The increasing demand for safety and protection by the corrosion monitoring system had led the manufacture to focus more on to increase the asset durability and the practice that manage the corrosion free environment, which will be considered as the key factor for the growth of the global corrosion monitoring market in the region such as Asia Pacific and North America. It is observed that the rise in demand for the safety and protection is key factor to drive the growth of corrosion monitoring market positively. According to the Trends Market Research, the corrosion monitoring market will witness excessive growth during the forecast period, 2021-2028.
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Safety standard will boost oil & gas and chemical industry
The ongoing market research suggest that the factor which are responsible for the growth of the corrosion monitoring market includes maintenance of safety standard during product manufacturing and owing to continual cycle the corrosion cycle is concentrated. Whereas, oil & gas sector is under scrutiny of the environment agencies and regulators. The upsurge in demand of corrosion free product had led to production and development of the corrosion monitoring market. In foreseeable future, the production and exploration of crude oil is likely to rev up the demand of corrosion monitoring market in North America region over the forecast period.
However, pulp and paper are another key industry for the corrosion monitoring market for boiler system and digester system. Growth and Expansion of the stabilizing chemical industry is expected to boost the move in North America for corrosion monitoring market.
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Regional analysis: Corrosion Monitoring Market
The market is segmented on the basis of the product type, their usage of the product as well as their channel of distribution. In 2015, Asia Pacific is the key region for growth of the global corrosion monitoring market, followed by North America which is now considered as the leading market for the corrosion monitoring system in the global corrosion monitoring sector. The surge in demand is due to soaring shale gas survey activities over the forecast period. Apart from that, the region such as China and India is likely to forecast the growth due to increase in demand from the rapidly developing economies within the region. Keeping in mind about the usage and rising investment in gas and chemicals businesses are projected to fuel the corrosion monitoring market over the period.
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Key Market Players
Companies such as Cosasco (U.S.), Rysco Corrosion Services (Canada), Intertek (U.K.), BAC Corrosion Control (U.K.), Applied Corrosion Monitoring (U.S.), Korosi Specindo (Indonesia), and Permasense (U.K.) are expected to remain active in expansion of global market for automotive parts remanufacturing. The ongoing study also recognize ICORR Technologies (U.S.), Pyramid Technical Services (India), and SGS SA (Switzerland), as the key players operate in the corrosion monitoring market.