Global Corrosion and Erosion Monitoring Systems Market: Overview
In the oil and gas industry, corrosion and erosion monitoring systems play a crucial role in managing asset integrity. Such monitoring systems also help in optimizing oil and gas production. The term ‘corrosion’ mainly implies wearing of metals which is caused by oxidation, gradually. On the other hand, ‘erosion’ is a gradual process in weathering off of various materials include rock. More precisely, erosion is a type of physical change of materials, while corrosion involves only chemical change. Corrosion monitoring systems individually provide comprehensive monitoring of various critical components of industrial assets, objects, and plants. This corrosion monitoring system mainly detects non-conforming alloy components for preventing catastrophic failure. Such corrosion and erosion monitoring systems provide significant advantages when integrated into safety management as well as preventive maintenance. Such USPs are majorly booting the global corrosion and erosion monitoring systems market.
The global corrosion and erosion monitoring systems market is mainly segmented on the basis of software, hardware, type, service, end-user and region. Under software, real-time corrosion prediction software and prediction and material selection software are the prominent segments comprising the market. Whereas, with respect to hardware, key segment present in the global corrosion and erosion monitoring systems market is corrosion transmitters. In terms of service, the market is segmented into managed services and professional services. Based on end-user, the market is segmented into oil and gas transmission, crude units, refinery systems, oil and gas production, sour water systems, and amine units.
Global Corrosion and Erosion Monitoring Systems Market: Key Trends
Corrosion and erosion monitoring systems offer several benefits include information collection about sand production for managing reservoirs efficiently, immediate alerts about process updates, and faster detection of low erosion and corrosion in systems. Along with all these, such systems are also advantageous in the area of low cables requirement and reduced consumption of chemical inhibitors. All such advantages are majorly fueling demand in the global corrosion and erosion monitoring systems market. Corrosion and erosion monitoring systems conduct several types of tests which facilitate a remedial action in preventing further damage. Such factors are also propelling expansion in the global corrosion and erosion monitoring systems market.
Furthermore, the conventional methods of monitoring corrosion and erosion were challenging due to the presence of sand and combination of corrosive compounds in the produced crude oil. The invention of corrosion and erosion monitoring systems which is incorporated with various advanced monitoring technologies help in differentiating one destructive mechanism from the other. Moreover such systems are also highly cost-effective. Such USPs are also driving the global corrosion and erosion monitoring systems market. Additionally, several others factors are also fueling growth in the global corrosion and erosion monitoring systems market include Lower CAPEX budgets, strict HSE regulations, and inspectors call for using automated solutions for less monitoring activities.
Global Corrosion and Erosion Monitoring Systems Market: Regional Outlook
With respect to geography, North America is leading the global corrosion and erosion monitoring systems as the region has witnessed rapid establishment of oil and gas industry. The region has started oil production abundantly. Along with this, rising number of various companies is also responsible for fueling growth in corrosion and erosion monitoring systems market in this region.
Global Corrosion and Erosion Monitoring Systems Market: Competitive Landscape
Some of the prominent companies operating in the global corrosion and erosion monitoring systems market are Teledyne Marine, Emerson Electric Co., PMAC SYSTEMS, and Baker Hughes. Each of these companies has been broadly discussed in the report in terms of revenue gained in recent times, and growth projected to attain in forthcoming years, and in terms of market shares.
Leading segments of the global corrosion and erosion monitoring systems market:
- Real-time corrosion prediction software
- Prediction and material selection software
- Managed services
- Professional services
- Oil and gas transmission
- Crude units
- Refinery systems
- Oil and gas production
- Sour water systems
- Amine units
- North America
- Asia Pacific
- Middle East & Africa
- South America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends