – Industry Trends and Forecast to 2030

Asia-Pacific Corrosion Monitoring Market Analysis and Size

Over the past few years, there has been a sharp increase in the demand for corrosion monitoring, particularly in the oil and gas industry. The installation of this system is intended to create a more secure and breathable environment. More process-intensive industries, such as oil and gas, petrochemical, and power generation, are predicted to adopt corrosion monitoring techniques like corrosion coupons, electrical resistance, and galvanic monitoring. These techniques check aging equipment and corrosion-prone infrastructure to improve efficiency and lower replacement costs, equipment downtime, and operational risk. Also, manufacturers benefit greatly from the growing integration of wireless technology with corrosion monitoring systems, which enables remote monitoring of process factors such as temperature, pH, vibration, and humidity and provides real-time data analysis.

Data Bridge Market Research analyses that the corrosion monitoring market, valued at USD 22.55 million in 2022, will reach USD 57.98 million by 2030, growing at a CAGR of 12.53% 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.

Asia-Pacific Corrosion Monitoring Market Scope and Segmentation  

Market Definition

Corrosion monitoring refers to using systems and equipment that measures how corrosive the substances are. Corrosion monitoring involves checking for any signs of corrosion in all industrial parts, such as those found in factories, workshops, concert halls, and plants, as well as in trains, materials, equipment, assets, tunnels, and other buildings. The rate, location, and primary causes of corrosion must be understood for the process to be consistent.

Corrosion Monitoring Market Dynamics

Drivers

• Increasing need for corrosion monitoring in the oil and gas sector

The framework for controlling corrosion is primarily applied in the oil and gas sector. The downstream, upstream, and midstream oil and gas industries, environmental agencies, and regulators are all being closely watched. The industry is therefore developing a need for high security and safety standards to extend the life of its properties and best practices to maintain a corrosion-free environment. In particular, the oil and gas industry needs a corrosion monitoring system where accidental safety and prevention are crucial, such as flow lines, gathering systems, transport pipelines, water injection facilities, vessels, chemical injection systems, and drilling mud systems. The market for a corrosion monitoring system is anticipated to be driven by energy consumption, increased production and exploration of crude oil, and rising downstream demand shortly.

• The market is anticipated to grow by integrating AI with corrosion-monitoring systems

Utilizing specially developed AI-based solutions with machine learning can increase the output of thermographic technologies. By extracting thermal features and correlating them with corrosion, it is possible to predict corrosion. This ensures increased safety through remote inspection and significant cost savings from online asset monitoring. As a result of the integration of AI with corrosion monitoring systems, demand for these solutions will rise during the forecast period. For instance, Trifork, a well-known provider of corrosion under insulation monitoring solutions, offers intelligent AI asset management for automatic corrosion detection, which is used in the maritime and oil and gas industries to detect corrosion and gain real-time insights.

Opportunities

• The successful deployment of a remote monitoring system is creating enormous market growth opportunities

Extensive equipment and upkeep are required for operations in complex industries. Remote corrosion monitoring is helpful in pipelines or oil and gas installations with hard-to-reach areas. The complexity of their work processes, inaccessible locations due to distance, hostile environments, height, or challenging operating conditions present challenges to maintenance personnel. The problems with manual measurements can be solved by implementing a remote corrosion monitoring system, which guarantees repeatable and reliable results. The systems also generate high-quality data in an easy-to-understand format for non-experts. Remote systems can collect corrosion data continuously or at regular intervals. When measurements exceed thresholds, corrosion management experts evaluate the data and send out an alert. As a result, there are enormous market growth opportunities for the product in many industries during the forecast period due to the expanding advanced corrosion monitoring system.

Restraints/Challenges

• A range of complex issues may hinder the growth of the current sense amplifier market

The main market restraints are insufficient regulatory requirements and awareness among end-user industries in most markets. It is anticipated that the difficulty in getting an accurate reading and installing equipment in hazardous environments, the corrosion monitoring market is anticipated to face difficulties during the forecast period. Furthermore, it is anticipated that market demand will be constrained in the coming years by the process's expensive installation and maintenance costs.

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 – Emerson unveiled a complete suite of digital corrosion and erosion monitoring solutions. Operators who had pushed plants to their limits while preventing costly incidents using a fully integrated suite of software and service solutions for monitoring corrosion and erosion.
• In 2021 –Saudi Aramco energy ventures funded the corrosion radar technology for anticipating corrosion. With the money, corrosion radar grew its business and used digitalization to solve operational problems like corrosion under insulation (CUI) and others.
• In 2019 – Pepperl+Fuchs introduced Corrtran aqua, a system created especially to meet the corrosion monitoring requirements of municipal and industrial water and wastewater treatment facilities.
• In 2018 – The Roxar FSM log 48 area corrosion monitor, a pipeline integrity management system, was launched by Emerson. This is specially made to help operators track corrosion and offer affordable pipelines even in difficult environments. This new system can monitor a significant portion of the pipeline and will accurately detect corrosion.

Asia-Pacific Corrosion Monitoring Market Scope

The corrosion monitoring market is segmented on the basis of by technique type, type, method type and end-user. The growth amongst these segments will help you analyse 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.

Technique Type

• Corrosion coupons
• Electrical resistance
• Linear polarization resistance
• Galvanic
• Ultrasonic thickness measurement
• Others

Type

• Intrusive Techniques
• Non-Intrusive Techniques

Method Type

• Direct Methods
• Indirect Methods

End-User

• Oil and Gas
• Chemicals/Petrochemical Plants
• Pulp and Paper
• Manufacturing
• Power generation
• Water/ Wastewater and LNG
• Others

Corrosion Monitoring Market Regional Analysis/Insights

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

The countries covered in the corrosion monitoring market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).

China dominates the market and will continue to flourish its trend of dominance during the forecast period. The region's numerous aging infrastructures in legacy industries and growing emphasis on loss prevention and asset protection are the main causes of the dominance.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts 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:

• Pepperl+Fuchs Germany)
• ACM Instruments (UK.)
• ClampOn AS. (Norway)
• SGS Société Générale de Surveillance SA (Switzerland)
• Cosasco (US.)
• Emerson Electric Co. (US.)
• Yokogawa India Ltd. (India)
• Honeywell International, Inc.(US.)
• Baker Hughes Company (US.)
• Crystal Industrial Syndicate Pvt. Ltd. (India)
• Korosi Specindo (Indonesia)
• PYRAMID TECHNICAL SERVICES PVT. LTD. (India)

SKU-53562