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 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.

3-SCI Limited, Alabama Specialty Products Inc., Eddyfi Technologies, ISENSPRO, Kaefer Group, Maxwell NDT, MISTRAS Group, Olympus Corporation, QSA Global Inc., and Testex Inc. are a few of the key players that have been profiled during the corrosion under insulation monitoring market study. In addition to these ten players, multiple other prominent global and regional companies—including emerging players, market disruptors, and niche market players—have also been analyzed during this study.

Impact of COVID-19 Pandemic on Corrosion Under Insulation Monitoring Market

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.

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.

3-Sci Limited, Kaefer Group, MISTRAS Group, Cosasco, and MAXWELL NDT. are a few of the key players operating in the global corrosion under insulation monitoring market that is profiled in this market study.

The overall corrosion under insulation monitoring market size has been derived using both primary and secondary sources. To begin the corrosion under insulation monitoring market analysis research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the corrosion under insulation monitoring market. The process also serves the purpose of obtaining an overview and forecast of the corrosion under insulation monitoring market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as 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 the market size.