LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global corrosion monitoring system market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Raghav Bharadwaj Shivaswamy, a lead analyst from Technavio, specializing in research on automation sector, says, “The global corrosion monitoring system market is expected to grow at a CAGR of close to 11% during the forecast period as these systems have a direct impact on the production and deployment of machinery, materials, pipelines, and projects in end-user industries.”
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The top three emerging market trends driving the global corrosion monitoring system market according to Technavio research analysts are:
- Growing potential in emerging economies
- Increase in deployment of Internet of Things (IIoT) solutions
- Rise in mergers and acquisitions (M&A)
Growing potential in emerging economies
In emerging economies, many businesses are small and medium scale. In most cases, they cannot fully incorporate corrosion monitoring systems with sensor devices for manufacturing and other business activities. This is because the capital investment required for the procurement of corrosion monitoring systems is high. In recent years, with the increasing availability of online corrosion monitoring systems coupled with some reduction in the cost of such monitoring activities, there has been a substantial increase in the penetration of monitoring devices for quality assurance.
“The global corrosion monitoring system market is still at a nascent stage in developing economies. However, with the growth in industrial development, high investments, and rise in infrastructure facilities, it is estimated that emerging and developing countries will become the major customers of corrosion monitoring systems,” says Raghav.
Increase in deployment of Internet of Things (IIoT) solutions
The incorporation of IIoT in industries has laid strong market development features. At present, IIoT is making a major financial impact on oil and gas refineries and pipelines worldwide. It provides solutions to deal with safety and performance issues in the form of pervasive sensing solutions. The plant monitoring, especially in corrosion, provides timely action using predictive analysis. These activities help to optimize production processes with the help of wireless sensors. This, in turn, improves the safety and performance of pipeline systems.
The term "smart factory" or "intelligent factory" describes the evolution of industrial modernization, i.e., a vision of what industrial production would look like in the future. Machinery and equipment will be empowered to self-enhance and optimize corrosion monitoring based on analysis of real-time data, resulting in improved productivity. This would involve the use of individual sensors, probes, control technologies, and safety systems. The oil and gas, refinery, mining, and power generation industries are making significant investments in the corrosion monitoring of pipeline systems.
Rise in mergers and acquisitions (M&A)
M&A and market alliances by leading vendors are trends that will gain considerable momentum in the global corrosion monitoring system market during the forecast period. To sustain a competitive edge, vendors are trying to diversify their businesses through increased investments in new avenues. The foremost purpose is to intensify revenue growth and prevent dependence on a single segment of corrosion monitoring. Many manufacturers are also enhancing their current product portfolio through M&A, and some international vendors are establishing strategic alliances and partnerships with local vendors to explore the indigenous market.
Many corrosion monitoring system vendors in APAC, especially in China, are being acquired by European and North American manufacturers to diversify their portfolio and establish and expand their business in foreign markets. Smaller vendors of corrosion monitoring system vendors are working to consolidate through M&A to increase their chances of competing with major players in the market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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