Europe Corrosion Under Insulation Monitoring Market Forecast to 2028

Report Code : BMIRE00027397 | Region : Europe | Industry : Electronics and Semiconductor | Published Date : 25/Nov/2022
Europe 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)

The Europe corrosion under insulation monitoring market is expected to grow from US$ 25.04 million in 2022 to US$ 52.11 million by 2028. It is estimated to grow at a CAGR of 13.0% from 2022 to 2028.

Losses Caused by Corrosion-Related Damages

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.

Market Overview

The Europe corrosion under insulation (CUI) monitoring market comprises of Germany, Italy, France, the UK, Russia, and rest of Europe. According to European Union (EU) report, the petroleum refining sector plays an important role in contributing to European economies. The region has decided to end the imports of oil & gas and other fossil fuels from Russia due to political reasons. This will increase the development of new oil & gas pipelines. A natural gas pipeline project is under development in the region. This offshore/onshore natural gas pipeline project of 1900 km Eastern Mediterranean (EastMed) will connect EastMed resources of energy to Greece via Crete and Cyprus. The US$ 6.86 billion project will supply natural gas from Greece’s off shore gas reserves and in conjunction with Gas Interconnector Greece-Bulgaria (IGB) and Poseidon pipelines into several European countries such as Italy. Such projects will bring lucrative opportunities for the corrosion under insulation (CUI) monitoring market in the region. Further, Germany is one of strongest country in the region in terms of economy, followed by the UK. Germany imports crude oil via four transnational pipelines through the ports of Wilhelmshaven, Hamburg, Brunsbuttel, and Rostock. These pipelines are operated by the joint ventures of several petroleum giants and owned by petroleum refining industry. Moreover, the UK bears losses of approximately US$ 28 billion every year due to corrosion. CUI poses a significant economic, operational and safety challenge for the oil & gas industry. Since 1984, around 20% of oil & gas incidents reported in the EU were associated with corrosion issues. In the North Sea, several assets are functioning beyond their expected working life and approximately 60% of the pipe failures were caused by the corrosion under insulation. The corrosion causes damage to equipment’s and oil refinery pipes which causes huge losses and downtime in production. So in order to avoid the costs, industries across the region are expected to adopt corrosion under insulation monitoring solutions in order to minimize replacement costs and failure issues.

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

Europe Corrosion Under Insulation Monitoring Market Segmentation

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

Based on component, the Europe 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 Europe 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 Europe corrosion under insulation monitoring market is segmented into the UK, Germany, France, Italy, Russia, and rest of Europe. Russia dominated the market share in 2022. 3-Sci Limited; Alabama Specialty Products, Inc.; Cosasco; Eddyfi Technologies; iSensPro; Kaefer Group; Maxwell NDT; Mistras Group; QSA Global, Inc.; and Testex, Inc. are the leading companies operating in the Europe corrosion under insulation monitoring market.

The List of Companies - Europe Corrosion Under Insulation Monitoring Market

● 3-Sci Limited

● Alabama Specialty Products, Inc.

● Cosasco

● Eddyfi Technologies   

● iSensPro

● Kaefer Group

● Maxwell NDT

● Mistras Group  

● QSA Global, Inc.

● Testex, Inc.

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. Europe Corrosion Under Insulation Monitoring Market Landscape

4.1 Market Overview

4.2 Europe PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. Europe Corrosion Under Insulation Monitoring Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Losses Caused by Corrosion-Related Damages

5.1.2 Increasing 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 – Europe Analysis

6.1 Europe Corrosion Under Insulation Monitoring Market Overview

6.2 Europe Corrosion Under Insulation Monitoring Market Forecast and Analysis

7. Europe Corrosion Under Insulation Monitoring Market Analysis – By Component

7.1 Overview

7.2 Europe 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. Europe Corrosion Under Insulation Monitoring Market Analysis – By End User

8.1 Overview

8.2 Europe 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. Europe Corrosion Under Insulation Monitoring Market – Country Analysis

9.1 Overview

9.1.1 Europe: Corrosion Under Insulation Monitoring Market, by Key Country

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

9.1.1.1.1 Germany: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.2.1 France: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.3.1 Italy: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.4.1 UK: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.4.2 UK: Corrosion Under Insulation Monitoring Market, by End user

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

9.1.1.5.1 Russia: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.5.2 Russia: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.6 Rest of Europe: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.6.1 Rest of Europe: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.6.2 Rest of Europe: 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 iSensPro

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

11.5 Kaefer 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 Maxwell NDT

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 Mistras Group

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 Cosasco

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

11.9 QSA Global, Inc.

11.9.1 Key Facts

11.9.2 Business Description

11.9.3 Products and Services

11.9.4 Financial Overview

11.9.5 SWOT Analysis

11.9.6 Key Developments

11.10 Testex, Inc.

11.10.1 Key Facts

11.10.2 Business Description

11.10.3 Products and Services

11.10.4 Financial Overview

11.10.5 SWOT Analysis

11.10.6 Key Developments

12. Appendix

12.1 About The Insight Partners

12.2 Word Index

LIST OF TABLES.

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

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

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

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

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

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

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

Table 8. Italy: Corrosion Under Insulation Monitoring Market, by End user – Revenue and Forecast to 2028 (US$ Million)

Table 9. UK: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 10. UK: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 11. Russia: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 12. Russia: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 13. Rest of Europe: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 14. Rest of Europe: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 15. List of Abbreviation

The List of Companies - Europe Corrosion Under Insulation Monitoring Market

● 3-Sci Limited

● Alabama Specialty Products, Inc.

● Cosasco

● Eddyfi Technologies   

● iSensPro

● Kaefer Group

● Maxwell NDT

● Mistras Group  

● QSA Global, Inc.

● Testex, Inc.

Reason To Buy

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe 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 Europe 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 Europe 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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