According to the new research report on "Corrosion Under Insulation Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 193.72 million by 2028 and register a CAGR of 12.7% from 2022 to 2028.
Corrosion under insulation monitoring solutions are widely used in the oil and gas industry to maintain pipelining processes. However, the COVID-19 pandemic had a significant impact on the industry, leading to decreased demand for corrosion under insulation monitoring hardware. This, in turn, affected the corrosion under insulation monitoring service industry as maintenance activities across oil and gas, chemical, and petrochemical plants were temporarily halted due to the shutdown of operations. As a result, the corrosion under insulation monitoring market share was moderately impacted during the pandemic. However, the market began to revive in the third quarter of 2020 as the economy normalized, and the manufacturing and oil and gas industries resumed operations at full capacity, leading to increased demand for corrosion under insulation monitoring devices globally.
Europe has made a political decision to stop importing oil & gas and other fossil fuels from Russia, leading to an increase in the development of new oil & gas pipelines. One such project is the EastMed, a 1900km offshore/onshore natural gas pipeline project that will connect EastMed energy resources to Greece through Crete and Cyprus. This project, worth US$6.86 billion, will transport natural gas from Greece's offshore gas reserves, in combination with Gas Interconnector Greece-Bulgaria (IGB) and Poseidon pipelines, to several European countries, including Italy. These initiatives will create profitable prospects for the corrosion under insulation monitoring market in the region.
Germany is a leading economy in Europe, followed by the UK. It imports crude oil through four transnational pipelines that connect to ports in Wilhelmshaven, Hamburg, Brunsbuttel, and Rostock. These pipelines are owned by the petroleum refining industry and operated by joint ventures of various petroleum giants. Corrosion is a major problem in the oil industry as it causes damage to equipment and refinery pipes, leading to significant production losses and downtime. As a result, many industries in the region are likely to adopt corrosion under insulation monitoring solutions to minimize replacement costs and prevent equipment failure in the corrosion under insulation monitoring market.
The corrosion under insulation monitoring market in the rest of Europe, which includes countries such as the Netherlands, Sweden, Poland, Denmark, Switzerland, Finland, and Austria, is experiencing growth in 2021. Industries such as marine, food & beverages, oil & gas, and chemical, as well as CUI manufacturers in the region, are taking strategic initiatives to prevent, detect, and monitor corrosion under insulation-based damages. For example, in March 2020, 3-Sci Limited launched a broad range of CUI detection and wireless corrosion monitoring solutions at the SockExpo exhibition in Rotterdam, Netherlands. Additionally, drivers such as the increase in corrosion-related industrial damages and the need for efficient processes to increase the durability of industrial equipment are promoting growth in the rest of Europe. Thus, the growing industrial sector in emerging countries facing such conditions is bolstering the growth of the corrosion under insulation monitoring market.
The corrosion under insulation monitoring market size is bifurcated into component and end users. Based on components, the corrosion under insulation monitoring market is segmented into hardware, software, and services. Based on end user, the corrosion under insulation monitoring market is categorized into oil & gas, marine, chemical & petrochemical, energy & power, food processing industries, and others.
Key Findings of Study:
According to the analysis of the corrosion under insulation monitoring market, North America is expected to hold the largest share of the market in 2022. The United States is one of the biggest exporters and importers of oil and gas, and the maintenance and replacement of pipelines are crucial to prevent accidents. Pipeline incidents in the region mostly occur due to CUI. On the other hand, the Asia Pacific region has a high demand for CUI monitoring solutions due to the growth of the oil & gas, chemical, and marine industries in countries such as China, Japan, and India. Recent incidents, such as an oil pipeline leak in the Gulf of Thailand, highlight the importance of CUI solutions in preventing such accidents. Therefore, end-users play a vital role in the corrosion under insulation monitoring market as they create demand for the product, driving the market's growth in the forecast period.
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