DUBLIN--(BUSINESS WIRE)--The "Corrosion Under Insulation Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component and End User" report has been added to ResearchAndMarkets.com's offering.
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 is a serious issue as it hampers the overall industrial ecosystems worldwide, and corrosion by products, such as rust, contaminate water bodies. Thus, corrosion can hamper the long-term viability of infrastructural assets, while corrosion-led pollution is detrimental to the environment and ecosystems.
Businesses that fail to take appropriate measures to protect their equipment against corrosion tend to incur more costs due to the frequent need for equipment replacement and lengthy downtimes resulting from equipment breakdowns. Further, a rise in demand for asset management services by end-use industries and emerging countries presents opportunities in 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.
Canada accounted for the second-largest market in North America corrosion under insulation monitoring market share. According to the Association for Mineral Protection and Performance (AMPP) report in 2021, corrosion affected industrial sectors in Canada: energy, municipal, manufacturing, and marine. The corrosion-related deterioration and failure costs for the year were US$ 48.95 billion. Further, ~2.5% of the country's GDP is spent on corrosion-related issues. The end user industries, such as oil & gas, will have to take preventative measures to counter the replacement and maintenance costs of the equipment with the help of CUI monitoring solutions. Further, the presence of prominent market players, such as SGS Canada, will boost 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 has a robust chemical & petrochemical industry with growing investment by both regional and international players. It ranks 6th and 9th in imports and exports respectively in the global market, contributing ~12.8% in total imports and 12.9% in total exports in 2021. The growth of the industry is attributed to the increase in per capita consumption across the country. For instance, the consumption of polyethylene and polypropylene increased from 6.5 kg in 2015 to 8.2 kg in 2020.
Additionally, the adoption of digitalization across the chemical companies is expected to contribute to the growth of the corrosion under insulation monitoring market. For instance, organizations are implementing sensors across their production sites to fetch real-time data across operational sites.
These factors are further expected to increase the demand for CUI monitoring sensors from the chemical & petrochemical industry of the country. Additionally, the rise in investment by the Indian government to expand their oil refineries is expected to contribute to the growth of the corrosion under insulation monitoring market players of India.
Market Dynamics
Market Drivers
- Losses Caused by Corrosion-Related Damages
- Increasing Demand from Oil & Gas Sector and Rising Investment in Emerging Nations
Market Restraints
- Requirement of Skilled Personnel and Technical Expertise
Market Opportunities
- Rising Focus to Enhance Durability of Equipment in Food & Beverages Sector
Future Trends
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Integration of AI with Corrosion Monitoring Systems
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Corrosion Under Insulation Monitoring Market Landscape
5. Corrosion Under Insulation Monitoring Market - Key Market Dynamics
6. Corrosion Under Insulation Monitoring Market - Global Market Analysis
7. Corrosion Under Insulation Monitoring Market Analysis - By Component
8. Corrosion Under Insulation Monitoring Market - By End User
9. Corrosion Under Insulation Monitoring Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Global Corrosion under insulation monitoring Market
11. Global Corrosion under Insulation Monitoring Market-Industry Landscape
12. Company Profile
13. Appendix
Companies Mentioned
- Sci Limited
- Alabama Specialty Products, Inc.
- Eddyfi Technologies
- iSensPro
- KAEFER
- MAXWELL NDT
- MISTRAS Group
- TesTex Incorporated
- QSA Global, Inc.
- Cosasco
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