Corrosion is an electrochemical process that transforms metals and alloys into oxides, hydroxides, and aqueous salts. In the corrosion process, there are generally two types of reactions that take place. The first is the anodic reaction, in which reaction metal atoms are ionized and pass into solutions, leaving their electrons in the original metal. In the second process, the cathodic reaction, reduction takes place and metals are degraded by chemical reactions with O2 and H2O. Corrosion monitoring is the process of controlling and preventing of corrosion. In this process, the corrosion monitoring is done by using probes. The probes, which can be mechanical, electrical, and electromechanical, are inserted into the process stream and constantly exposed to the process stream. Corrosion monitoring techniques provide direct and online measurement of metal loss and corrosion rate in industrial process. There are a number of corrosion monitoring techniques being used in the industry to estimate metal loss and to take preventive measures such as weight loss coupons, electrical resistance, linear polarization, hydrogen penetration, galvanic current, and microbial.  Weight loss coupons, electrical resistance, and linear polarization resistance are the most popular techniques used in industrial corrosion monitoring systems.

Corrosion monitoring systems have applications where the risks of operation are high such as, in areas, where corrosion inhibitors are used and other processes involving high corrosion. The corrosion monitoring system is essential to maintain safety standards in batch productions, where corrosive component is concentrated due to repeated cycles. The oil & gas industry is the major application area for corrosion monitoring system. The oil & gas industry comprises upstream, downstream, and midstream industries and every stream is under strict scrutiny by regulators and environmental agencies. Thus, the industry needs a high level of safety and protection standards to increase their assets durability and a best practice to manage the corrosion-free environment. The need of corrosion monitoring system in oil & gas industry are essential in specific areas where accidental safety and prevention is highly important such as flow line, gathering system, transport pipeline, water injection facilities, vessels, chemical injection system, drilling mud system, etc. Increasing exploration & production of crude oil and rising demand from the downstream market is likely to propel the demand for corrosion monitoring system in the near future. Paper & pulp industry is another key market for corrosion monitoring in areas such as digesters and boiler systems.

Asia-Pacific has been the key region for corrosion monitoring system in the global corrosion monitoring market in 2015 followed by North America. The region is likely to demonstrate the significant growth during the forecast period due to rise in demand from the rapidly developing economies within the region such as India and China. The North America region is expected to maintain its share in the global corrosion monitoring market due to increasing shale gas exploration activities during the forecast period. Expansion of stabilizing chemical manufacturing industries is expected to support the same trend in North America for corrosion monitoring market. Increasing investment in oil & gas and chemical industry concerning the high safety standards are anticipated to boost the corrosion monitoring market during the forecast period.

The key players operates in the corrosion monitoring market are Intertek (U.K.), SGS SA (Switzerland), Cosasco (U.S.), Korosi Specindo (Indonesia), Rysco Corrosion Services (Canada), BAC Corrosion Control (U.K.) Applied Corrosion Monitoring (U.S.), Permasense (U.K.), ICORR Technologies (U.S.), and Pyramid Technical Services (India).

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Corrosion Monitoring Market

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