North America Corrosion Under Insulation Monitoring Market Forecast to 2028 – COVID

North America Corrosion Under Insulation Monitoring Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Hardware, Software, and Services) and End User (Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, Food Processing Industries, and Others)

Report Code : BMIRE00027388 | Region : North America | Industry : Electronics and Semiconductor | Published Date : 09/Nov/2022

The North America corrosion under insulation monitoring market is expected to grow from US$ 32.28 million in 2022 to US$ 64.08 million by 2028. It is estimated to grow at a CAGR of 12.1% from 2022 to 2028.

Increasing Demand from Oil & Gas Sector and Rising Investment

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. There are several economically emerging countries across the region. These countries 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 bolstering the corrosion under insulation monitoring market growth.

Market Overview

North America CUI monitoring market comprises of the US, Canada and Mexico. In 2020, Rust Bullet published a report, according to which, North America’s oil & gas is a prominent end user industry of CUI monitoring solutions. the US has biggest refining capacity in the world and accounts for over 23% of the world’s petroleum production, with 163 refineries, Corrosion has annual direct cost of approximately US$ 3.7 billion. The costs associated with maintenance are around US$ 1.8 billion, the costs associated with vessel turnarounds to be about US$1.4 billion, and the costs associated with fouling to be nearly US$ 0.5 billion every year. Surface pipeline and facility costs in the US oil & gas industry total US$589 million. Up to 3% to5% of the GDP of industrialized countries, such as US are lost to corrosion costs. The region’s oil & gas sector is expected to lose billions of dollars annually just in maintenance expenses related to corrosion directly or indirectly. Internal corrosion that develops in wells and pipelines is the main issue witnessed by the region’s the oil & gas sector. The influence of environmental factors in the region such as temperature, water chemistry, flow rate, steel quality and CO2 and H2S content is what mostly contributes to corrosion. Corrosion also effects in similar way to the other end user industries such as food processing, marine, water treatment, and chemical by damaging the machineries and other equipment. In 2021, the Association for Materials Protection and Performance (AMPP) published a report, according to which, corrosion related damages and failures of national assets in Canada were valued at US$48.95 billion. Such issues increase the demand for CUI monitoring solutions which lead to the corrosion under insulation (CUI) market growth in the region.

North America Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

North America Corrosion Under Insulation Monitoring Market Segmentation

The North America corrosion under insulation monitoring market has been segmented based on component, end user, and country.

Based on component, the North America corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held the largest market share in 2022. Based on end user, the North America corrosion under insulation monitoring market has been segmented into oil & gas, marine, chemical and petrochemical, energy & power, food processing, and others. The oil & gas segment held the largest market share in 2022. Based on country, the North America corrosion under insulation monitoring market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022. 3-Sci Limited; Alabama Specialty Products, Inc.; Cosasco; Eddyfi Technologies; Kaefer Group; Mistras Group; QSA Global, Inc.; and Testex, Inc. are the leading companies operating in the North America corrosion under insulation monitoring market.

At 12.1% CAGR, the North America Corrosion Under Insulation Monitoring Market is speculated to be worth US$ 64.08 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the North America corrosion under insulation monitoring market was valued at US$ 32.28 million in 2022 and is expected to reach US$ 64.08 million by 2028, registering an annual growth rate of 12.1% from 2022 to 2028. Losses caused by corrosion-related damages and increasing demand from oil & gas sector and rising investment are the critical factors attributed to the market expansion.

Corrosion is the gradual breakdown of a substance because of its exposure to various conditions in its surroundings; the process is more common in metallic alloys. It is a commonly associated event with the processing of petroleum and natural gas. Losses in Economic cycles caused by corrosion that have an impact on the environment are expected to take toll on the production and consumption of materials for industrial development. Metallic pipelines or storage and handling equipment undergo corrosion when their surfaces meet water or humidity. It can happen anywhere on the susceptible components, but the degradation process typically initiates in the area where water penetration occurs and come into with metal contact creating a corrosion cell. The presence of corrosion products such as copper and lead, which are partially soluble in water in their ionic forms, is harmful to consumers. In general, the extent of corrosion depends on metal type, ionic makeup, and ph. The wear and corrosion of metal underneath a corroded deposit or in its immediate vicinity in pipes, ducts, tanks, preheaters, boilers, and other metal structures in insulated heat exchange systems is one of the most frequent challenges faced in various industries. Although metal anti-corrosion products and different protective coatings are available to protect the metals from corrosion, users find it particularly difficult to detect and protect the inner surfaces of metallic components or equipment due to multiple layers or external jacketing systems, among others. When the ability of insulation losses insulating properties, glass fiber or asbestos coatings are employed in these situations. Different types of coatings, including insulation coatings, are susceptible to corrosion damage. It is difficult to choose type of insulation when weighing a huge number of benefits and drawbacks related to installation, operation, cost, and corrosion protection. High losses caused by corrosion are one of the key factors boosting the demand for corrosion under insulation monitoring solutions across the region.

On the contrary, requirement of skilled personnel and technical expertise hurdles the growth of the North America corrosion under insulation monitoring market.

Based on component, the North America corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held 58.4% market share in 2022, amassing US$ 18.85 million. It is projected to garner US$ 35.27 million by 2028 to expand at 11.0% CAGR during 2022–2028. Based on end user, the North America corrosion under insulation monitoring market has been segmented into oil & gas, marine, chemical and petrochemical, energy & power, food processing, and others. The oil & gas segment held 65.9% market share in 2022, amassing US$ 21.26 million. It is projected to garner US$ 41.79 million by 2028 to expand at 11.9% CAGR during 2022–2028. Based on country, the North America corrosion under insulation monitoring market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.2% market share in 2022. It was assessed at US$ 23.31 million in 2022 and is likely to hit US$ 47.01 million by 2028, exhibiting a CAGR of 12.4% during the forecast period. Key players dominating the North America corrosion under insulation monitoring market are 3-Sci Limited; Alabama Specialty Products, Inc.; Cosasco; Eddyfi Technologies; Kaefer Group; Mistras Group; QSA Global, Inc.; and Testex, Inc. among others.

In 2022, Eddyfi Technologies announces that it has completed the acquisition of Zetec, a subsidiary of Roper Technologies, Inc. to expand their business across power generation, aerospace sector. In 2022, MISTRAS Group was added to Materials Technology Institute (MTI). With this partnership, Mistras group is enhancing its research & product development capabilities.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. North America Corrosion Under Insulation Monitoring Market Landscape

4.1 Market Overview

4.2 North America PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. North America Corrosion Under Insulation Monitoring Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Losses Caused by Corrosion-Related Damages

5.1.2 Growing Demand from Oil & Gas Sector and Rising Investment

5.2 Market Restraints

5.2.1 Requirement of Skilled Personnel and Technical Expertise

5.3 Market Opportunities

5.3.1 Rising Focus to Enhance Durability of Equipment in Food & Beverages Sector

5.4 Future Trends

5.4.1 Integration of AI with Corrosion Monitoring Systems

5.5 Impact Analysis of Drivers and Restraints

6. Corrosion Under Insulation Monitoring Market – North America Analysis

6.1 North America Corrosion Under Insulation Monitoring Market Overview

6.2 North America Corrosion Under Insulation Monitoring Market Forecast and Analysis

7. North America Corrosion Under Insulation Monitoring Market Analysis – By Component

7.1 Overview

7.2 North America Corrosion Under Insulation Monitoring Market Breakdown, By Component (2021 and 2028)

7.3 Hardware

7.3.1 Overview

7.3.2 Hardware: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

7.4 Software

7.4.1 Overview

7.4.2 Software: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

7.5 Services

7.5.1 Overview

7.5.2 Services: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8. North America Corrosion Under Insulation Monitoring Market Analysis – By End User

8.1 Overview

8.2 North America Corrosion Under Insulation Monitoring Market Breakdown, By End User (2021 and 2028)

8.3 Oil & Gas

8.3.1 Overview

8.3.2 Oil & Gas: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.4 Marine

8.4.1 Overview

8.4.2 Marine: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.5 Chemical and Petrochemical

8.5.1 Overview

8.5.2 Chemical and petrochemical: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.6 Energy & Power

8.6.1 Overview

8.6.2 Energy & Power: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.7 Food Processing Industries

8.7.1 Overview

8.7.2 Food Processing Industries: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.8 Others

8.8.1 Overview

8.8.2 Others: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

9. North America Corrosion Under Insulation Monitoring Market – Country Analysis

9.1 Overview

9.1.1 North America: Corrosion Under Insulation Monitoring Market, by Key Country

9.1.1.1 US: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 US: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.1.2 US: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.2 Canada: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 Canada: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.2.2 Canada: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.3 Mexico: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 Mexico: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.3.2 Mexico: Corrosion Under Insulation Monitoring Market, by End user

10. Industry Landscape

10.1 Overview

10.2 Market Initiative

10.3 Merger and Acquisition

10.4 New Product Launch

11. Company Profile

11.1 3-Sci Limited

11.1.1 Key Facts

11.1.2 Business Description

11.1.3 Products and Services

11.1.4 Financial Overview

11.1.5 SWOT Analysis

11.1.6 Key Developments

11.2 Alabama Specialty Products, Inc.

11.2.1 Key Facts

11.2.2 Business Description

11.2.3 Products and Services

11.2.4 Financial Overview

11.2.5 SWOT Analysis

11.2.6 Key Developments

11.3 Eddyfi Technologies

11.3.1 Key Facts

11.3.2 Business Description

11.3.3 Products and Services

11.3.4 Financial Overview

11.3.5 SWOT Analysis

11.3.6 Key Developments

11.4 Kaefer Group

11.4.1 Key Facts

11.4.2 Business Description

11.4.3 Products and Services

11.4.4 Financial Overview

11.4.5 SWOT Analysis

11.4.6 Key Developments

11.5 Mistras Group

11.5.1 Key Facts

11.5.2 Business Description

11.5.3 Products and Services

11.5.4 Financial Overview

11.5.5 SWOT Analysis

11.5.6 Key Developments

11.6 Cosasco

11.6.1 Key Facts

11.6.2 Business Description

11.6.3 Products and Services

11.6.4 Financial Overview

11.6.5 SWOT Analysis

11.6.6 Key Developments

11.7 QSA Global, Inc.

11.7.1 Key Facts

11.7.2 Business Description

11.7.3 Products and Services

11.7.4 Financial Overview

11.7.5 SWOT Analysis

11.7.6 Key Developments

11.8 Testex, Inc.

11.8.1 Key Facts

11.8.2 Business Description

11.8.3 Products and Services

11.8.4 Financial Overview

11.8.5 SWOT Analysis

11.8.6 Key Developments

12. Appendix

12.1 About The Insight Partners

12.2 Word Index

LIST OF TABLES.

Table 1. North America Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Table 2. US: Corrosion Under Insulation Monitoring Market, by Component–Revenue and Forecast to 2028 (US$ Million)

Table 3. US: Corrosion Under Insulation Monitoring Market, by End user –Revenue and Forecast to 2028 (US$ Million)

Table 4. Canada: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 5. Canada: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 6. Mexico: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 7. Mexico: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 8. List of Abbreviation

LIST OF FIGURES.

Figure 1. North America Corrosion Under Insulation Monitoring Market Segmentation

Figure 2. North America Corrosion Under Insulation Monitoring Market Segmentation – By Country

Figure 3. North America Corrosion Under Insulation Monitoring Market Overview

Figure 4. North America Corrosion Under Insulation Monitoring Market, By Component

Figure 5. North America Corrosion Under Insulation Monitoring Market, By Country

Figure 6. North America – PEST Analysis

Figure 7. Ecosystem Analysis

Figure 8. Expert Opinion

Figure 9. North America Corrosion Under Insulation Monitoring Market Impact Analysis of Drivers and Restraints

Figure 10. North America Corrosion Under Insulation Monitoring Market Forecast and Analysis (US$ Million)

Figure 11. North America Corrosion Under Insulation Monitoring Market Revenue Share, By Component (2021 and 2028)

Figure 12. North America Hardware: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 13. North America Software: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 14. North America Services: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 15. North America Corrosion Under Insulation Monitoring Market Revenue Share, By End User (2021 and 2028)

Figure 16. North America Oil & Gas: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 17. North America Marine: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 18. North America Chemical and petrochemical: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 19. North America Energy & Power: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 20. North America Food Processing Industries: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 21. North America Others: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 22. North America: Corrosion Under Insulation Monitoring Market, by Key Country – Revenue (2021) (US$ ‘Million)

Figure 23. North America: Corrosion Under Insulation Monitoring Market Revenue Share, by Key Country (2021 and 2028)

Figure 24. US: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 25. Canada: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26. Mexico: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

The List of Companies - North America Corrosion Under Insulation Monitoring Market

● 3-Sci Limited

● Alabama Specialty Products, Inc.

● Cosasco

● Eddyfi Technologies   

● Kaefer Group

● Mistras Group

● QSA Global, Inc.

● Testex, Inc

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America corrosion under insulation monitoring market.

● Highlights key business priorities to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in North America corrosion under insulation monitoring market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the corrosion under insulation monitoring market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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