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.
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Companies Profiled in this report includes:
- 3-Sci Limited
- Alabama Specialty Products, Inc.
- Eddyfi Technologies
- iSensPro
- KAEFER
- MAXWELL NDT
- MISTRAS Group
- TesTex Incorporated
- QSA Global, Inc.
- Cosasco
The oil & gas industry is a major end user of CUI monitoring solutions. In the oil & gas industry, CUI monitoring plays a vital role in the maintenance of pipelining processes. The sudden onset of the COVID-19 pandemic led to a severe decline in the oil & gas production industry, leading to decreased demand for CUI monitoring hardware. However, the CUI monitoring service industry was significantly impacted as the maintenance activities across the oil & gas and chemical & petrochemical plants were lowered due to the temporary shutdown of oil & gas operations. Thus, these factors moderately impacted the corrosion under insulation monitoring market share during the pandemic. The normalization of the economy from the third quarter of 2020 started reviving the market. The manufacturing and the oil & gas industries started their operation with full capacity, thereby influencing the demand for CUI monitoring devices across the globe in corrosion under insulation monitoring market size.
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Corrosion Under Insulation Monitoring Market Segmentation:
By Component:
- Hardware
- Software
- Services
By End User:
- Oil & Gas
- Marine
- Chemical and Petrochemical
- Energy & Power
- Food Processing Industries
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.
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