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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Corrosion Monitoring Market By Type, By Technique, High Temperature Phased Array Ultrasonic Testing, Time Of Flight Diffraction Ultrasonic Testing, Electromagnetic Acoustic Transducer, Short Range Ultrasonic testing, High Temperature Corrosion Mapping & Internal Rotary Inspection System ), By End Use, and Geography
Experiencing remarkable growth, the global corrosion monitoring market reached a noteworthy US$ 352.4 million in 2023, setting the stage for substantial expansion with a projected value of US$ 615.5 million by 2029. This surge is fundamentally driven by the heightened demand for asset protection, coupled with an increasing emphasis on regulatory compliance and the widespread adoption of advanced corrosion monitoring technologies on a global scale.
Key contributors to this market upswing include heightened infrastructure investments and a growing acknowledgment of the economic implications associated with corrosion-related issues. As of 2024, the market is estimated to be valued at US$ 385.0 million, indicating an impressive 9.3% Compound Annual Growth Rate (CAGR) anticipated over the forecast period from 2024 to 2029.
One of the driving forces behind the market's robust trajectory is the pervasive awareness of the critical need for effective corrosion management solutions. This heightened awareness is complemented by stringent regulatory frameworks, which continue to serve as catalysts for the market's upward momentum. Notably, the market exhibits resilience in its capacity to cater to diverse industry verticals, spanning from the oil and gas sector to manufacturing and infrastructure development.
The comprehensive nature of the market's expansion is underscored by its adaptability to varying industry demands and needs. Industries with critical assets, such as those in oil and gas, find value in corrosion monitoring solutions for safeguarding infrastructure, while the manufacturing and infrastructure development sectors benefit from the efficiency and reliability offered by these technologies. In essence, the global corrosion monitoring market not only demonstrates substantial growth but also showcases a versatility that positions it for sustained expansion across diverse industries in the years to come.
Study Period
2024-2030Base Year
2023CAGR
9.3%Largest Market
North AmericaFastest Growing Market
North America
In an era characterized by growing global infrastructure projects, the demand for robust corrosion monitoring has escalated significantly. Governments and private entities alike are channeling substantial investments into critical sectors such as transportation, energy, and manufacturing to meet the demands of burgeoning populations and advancing economies. This surge in infrastructure spending underscores the imperative to safeguard and prolong the life of these substantial assets.
In the transportation sector, encompassing highways, bridges, and railways, the need for corrosion monitoring is paramount to ensure the structural integrity of these vital arteries. Corrosion poses a persistent threat, and timely monitoring becomes essential to identify vulnerabilities and prevent potential disasters. Similarly, in the energy sector, encompassing oil and gas installations, pipelines, and power plants, corrosion can compromise operational efficiency and safety. Robust monitoring solutions become indispensable to detect corrosion at its nascent stages, allowing for proactive intervention.
The manufacturing sector, with its diverse array of facilities and equipment, also reaps the benefits of advanced corrosion monitoring. As industrial infrastructure expands globally, the ability to mitigate corrosion-related risks becomes integral to sustaining efficient production processes. Therefore, the escalating demand for corrosion monitoring solutions is intricately linked to the rising tide of infrastructure investments, reflecting a collective commitment to preserving the longevity, safety, and efficiency of critical assets that underpin the global economy.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market Size in 2023 |
US$ 352.4 million |
Market Size in 2029 |
US$ 615.5 million |
Market CAGR |
9.3% |
By Type |
|
By Technique |
|
By End User |
|
By Region |
|
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The corrosion monitoring market was valued at US$ 352.4 million in 2023 and is expected to grow at a 9.3% CAGR from 2024 to 2029.
The escalating focus on renewable energy sources amplifies the market potential for corrosion monitoring, especially in safeguarding critical infrastructure linked to burgeoning wind, solar, and green energy projects amid global efforts to transition towards sustainable solutions.
The leading players in the Global Corrosion Monitoring Market are Baker Hughes, SGS SA, Evident, GE Rightrax, Eddyfi Technologies, Vidisco Ltd, Magnetic Analysis Corporation, NDT Corrosion Control Service CO (NDTCCS) & VCS Engineering.
1.Executive Summary |
2.Global Corrosion Monitoring Market Introduction |
2.1.Global Corrosion Monitoring Market - Taxonomy |
2.2.Global Corrosion Monitoring Market - Definitions |
2.2.1. By Type |
2.2.2. By Technique |
2.2.3. By End User |
2.2.4. By Region |
3.Global Corrosion Monitoring Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Corrosion Monitoring Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Corrosion Monitoring Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Intrusive |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Non-Intrusive |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6.Global Corrosion Monitoring Market By Technique, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Electromagnetic |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Phased Array Ultrasonic Testing (PAUT) |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. High Temperature Phased Array Ultrasonic Testing |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Time Of Flight Diffraction Ultrasonic Testing (TOFD) |
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Electromagnetic Acoustic Transducer (EMAT) |
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
6.6. Short Range Ultrasonic testing (SRUT) |
6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.6.3. Market Opportunity Analysis |
6.7. High Temperature Corrosion Mapping (HTCM) |
6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.7.3. Market Opportunity Analysis |
6.8. Internal Rotary Inspection System (IRIS) |
6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.8.3. Market Opportunity Analysis |
7.Global Corrosion Monitoring Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Oil & Gas |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Subsea |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Renewable Energy |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Transport & Infrastructure |
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
7.5. Industrial |
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
7.6. Chemical |
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.6.3. Market Opportunity Analysis |
7.7. Manufacturing |
7.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.7.3. Market Opportunity Analysis |
7.8. Refineries |
7.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.8.3. Market Opportunity Analysis |
7.9. Construction |
7.9.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.9.3. Market Opportunity Analysis |
7.10. Others |
7.10.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.10.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.10.3. Market Opportunity Analysis |
8.Global Corrosion Monitoring Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Corrosion Monitoring Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Intrusive |
9.1.2.Non-Intrusive |
9.2. Technique Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Electromagnetic |
9.2.2.Phased Array Ultrasonic Testing (PAUT) |
9.2.3.High Temperature Phased Array Ultrasonic Testing |
9.2.4.Time Of Flight Diffraction Ultrasonic Testing (TOFD) |
9.2.5.Electromagnetic Acoustic Transducer (EMAT) |
9.2.6.Short Range Ultrasonic testing (SRUT) |
9.2.7.High Temperature Corrosion Mapping (HTCM) |
9.2.8.Internal Rotary Inspection System (IRIS) |
9.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Oil & Gas |
9.3.2.Subsea |
9.3.3.Renewable Energy |
9.3.4.Transport & Infrastructure |
9.3.5.Industrial |
9.3.6.Chemical |
9.3.7.Manufacturing |
9.3.8.Refineries |
9.3.9.Construction |
9.3.10.Others |
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Corrosion Monitoring Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Intrusive |
10.1.2.Non-Intrusive |
10.2. Technique Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Electromagnetic |
10.2.2.Phased Array Ultrasonic Testing (PAUT) |
10.2.3.High Temperature Phased Array Ultrasonic Testing |
10.2.4.Time Of Flight Diffraction Ultrasonic Testing (TOFD) |
10.2.5.Electromagnetic Acoustic Transducer (EMAT) |
10.2.6.Short Range Ultrasonic testing (SRUT) |
10.2.7.High Temperature Corrosion Mapping (HTCM) |
10.2.8.Internal Rotary Inspection System (IRIS) |
10.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Oil & Gas |
10.3.2.Subsea |
10.3.3.Renewable Energy |
10.3.4.Transport & Infrastructure |
10.3.5.Industrial |
10.3.6.Chemical |
10.3.7.Manufacturing |
10.3.8.Refineries |
10.3.9.Construction |
10.3.10.Others |
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Corrosion Monitoring Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Intrusive |
11.1.2.Non-Intrusive |
11.2. Technique Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Electromagnetic |
11.2.2.Phased Array Ultrasonic Testing (PAUT) |
11.2.3.High Temperature Phased Array Ultrasonic Testing |
11.2.4.Time Of Flight Diffraction Ultrasonic Testing (TOFD) |
11.2.5.Electromagnetic Acoustic Transducer (EMAT) |
11.2.6.Short Range Ultrasonic testing (SRUT) |
11.2.7.High Temperature Corrosion Mapping (HTCM) |
11.2.8.Internal Rotary Inspection System (IRIS) |
11.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Oil & Gas |
11.3.2.Subsea |
11.3.3.Renewable Energy |
11.3.4.Transport & Infrastructure |
11.3.5.Industrial |
11.3.6.Chemical |
11.3.7.Manufacturing |
11.3.8.Refineries |
11.3.9.Construction |
11.3.10.Others |
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Corrosion Monitoring Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Intrusive |
12.1.2.Non-Intrusive |
12.2. Technique Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Electromagnetic |
12.2.2.Phased Array Ultrasonic Testing (PAUT) |
12.2.3.High Temperature Phased Array Ultrasonic Testing |
12.2.4.Time Of Flight Diffraction Ultrasonic Testing (TOFD) |
12.2.5.Electromagnetic Acoustic Transducer (EMAT) |
12.2.6.Short Range Ultrasonic testing (SRUT) |
12.2.7.High Temperature Corrosion Mapping (HTCM) |
12.2.8.Internal Rotary Inspection System (IRIS) |
12.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Oil & Gas |
12.3.2.Subsea |
12.3.3.Renewable Energy |
12.3.4.Transport & Infrastructure |
12.3.5.Industrial |
12.3.6.Chemical |
12.3.7.Manufacturing |
12.3.8.Refineries |
12.3.9.Construction |
12.3.10.Others |
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Corrosion Monitoring Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Intrusive |
13.1.2.Non-Intrusive |
13.2. Technique Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Electromagnetic |
13.2.2.Phased Array Ultrasonic Testing (PAUT) |
13.2.3.High Temperature Phased Array Ultrasonic Testing |
13.2.4.Time Of Flight Diffraction Ultrasonic Testing (TOFD) |
13.2.5.Electromagnetic Acoustic Transducer (EMAT) |
13.2.6.Short Range Ultrasonic testing (SRUT) |
13.2.7.High Temperature Corrosion Mapping (HTCM) |
13.2.8.Internal Rotary Inspection System (IRIS) |
13.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Oil & Gas |
13.3.2.Subsea |
13.3.3.Renewable Energy |
13.3.4.Transport & Infrastructure |
13.3.5.Industrial |
13.3.6.Chemical |
13.3.7.Manufacturing |
13.3.8.Refineries |
13.3.9.Construction |
13.3.10.Others |
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.Baker Hughes |
14.2.2.SGS SA |
14.2.3.Evident |
14.2.4.GE Rightrax |
14.2.5.Eddyfi Technologies |
14.2.6.Vidisco Ltd |
14.2.7.Magnetic Analysis Corporation |
14.2.8.NDT Corrosion Control Service CO (NDTCCS) |
14.2.9.VCS Engineering |
15. Research Methodology |
16. Appendix and Abbreviations |
Key Market Players