Corrosion Monitoring Market Worth 297.8 Million USD by 2021
PUNE, India, September 2, 2016 /PRNewswire/ --
The report "Corrosion Monitoring Market by Type Technique (Corrosion Coupons, Electrical resistance, Linear Polarization Resistance, Galvanic, & Ultrasonic Thickness Measurement), End-Use Industry (Oil & Gas, Chemical, Manufacturing) - Global Forecast to 2021", published by MarketsandMarkets, The market is expected to reach USD 297.8 Million by 2021, at a CAGR of 9.1% between 2016 and 2021.
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Browse 93 market data Tables and 50 Figures spread through 156 Pages and in-depth TOC on "Corrosion Monitoring Market"
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Increasing demand in end-use industries due to rising awareness on corrosion monitoring, advancement in technology for corrosion monitoring, and advantages of process integration are some of the factors driving the demand for corrosion monitoring during the forecast period.
"Oil & Gas - Biggest end-use industry for corrosion monitoring"
The oil & gas industry accounted for the maximum share of the market, in terms of value, in 2015. The oil & gas industry comprises upstream, midstream, and downstream industries. All of them are always under strict scrutiny by environment watchdogs and regulators. Sufficient monitoring and protection of assets along with durability is achieved by best practices in corrosion monitoring systems. Increasing exploration and production along with increasing demand from downstream industries are projected to increase the demand for corrosion monitoring during the forecast period. The oil & gas industry accounts for almost four-fifths of the corrosion monitoring market and trend is projected to remain more or less constant during the forecast period.
"Ultrasonic Thickness Measurement - Future of Corrosion Monitoring"
Ultrasonic thickness measurement technique is the fastest-growing corrosion monitoring technique globally. It is projected to register a double digit CAGR during the forecast period. This technique is fast replacing older techniques such as corrosion coupons and electrical resistance. Ease of operations, quick and fast monitoring of process and accuracy of data are the major factors for its increasing demand. When integrated with the process system of equipment, the observations can be linked and better results for corrosion monitoring can be obtained. These factors are making this technique popular among end-user.
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"North America and Asia-Pacific accounted for approximately 60% share of the global corrosion monitoring market in 2015"
Asia-Pacific is the largest market for Corrosion Monitoring Market in the world in 2015. The Asia-Pacific market is also projected to register the highest CAGR between 2016 and 2021, backed by the increasing demand from fast emerging economies of the region. North America is expected to maintain its position during the forecast period. Increasing shale gas exploration activities and stabilizing chemical manufacturing market will drive the market till 2021. High investments from manufacturers for new product development and expansion in new markets will be the growth strategies for market dominance.
The major players covered in the report are Intertek (U.K.), SGS SA (Switzerland), Cosasco (U.S.), Korosi Specindo (Indonesia), Rysco Corrosion Services (Canada), BAC Corrosion Control (U.K.) Applied Corrosion Monitoring (U.S.), Permasense (U.K.), ICORR Technologies (U.S.), and Pyramid Technical Services (India).
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