Press release
Global Corrosion Monitoring System Market Advances with Technology-driven Operations, says Report
The report presents a detailed assessment of developments in the global corrosion monitoring system market between 2017 and 2021. It looks into market dynamics, growth trends, and technological advancements that are expected to have a bearing on the growth of this market. The Americas, EMEA, and APAC are the regions analyzed in this report to present the growth curve of the global market for the aforementioned forecast period.
The report says that the global corrosion monitoring system market will expand at a CAGR of 10.68% from 2017 to 2021. The report points out factors driving the corrosion monitoring system market. This includes the increasing use of wireless technology for corrosion monitoring among other factors. With increasing penetration of technology for operation of industries, corrosion monitoring of industrial systems and assets is switching to technology-driven processes. The use of wireless technology further improves process efficiency and addresses loopholes of predecessor technologies.
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However, high cost involved in the repair and replacement of corrosion monitoring system is challenging the growth of this market. High capital cost and mechanical and technical expertise required for the manufacture of these systems make their repair and replacement an expensive affair.
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Nevertheless, the market is expected to be benefitted from some of the emerging trends coming to the fore. Emerging economies of Asia Pacific and Latin America are expected to display substantial demand for corrosion monitoring systems. Rapid industrialization and installation of modern industrial systems in these countries has necessitated the use of state-of-the-art corrosion monitoring systems for complete service life of industrial systems and assets. Increasing deployment of Internet of Things solutions for monitoring of industrial systems and assets is expected to present new growth opportunities to the corrosion monitoring system market. Furthermore, increasing number of mergers and acquisitions among corrosion monitoring service providers leading to integration of services will bode well for the growth of this market.
The report studies the corrosion monitoring system market on the basis of type, end user, and geography. Intrusive and non-intrusive are the segments that divides the corrosion monitoring system market based on type in this report. The end-use segments of the corrosion monitoring system market studied in this report are oil and gas industry, power generation industry, chemical industry, and others. Market size and revenue estimates are presented based on sales, retrofit, and replacement of corrosion monitoring system across the various end-users and regional segments analyzed in this report.
Leading companies operating in the global corrosion monitoring system market include ClampOn, Honeywell, SGS Group, Emerson, and Intertek. Some other vendors in this market are Aquarius Technologies, Applied Corrosion Monioring, Buckleys, Circul-Aire, Huguenot Laboratories, Korosi Specindo, RYSCO Corrosion Services, Alabama Specialty Products, BAC Corrosion Control, ChemTreat, Cosasco, ICORR Technologies, and PYRAMID TECHNICAL SERVICES.
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