Global Corrosion Monitoring System Market 2017-2021

Overview of the global corrosion monitoring system market

Technavio’s market research report predicts that the global corrosion monitoring system market will grow at a CAGR of nearly 11% during the forecast period. The increased usage of wireless technology for corrosion monitoring is one of the primary drivers for market growth. The corrosion monitoring system is a vital component of several industries that assists in raising the productivity and decreasing the downtime. The diagnosis of corrosion and change in factors such as vibration, heat, and leak and oil analysis helps in detecting problems early. Online corrosion monitoring done using wireless technologies adds extra convenience and enables remote monitoring. These systems are more beneficial as they offer instant data, continuous coverage, and data of machines. Also, sensors are the vital components of corrosion monitoring systems. The sensor technology market is integrating newer and better advances to deliver optimum services. New technologies, such as system-on-a-chip, have raised limits of data acquisition as they allow real-time accurate data acquisition that can be relayed immediately to handheld devices, such as smartphones.

Owing to the demand from the oil and gas and power generation industries, the Americas accounted for the major shares of the corrosion monitoring system market during 2016. However, APAC will lead the market by 2021 and this will attribute to factors such as developments in end -user industries such as oil and gas and power generation and the adoption of renewable energy. Moreover, factors such as product price competitiveness and low-cost monitoring systems from countries such as China will also contribute to the growth of the market in APAC.

Competitive analysis and key vendors

The corrosion monitoring system market is intensely competitive and the competition among the vendors is based on product features, price, customized solutions, and monitoring services. The established vendors in the corrosion monitoring equipment market emphasize on expanding their presence across the globe, raising production capacities, gaining contracts for monitoring services from end-user industries, and upselling products by improving the existing technology.