Publication Month: Aug 2022 | Report Code: TIPRE00029532 | No. of Pages: 144 | Category: Electronics and Semiconductor | Status: Published
The corrosion under insulation monitoring market is mainly driven by losses caused by corrosion-related damage and the increased durability of pipelines in the oil & gas sector. 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. However, the requirement of skilled personal and technical expertise and focus on curative maintenance than preventive limits the corrosion under insulation monitoring market growth. Nevertheless, the integration of AI with corrosion monitoring systems is likely to emerge as a future trend in the corrosion under insulation monitoring market during the forecast period.
The main stakeholders of the global corrosion under insulation monitoring market include raw material/component providers, CUI monitoring system manufacturers, CUI monitoring service providers, and end users. The raw material/component providers offer the CUI monitoring market players with components such as sensors. The market players utilize these sensors to manufacture the hardware used for monitoring insulated pipes for CUI situations. Any impact on the raw material/component providers of the corrosion under insulation monitoring market players will directly impact the offering of the market players. The next important stakeholder in the value chain is the CUI solution providers, who offer hardware, software, and services to the end-users. A few of the key players operating in the corrosion under insulation monitoring market include 3-Sci Limited; Alabama Specialty Products, Inc.; Eddyfi Technologies; iSensPro; and Kaefer Group. They offer advanced monitoring solutions for in-time detection of any type of corrosion across pipelines in the end-use industries.
The next stakeholders include the service providers who offer inspection and monitoring services to the CUI areas. With the complete package with software and hardware integration, CUI monitoring service providers are provide complete solution to its end-users. The major end-users of the global corrosion under insulation monitoring market include oil & gas, marine, chemical & petrochemical, energy & power, food processing industries, and others. These companies procure the CUI solution for detecting corrosion under insulation. These companies incorporate long-term contracts and supply agreements with the CUI monitoring solution-providing companies. The end users are the key stakeholders of the market as it creates the demand for the product, thus boosting the market growth over the forecast period.
|Market Size Value in||US$ 94.74 Million in 2022|
|Market Size Value by||US$ 193.72 Million by 2028|
|Growth rate||CAGR of 12.7% from 2022 to 2028|
|No. of Pages||144|
|No. of Tables||61|
|No. of Charts & Figures||75|
|Historical data available||Yes|
|Segments covered||Component, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
North American countries such as the US was severely impacted due to the COVID-19 pandemic. The manufacturing sectors across the region were operating at a low capacity to combat the spread of SARS-CoV-2, which resulted in low production volume in the first two quarters of 2020. The decrease in the production volume of the manufacturing facilities led to the decline in demand for CUI monitoring devices. For instance, the automotive industry in the US experienced a decrease in production by over 15%, thereby reducing the demand for CUI monitoring devices in the sector. Further, the oil & gas and chemical & petrochemical industries were also adversely affected in Q1 and Q2 of 2020. The decrease in oil & gas production across refining and production facilities contributed to the decrease in demand for CUI monitoring devices, thereby severely impacting the corrosion under insulation monitoring market size. As a result, the COVID-19 pandemic has hindered the corrosion under insulation monitoring market growth.
Based on geography, the corrosion under insulation monitoring market size is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). North America is expected to account for the largest corrosion under insulation monitoring market share in 2022, and it is expected to retain its dominance during the forecast period. Further, APAC is expected to witness the highest CAGR in the market during the forecast period.
The North America market is segmented into the US, Canada, and Mexico. 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. Furthermore, 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$ 0.5 billion 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. The influence of environmental factors in the region such as temperature, water chemistry, flow rate, steel quality, and CO2 and H2S content mostly contributes to corrosion. Similarly, corrosion also affects other end user industries such as food processing, marine, water treatment, and chemical by damaging the machinery and other equipment. Such issues increase the demand for CUI monitoring solutions which leads to the corrosion under insulation market growth in the region.
Based on components, the corrosion under insulation monitoring market share is segmented into hardware, software, and services. 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.
Market players operating in the corrosion under insulation monitoring market analysis are mainly focused on the development of advanced and efficient systems.