A method for monitoring wall thickness of an industrial piping component or pump/fluid machinery, including a pump casing for a pump used for pumping an abrasive fluid or slurry, comprising providing a signal containing information about a ultrasonic-based transducer pulse from a discrete ultrasonic-based transducer attached directly on an industrial piping component or pump/fluid machinery at a local point of interest and configured to inject the ultrasonic-based transducer pulse into the industrial piping component or pump/fluid machinery at the local point of interest and sense the ultrasonic-based transducer pulse reflected off a wall of the industrial piping component or pump/fluid machinery at the local point of interest; and determining with an electronic monitoring system the thickness of the wall of the industrial piping component or pump/fluid machinery at the local point of interest based at least partly on the signal received containing information about the discrete ultrasonic-based transducer pulse sensed. The discrete ultrasonic-based transducer may include a discrete ultrasonic-based piezoelectric transducer.