Corrosion Under Insulation Monitoring Market

Corrosion Under Insulation Monitoring Market Forecast By Component (Hardware, Software, and Services), By End-User (Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, Food Processing, and Others), and By Region - Global Market Insights 2022-2032

Analysis of Corrosion under Insulation Monitoring Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Corrosion Under Insulation Monitoring Market Outlook (2022-2032)

The corrosion under insulation monitoring market reached a valuation of US$ 84.06 Million by 2021, and is likely to register a Y-o-Y growth rate of 11.0% in 2022, closing at US$ 94.74 Million. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 12.7% CAGR, reaching US$ 313.16 Million.

According to Fact.MR, oil and gas production industries have one of the major application areas for corrosion monitoring, which is expected to fuel the growth of the Corrosion under Insulation Monitoring Market during the forecast period. Corrosion under Insulation monitoring is an important method against premature degradation such as safety and environmental issues.

Corrosion can have costly penalties due to the loss in production, repairs, and unplanned replacements of the systems and components. Increasing awareness about corrosion under insulation monitoring as well as corrosion-related failure is another major factor that is anticipated to boost the growth of the market in the near future. The pipeline industry and refineries are other key factors for the growth of the corrosion under insulation monitoring market.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 84.06 Million

Expected Market Value (2022)

US$ 94.74 Million

Projected Forecast Value (2032)

US$ 313.16 Million

Global Growth Rate (2022-2032)

12.7% CAGR

Expected Growth Rate of North America (2022-2032)

12.6% CAGR

Anticipated Growth Rate of Asia Pacific (2022-2032)

12.5% CAGR

Prominent Players

  • 3-Sci Limited
  • Kaefer Group
  • MISTRAS Group
  • Cosasco
  • MAXWELL NDT
  • Akzo Nobel N.V
  • Alabama Specialty Products Inc.
  • Eddyfi Technologies
  • iSensPro
  • QSA Global Inc.

Don't Need a Global Report?

save 40%! on Country & Region specific reports

2017-2021 Revenue Analysis of Corrosion under Insulation Monitoring Market vs. Growth Outlook 2022-2032

According to Fact.MR’s report, Corrosion under Insulation Monitoring demand exhibited a CAGR of over 4.2% from 2017 to 2021. Factors such as energy consumption and the increase in production and exploration of crude oil and rising demand from the Corrosion Monitoring Market are expected to accelerate the demand for corrosion under insulation monitoring systems in the forthcoming years.

As corrosion under insulation monitoring system plays a major role in specific areas wherever accidental safety and hindrance is extremely significant like transport pipeline, water injection facilities, flow line, vessels, drilling mud system, gathering system, chemical injection system, and others probably propel the demand for the overall Corrosion under Insulation Monitoring Market over the analysis period. It is projected to surpass the market worth of US$ 313.16 Million by 2032.

Key Market Drivers Influencing Corrosion under Insulation Monitoring Industry Expansion

Advent of Artificial Intelligence to Propel the Market Growth

Variables associated with ambient environment for system design as well as piping installation procedures might affect the origination and spread of corrosion under insulation. Corrosion under insulation is a significant issue that threatens the integrity of numerous assets in the oil and gas sector. An inspection tool with artificial intelligence (AI) capabilities can aid the heat maps of insulated asset integrity to field inspection engineers.

The output of thermographic technologies could be increased by using a specifically designed AI-based solutions with machine learning. By extracting thermal anomaly features and correlating them with corrosion as well as irregularities in the structural integrity of assets verified visually during the phase of the Machine Learning (ML) algorithm, corrosion and factors that contribute to this degradation are predicted by looking at the progression of the thermal images captured over time.

This method ensures greater safety through remote inspection and significant cost savings from online asset monitoring. Thus, the integration of AI with corrosion monitoring systems is a major factor that is expected to augment the demand for these solutions during the analysis period.

Rising Demand for Corrosion under Insulation Monitoring to Augment Market Growth Prospects

There are several economically emerging countries, which have humid and tropical climates throughout the year; metal corrodes at a quicker pace in such environments. This occurs because of a reaction between oxygen and electrons on the metal’s surface and the moisture-saturated air. In general, metal components corrode more quickly, if they are exposed to humid air for a longer period. This type of corrosion is common in climates when the moisture content in the air approaches critical humidity or the point at which water no longer evaporates or gets absorbed from the atmosphere.

Most of the time, this occurs at 80% relative humidity (RH). Furthermore, the gradual difference between ambient temperature and temperature required for condensation creates conditions suitable for corrosion. Thus, the growing industrial sector in having such climatic conditions is anticipated to foster the growth of the corrosion under insulation monitoring market in the near future.

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

Key Challenges encountered by Corrosion under Insulation Monitoring Industry

Risk of CUI in Cold Service Insulation to Limit the Market Growth

While most insulation systems are designed to protect against heat loss, cold service insulation (CSI) is an exception. However, without remote monitoring in Corrosion under insulation, there is a risk of unprotected loss of heat. Also, the CSI will also not be able to prevent corrosion on assets that are exposed to high humidity environments.

Hot systems may have isolated areas with wet insulation requiring remedial patch work of insulation for corrosion control. Cold service insulation systems must deal with water vapor, not just water. This condition separates the hot insulated systems from the cold insulated systems. Hence, this is one of the major factors that is anticipated to hamper the growth of the corrosion under insulation monitoring market during the forecast period.

Lack of Sufficient Regulatory Mandates to Restrain the Market Growth

One major factor that is hindering the market growth includes the lack of skilled personnel and technical expertise. In addition, a lack of sufficient regulatory mandates in most of the markets and a lack of awareness among end-use industries are other factors that are expected to restrain the growth of the corrosion under insulation monitoring market during the forecast period. Further, high installation and repair costs related to the process are also anticipated to limit the market demand in the forthcoming years.

Region-wise Analysis

How will North America Perform in the Global Corrosion under Insulation Monitoring Industry Landscape?

Oil & Gas Industry to Augment the Market Growth in North America

The Corrosion under Insulation Monitoring Market in the US will grow at a CAGR of 12.6% from 2022 to 2032. According to Fact.MR, North America is the fastest-growing Corrosion under Insulation Monitoring market region, accounting for over 33% of the market share in 2021.

According to the report published by Rust Bullet in 2020, North America’s oil & gas is a prominent end user industry of CUI monitoring solutions. Also, the US has the largest refining capacity in the world and accounts for over 23% of the world’s petroleum production; with 163 refineries, corrosion has an annual direct cost of ~US$ 3.7 billion.

The costs associated with maintenance are ~US$ 1.8 billion, the costs associated with vessel turnarounds are ~US$ 1.4 billion, and the costs associated with fouling are ~US$ 500 Million every year. Surface pipeline and facility costs in the US oil & gas industry total US$ 589 Million. Internal corrosion that develops in wells and pipelines is the main issue witnessed by the oil & gas sector across the region.

How will the Growth of Corrosion under Insulation Monitoring Market Escalate across Asia Pacific?

Chemical & Petrochemical Industry to Enhance the Market Prospects

The Corrosion under Insulation Monitoring Market in Asia Pacific is expected to grow at a CAGR of 12.5% from 2022 to 2032. 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. Moreover, 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.

Furthermore, 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 Asia Pacific.

Region-wise Forecast CAGRs for the Corrosion under Insulation Monitoring Market

Region CAGR

North America

12.6%

Asia Pacific

12.5%

Europe

12.2%

Latin America

12.1%

Middle East & Africa

12.0%

Category-wise Insights

Which Segment to Remain Dominant in the Component Category?

Hardware Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for Hardware segment is expected to expand at a CAGR of 12.6% over the forecast period. Hardware is the backbone of the solutions provided by corrosion under insulation monitoring solution manufacturers, as it needs to be well designed and optimized according to the requirements of end users.

The software acts as an interface between hardware and end users. Services are entirely based on user requirements and service providers’ hardware and software configurations.

Which is the Most Sought-after End-User Category?

Oil & Gas Segment to Boost the Market’s Growth

According to Fact.MR’s data, preference for Oil & Gas segment is expected to expand at a CAGR of 12.5% over the forecast period, attributed to the growing demand for oil and gas, which has further increased the expansion of oil and gas pipeline.

Geothermal, water treatment, automotive, healthcare, and chemical industries, among others, exhibit a continuous need for systems to monitor corrosion under insulation. Metal structures corrode due to the penetration of the water through the leaks. Therefore, corrosion erosion issues are common with insulated pipes and vessels meeting water or liquid.

Thus, increasing investment in the oil and gas industry is driving the market growth, as with an expanding oil and gas industry the demand for CUI monitoring will also rise. Production and exploration activities are expanding due to the increased energy demand and profitable investment possibilities in the oil & gas sector.

Corrosion under Insulation Monitoring Market- Competitive Landscape

Prominent players in the Corrosion under Insulation Monitoring Industry are taking advantage of the rapidly increasing demand for the Corrosion under Insulation Monitoring in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

  • In 2022, MISTRAS Group partnered with the Materials Technology Institute (MTI). With this partnership, MISTRAS Group is enhancing its research & product development capabilities.
  • In 2022, Eddyfi Technologies announced that it had completed the acquisition of Zetec, a subsidiary of Roper Technologies, Inc., to expand its business across the power generation & aerospace sectors.
  • In 2021, Kaefer Group introduced blu, a global initiative to enhance Kaefer's experience in CUI remediation.

Key Segments Covered in the Corrosion under Insulation Monitoring Industry Survey

  • By Component :

    • Hardware
    • Software
    • Services
  • By End-User :

    • Oil & Gas
    • Marine
    • Chemical & Petrochemical
    • Energy & Power
    • Food Processing
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • Middle East & Africa

- FAQs -

At what value will the Corrosion under Insulation Monitoring market close in 2022?

As of 2022, Fact.MR expects the Corrosion under Insulation Monitoring industry to be valued at US$ 94.74 Million.

At what percentage will the industry expand during the 2022-2032 period of assessment?

From 2022 to 2032, the Corrosion under Insulation Monitoring industry is poised to flourish at a 12.7% CAGR.

What is the expected closing market value for Corrosion under Insulation Monitoring in 2032?

By 2032, the Corrosion under Insulation Monitoring landscape is slated to reach a valuation of US$ 313.16 Million.

By Component, which segment is likely to experience the fastest growth rate?

Hardware Segment is expected to grow the fastest, at a CAGR of 12.6%.

Which is the most preferred end-user category of Corrosion under Insulation Monitoring?

By end-user, the Oil & Gas segment is expected to dominate the market, documenting a 12.5% value CAGR.

How will the market for Corrosion under Insulation Monitoring in North America flourish until 2032?

As per Fact.MR’s projections, the market for Corrosion under Insulation Monitoring in North America will likely expand at a 12.6% CAGR.

What will be the growth scenario for the market in Asia Pacific until 2032?

Asia Pacific is poised to yield a CAGR of 12.5% with respect to Corrosion under Insulation Monitoring in 2032.

What was the market worth for Corrosion under Insulation Monitoring in 2021?

As of 2021, the Corrosion under Insulation Monitoring market was valued at US$ 84.06 Million.

From 2017-2021, what was the documented growth rate for the Corrosion under Insulation Monitoring market?

According to Fact.MR, a CAGR of 4.2% was recorded for the Corrosion under Insulation Monitoring market from 2017-2021.

Corrosion Under Insulation Monitoring Market

Schedule a Call