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, according to a report from MarketsandMarkets.
The company says that 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. The company says that 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, says MarketsandMarkets. 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.
According MarketsandMarkets, 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.
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.
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.