The global corrosion monitoring market size is projected to reach USD 297.8 Million by 2021, at a CAGR of 9.1% between 2016 and 2021. Increasing awareness and regulations related to health safety and environment will growth drivers for this market. Regulations related to pipeline inspection and corrosion prevention are already in place in the oil & gas industry. In addition, advancement in technology for corrosion monitoring and more emphasis on non-intrusive corrosion monitoring is driving the growth of the market. Asia-Pacific provides immense opportunities to the market players in the global corrosion monitoring market.
Merger & acquisitions and new product launches were the most preferred strategies among major players in the corrosion monitoring market between 2013 and 2016. New product launches accounted for a share of 22% of all the development strategies adopted by market players. Companies adopted this strategy for developing new and advanced products to strengthen their product portfolio and cater to the growing needs of consumers in oil & gas and power industries. Globally, almost three quarters of the corrosion monitoring is carried out using intrusive methods. However, it is expected that during the forecast period, non-intrusive methods will increase their share, especially, ultrasonic thickness measurement technique. All the leading players in the industry are focusing on non-intrusive techniques as it is a high growth segment. The ultrasonic thickness measurement segment is registering double-digit growth. Companies such as SGS SA, Cosasco, and Permasense are actively working on new product development for non-intrusive techniques.
Merger & acquisitions accounted for a share of 47% of all the strategies adopted between 2013 and 2016 in the corrosion monitoring market. Companies adopted this strategy to strengthen their distribution network and extend their reach to customers. SGS SA was the leader in merger & acquisition in the industry and almost all the merger & acquisitions within the industry were carried out by SGS SA.
SGS S.A. is a leading inspection, verification, testing, and certification providing company. The company also provides specialized business solutions that provide quality, safety, productivity, and reduce risk. The company operates its business through its 10 diversified segments. The company is headquartered in Switzerland and most of the company’s operations are focused in Europe, the Middle East, and Africa. The company is focusing on inorganic growth strategy and is expanding its regional reach through mergers & acquisitions. As of July 2016, the company has acquired six companies in the corrosion monitoring market, including SpecHub Inc. (Panama) and Laboratorios Contecon Urbar (Colombia and Panama).
Cosasco is the largest player in the global corrosion monitoring market. The company not only focuses on new product development involving modern technology, it also keeps on developing corrosion coupons and electrical resistance methods. Cosasco launched its new ULTRACORR 2, an extension of ULTRACORR in 2014. It provides high resolution and cost effective measurements of wall thickness and temperature in a pipe or vessel. Cosasco also introduced its new model of transmitter 4020LT-A, which provides accurate measurements of metal loss due to corrosion inside pipelines. These remote access real time systems are proving to be very effective and widely accepted by end users. These systems provide data on real time basis and prove to be accurate for planned shutdowns and pipeline management.
Permasense is one of the fastest-growing companies in the corrosion monitoring market. The company witnessed tremendous growth and is projected to be one the largest player in the market during the forecast period. The company focuses on non-intrusive corrosion monitoring. In Nov-2015, Permasense launched its new visualization and analysis software: Data Manager v6. The new product adds material and temperature data giving the most accurate wall thickness measurements available, delivered directly to the desk system. These systems help integrate the data from on field data transmitters and help corrosion management in a better way.
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
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