New York, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Corrosion Under Insulation Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and End User (Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, Food Processing Industries, and Others)," the corrosion under insulation monitoring market growth is driven by the losses caused by corrosion-related damages, increasing demand from end-use industries and emerging industrial sectors in topical regions.
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Corrosion Under Insulation Monitoring Market Scope and Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 94.74 Million in 2022 |
| Market Size Value by | US$ 193.72 Million by 2028 |
| Growth rate | CAGR of 12.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 144 |
| No. Tables | 61 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Component, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Corrosion Under Insulation Monitoring Market: Competitive Landscape and Key Developments
3-Sci Limited, Kaefer Group, MISTRAS Group, Cosasco, and MAXWELL NDT are a few of the key market players profiled in the corrosion under insulation monitoring market analysis. Several other essential corrosion under insulation monitoring market players were analyzed for a holistic view of the market size and its ecosystem. The report provides detailed market insights, which can help major players strategize their business which ultimately drive the corrosion under insulation monitoring market growth.
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In 2022, Eddyfi Technologies announces that it has completed the acquisition of Zetec, a subsidiary of Roper Technologies, Inc., to expand its business across the power generation & aerospace sectors.
In 2022, MISTRAS Group is the latest addition to the Materials Technology Institute (MTI). With this partnership, MISTRAS Group is enhancing its research & product development capabilities.
Based on region, the corrosion under insulation monitoring market size is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. According to the corrosion under insulation monitoring market analysis, Asia Pacific is likely to witness the largest market growth during the forecast period. In 2021, North America registered the largest market share in the corrosion under insulation monitoring market size, followed by Europe.
Food processing is one of the largest manufacturing industries in the world, and keeping an eye on corrosion is essential in this industry as it can serve as a source of unacceptably dangerous pollutants in the settings where food is being produced, endangering sanitation and product safety as well as lowering the reliability of machinery, which results in expensive downtime. Many food products need to be treated with chemicals such as sodium bisulfite, potassium bisulfate, and sodium sulfite or mixed with concentrated chemicals such chlorides and organic acids, which can prove extremely corrosive to metals. Food with acidic pH of 2–5, such as jams, sauces, and pickled vegetables, tend to react with metal and corrode the equipment. Preventing corrosion is an essential aspect of plant operations to avoid the significant expenses of equipment maintenance, replacement, and downtime caused due to corrosion damage.
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Corrosion damage within the insulation systems can be significantly decreased with the application of preventive measures such as opting for timely inspecting and monitoring of pipes and assets with CUI. As protective coatings can withstand corrosion, they do have limitations as they erode over a certain period, further triggering corrosion. Thus, the demand for CUI monitoring is increasing to increase the life span of equipment, as these monitoring solutions help track corrosion rates in different products in corrosion under insulation monitoring market.
Europe plans to install new pipelines as the region is ending its dependency on Russia for oil and gas. The natural gas pipeline project is worth US$ 6.86 billion and is under development. Such projects will bring new opportunities for corrosion under insulation monitoring market share during the forecast period. Moreover, the Middle East & Africa, and South America are expected to have a high demand for CUI monitoring solutions during the forecast period.
In the Middle East & Africa, there were ~113.5 metric tons of oil reserves as of 2020. In South & Central America, Brazil is one of the largest crude oil producers, with ~2.9 million barrels/day as of 2020. The global players operating in the corrosion under insulation monitoring market are 3-Sci Limited; Kaefer Group; Alabama Speciality Products, Inc.; Mitras Group; iSensPro; etc. These players engage in strategic initiatives to enhance their reach across the globe. In March 2020, 3-Sci Limited presented a wide range of wireless corrosion monitoring and CUI detection solutions at the StocExpo exhibition in Rotterdam, the Netherlands. These factors are propelling the corrosion under insulation monitoring market growth.
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Impact of COVID-19 Pandemic on APAC Corrosion Under Insulation Monitoring Market:
Various economies in APAC witnessed a sharp decline in their GDP in 2020 due to the sudden onset of the COVID-19 pandemic. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major countries such as China, India, Japan, and Australia, which are also experiencing inflation. India is the worst-hit country by the pandemic in the region. The limitations imposed by governments of APAC countries to control the spread of SARS-CoV-2 during the early stages of the outbreak affected the production process due to limited workforce restrictions. Further, the oil & gas industry experienced a significant decline in production across the region. These factors hampered the corrosion under insulation monitoring market growth across the region in 2020. However, as the economies reopened and industries resumed their operations, the demand for CUI monitoring devices from various end user industries started to grow gradually, thereby supporting the corrosion under insulation monitoring market players.
Corrosion Under Insulation Monitoring Market: End User Overview
Based on end user, the corrosion under insulation monitoring market is segmented into oil & gas, marine, chemical & petrochemical, energy & power, food processing, and others. The others segment is further segmented into pharmaceutical, building & construction, and automotive. Corrosion is the major cause of the breakdown of machinery, vessels, structures, supports, and pipelines. High temperature and pressure and chemical and gas exposure accelerate the rate of corrosion in industrial end users. The selection of the type of CUI monitoring solutions depends on the requirement of a particular industry.
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