A system for increasing the detecting degradation of a wellbore. The system comprises a computer memory configured for storing computing instructions and a processor operably coupled to the computer memory. The system comprises a sensor operably coupled to the computer memory and is configured to determine the presence of at least one chemical species indicative of degradation of the wellbore in a fluid exiting the wellbore. Methods of monitoring a wellbore for corrosion or other degradation of one or more components of wellbore equipment are disclosed as are methods of increasing the lifetime of a wellbore.