Corrosion Under Insulation Monitoring Market Research Report and Outlook by 2028

The Corrosion Under Insulation Monitoring Market is projected to expand from US$ 94.74 million in 2022 to US$ 193.72 million by 2028, reflecting a compound annual growth rate (CAGR) of 12.7% during this period.

Corrosion represents a major risk to industrial systems globally, leading to the pollution of water sources with by-products such as rust. This not only jeopardizes the sustainability of infrastructure but also adversely affects the environment and surrounding ecosystems. Failing to implement effective corrosion protection strategies can lead to increased operational costs for businesses, stemming from the need for frequent equipment replacements and prolonged downtimes due to equipment failures. Additionally, the rising demand for asset management services in developing nations and various end-use sectors presents opportunities for the corrosion under insulation monitoring market.

The market for corrosion under insulation monitoring is categorized by components and end users. In terms of components, it is divided into hardware, software, and services. The end-user segmentation includes industries such as oil & gas, marine, chemical & petrochemical, energy & power, food processing, among others.

Key players in the corrosion under insulation monitoring market include 3-SCI Limited, Alabama Specialty Products Inc., Eddyfi Technologies, ISENSPRO, Kaefer Group, Maxwell NDT, MISTRAS Group, Olympus Corporation, QSA Global Inc., and Testex Inc. This analysis also encompasses numerous other significant global and regional firms, including emerging players and niche market participants.

Effects of the COVID-19 Pandemic on the Corrosion Under Insulation Monitoring Market

CUI monitoring solutions are predominantly utilized within the oil & gas sector, particularly for maintaining pipeline systems. The COVID-19 pandemic led to a substantial decline in oil & gas production, which in turn diminished the demand for CUI monitoring hardware. Furthermore, the CUI monitoring service sector faced considerable challenges as maintenance operations in oil & gas, chemical, and petrochemical facilities were significantly reduced due to temporary shutdowns. These circumstances moderately impacted the market share of corrosion under insulation monitoring during the pandemic. However, by the third quarter of 2020, the market began to recover as economic activities resumed, and the manufacturing and oil & gas sectors returned to full operational capacity, thereby increasing the global demand for CUI monitoring devices.

In North America, Canada holds the second-largest market share in corrosion under insulation monitoring. According to the Association for Mineral Protection and Performance (AMPP) 2021 report, various industrial sectors in Canada, including energy, municipal, manufacturing, and marine, have been significantly affected by corrosion. The annual financial burden of corrosion-related deterioration and failures is estimated at US$ 48.95 billion, equating to approximately 2.5% of the nation?s GDP. To mitigate the high costs associated with equipment replacement and maintenance, industries such as oil & gas are encouraged to implement preventive measures through CUI monitoring solutions. The presence of leading market players like SGS Canada is expected to further stimulate the growth of the corrosion under insulation monitoring market in the region.

The Asia Pacific region is anticipated to exhibit the highest CAGR throughout the forecast period. The corrosion under insulation monitoring market in this region is segmented by countries, including Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, India is projected to be the second-largest contributor to the growth of the corrosion under insulation monitoring market in Asia Pacific.

India has a robust chemical & petrochemical sector, with increasing investments from both domestic and international entities. It ranks 6th and 9th globally in terms of imports and exports, respectively, contributing around 12.8% and 12.9% of total imports and exports in 2021. The expansion of this industry is driven by rising per capita consumption, as indicated by the increase in polyethylene and polypropylene consumption from 6.5 kg in 2015 to 8.2 kg in 2020. Moreover, the trend towards digitalization in chemical companies is expected to enhance the growth of the corrosion under insulation monitoring market. For example, the implementation of sensors at production sites to gather real-time operational data is likely to boost the demand for CUI monitoring sensors in India?s chemical & petrochemical sector. Additionally, the government?s increased investment in expanding oil refineries is anticipated to further support the growth of corrosion under insulation monitoring market players in India.

Key players in the global corrosion under insulation monitoring market include 3-Sci Limited, Kaefer Group, MISTRAS Group, Cosasco, and MAXWELL NDT, all of which are highlighted in this market analysis.

The size of the corrosion under insulation monitoring market has been assessed using both primary and secondary research methodologies. The research process commenced with extensive secondary research, leveraging both internal and external sources to compile qualitative and quantitative data regarding the corrosion under insulation monitoring market. This approach aimed to provide a comprehensive overview and forecast of market growth across all segments. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Industry professionals, including VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in market size, contributed to this research process.