Corrosion Monitoring Market By Type (Intrusive, Non-Intrusive), By Technique (Electromagnetic, Phased Array Ultrasonic Testing (PAUT), High Temperature Phased Array Ultrasonic Testing, Time Of Flight Diffraction Ultrasonic Testing (TOFD), Electromagnetic Acoustic Transducer (EMAT), Short Range Ultrasonic testing (SRUT), High Temperature Corrosion Mapping (HTCM) & Internal Rotary Inspection System (IRIS)), By End Use (Oil & Gas, Subsea, Renewable Energy, Transport & Infrastructure, Industrial, Chemical, Manufacturing, Refineries, Construction & Others), and Geography

Experiencing remarkable growth, the global corrosion monitoring market reached a noteworthy USD 352.4 million in 2023, setting the stage for substantial expansion with a projected value of USD 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.

Corrosion Monitoring Market Key Developments:

• In 2020, MAC, led by President & CEO Dudley M. Boden, entered the welded tube market with the introduction of the Echomac® PA TW System. These phased array ultrasonic inspection systems offer minimal operator adjustments, extended test head coverage of weld zones, and real-time monitoring in the hot zone. Addressing welding errors promptly, the system reduces scrap tube production. Its versatility extends beyond welded tubes to applications like bar, composites, and rail wheels. This key development positions MAC at the forefront of enhancing precision and efficiency in tube manufacturing processes.
• In 2018, MAC achieved key milestones across quarters. In the second quarter, they shipped the inaugural Rotoflux® AC Flux Leakage system to a Korean customer, revolutionizing the detection of defects in hot-rolled bars. The momentum continued in the third quarter with the dispatch of two more Rotoflux® AC units to a U.S. customer, solidifying MAC's commitment to cutting-edge inspection solutions. Closing the year on a high note, MAC introduced a groundbreaking 25mm, 8-channel UT rotary with Echomac® FD6A electronics in the fourth quarter. This innovative unit expanded MAC's ultrasonic inspection capabilities, accommodating materials ranging from 5mm to 500mm OD, particularly catering to suppliers in the medical industry.
• In February 2023, NDTCCS announced the launch of its Advanced Inspection Services division, focusing on emerging technologies like drone-based inspections and advanced ultrasonic testing.