corrosion under insulation monitoring Market

The Corrosion Under Insulation Monitoring Market is expected to grow from US$ 94.74 million in 2022 to US$ 193.72 million by 2028; it is estimated to grow at a CAGR of 12.7% from 2022 to 2028.

Corrosion poses a significant threat to industrial ecosystems worldwide, leading to contamination of water bodies with by-products like rust. This not only undermines the long-term viability of infrastructural assets but also harms the environment and ecosystems. Neglecting appropriate measures to protect equipment against corrosion can result in increased costs for businesses due to frequent equipment replacement and extended downtimes caused by equipment breakdowns. Furthermore, the growth in demand for asset management services in emerging countries and end-use industries offers prospects for the corrosion under insulation monitoring market.

The corrosion under insulation monitoring market is bifurcated into component and end user. Based on component, the market is segmented into hardware, software, and services. Based on end user, the market is segmented into oil & gas, marine, chemical & petrochemical, energy & power, food processing, and others.

3-SCI Limited, Alabama Specialty Products Inc., Eddyfi Technologies, ISENSPRO, Kaefer Group, Maxwell NDT, MISTRAS Group, Olympus Corporation, QSA Global Inc., and Testex Inc. are a few of the key players that have been profiled during the corrosion under insulation monitoring market study. In addition to these ten players, multiple other prominent global and regional companies-including emerging players, market disruptors, and niche market players-have also been analyzed during this study.

Impact of COVID-19 Pandemic on Corrosion Under Insulation Monitoring Market

CUI monitoring solutions are heavily utilized by the oil & gas industry, specifically in the maintenance of pipelining processes. The COVID-19 pandemic resulted in a significant decrease in oil & gas production, leading to a reduced demand for CUI monitoring hardware. Additionally, the CUI monitoring service industry experienced a notable impact as maintenance activities across oil & gas, chemical, and petrochemical plants were curtailed due to temporary shutdowns. These factors had a moderate impact on the corrosion under insulation monitoring market share during the pandemic. However, the market started to recover from the third quarter of 2020 as the economy normalized, and manufacturing and oil & gas industries resumed operations at full capacity, increasing the demand for CUI monitoring devices worldwide.

Canada held the second-largest market share in the North American corrosion under insulation monitoring market. As per the Association for Mineral Protection and Performance (AMPP) 2021 report, various industrial sectors in Canada, including energy, municipal, manufacturing, and marine, were affected by corrosion. The annual cost of corrosion-related deterioration and failure was US$ 48.95 billion, with approximately 2.5% of the country's GDP being spent on corrosion-related issues. To counteract the high replacement and maintenance costs of equipment, end-user industries such as oil & gas need to adopt preventive measures with the aid of CUI monitoring solutions. The presence of leading market players such as SGS Canada will further drive the growth of the corrosion under insulation monitoring market in the country.

Asia Pacific is expected to register the highest CAGR during the forecast period. Based on country, the Asia Pacific corrosion under insulation monitoring market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, India is expected to account for the second-largest corrosion under insulation monitoring market growth in the Asia Pacific.

India boasts a thriving chemical & petrochemical industry, with increasing investments from both domestic and international players. It ranks 6th and 9th globally in imports and exports, respectively, contributing approximately 12.8% and 12.9% of the total imports and exports in 2021. The growth of this industry is attributed to the rise in per capita consumption throughout the country, as evidenced by the increase in consumption of polyethylene and polypropylene from 6.5 kg in 2015 to 8.2 kg in 2020. Furthermore, the adoption of digitalization across chemical companies is anticipated to fuel growth in the corrosion under insulation monitoring market. For instance, sensors are being implemented in production sites to collect real-time data from operational sites. These factors are expected to increase the demand for CUI monitoring sensors in India's chemical & petrochemical industry. Moreover, the government's increased investment to expand oil refineries is predicted to further contribute to the growth of corrosion under insulation monitoring market players in India.

3-Sci Limited, Kaefer Group, MISTRAS Group, Cosasco, and MAXWELL NDT. are a few of the key players operating in the global corrosion under insulation monitoring market that is profiled in this market study.

The corrosion under insulation monitoring market size has been determined using both primary and secondary sources. The research process began with a comprehensive secondary research effort, utilizing internal and external sources to gather qualitative and quantitative information about corrosion under insulation monitoring market. This process aimed to provide an overview and forecast of the market growth across all market segments. Additionally, multiple primary interviews were conducted with industry participants and commentators to validate the data and obtain further analytical insights on the topic. Industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the market size, were involved in this process.