Asia-Pacific Corrosion Under Insulation Monitoring Market Forecast to 2028 – COVID

Asia-Pacific 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 : BMIRE00027401 | Region : Asia Pacific | Industry : Electronics and Semiconductor | Published Date : 10/Nov/2022

The APAC corrosion under insulation monitoring market is expected to grow from US$ 22.55 million in 2022 to 48.81 million by 2028. It is estimated to grow at a CAGR of 13.7% from 2022 to 2028.

Integration of AI with Corrosion Monitoring Systems

Variables associated with ambient environment for system design and piping installation procedures might affect the origination and spread of corrosion under insulation. Corrosion under insulation is a significant issue that threatens the integrity of numerous assets in the oil and gas sector. An inspection tool with artificial intelligence (AI) capabilities can aid the heat maps of insulated asset integrity to field inspection engineers. Using a specifically designed AI-based solutions with machine learning, one can increase the output of thermographic technologies. By extracting thermal anomaly features and correlating them with corrosion as well as irregularities in the structural integrity of assets verified visually during the phase of the ML algorithm, corrosion and factors that contribute to this degradation are predicted by looking at the progression of the thermal images captured over time. This method ensures greater safety through remote inspection and significant cost savings from online asset monitoring. Thus, the integration of AI with corrosion monitoring systems will boost the demand for these solutions during the forecast period. For example, Trifork, a prominent player in corrosion under insulation monitoring solutions, provides smart AI asset management for automatic corrosion detection, which is deployed for corrosion detection in maritime and oil & gas industries for obtaining real-time insights. Hence, integration of AI with corrosion monitoring systems is expected to drive the market.

Market Overview

Based on geography, the APAC CUI monitoring market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC amongst others. Among the growing demand for energy across APAC, the regional government bodies have undertaken various policies to make themselves self-sufficient in the petrochemical sector. The rapid adoption of modernization, growing population, and rising demand for energy across the residential sector is the major factors contributing to the rapid growth of the APAC petrochemical industry. India for instance, is investing heavily in its petrochemical industry. The table below demonstrates, the country’s plan to expand its petrochemical capabilities per thousand tons by 2040. The demand for oil & gas has experienced a tremendous increase over the last four decades. Moreover, according to the International Energy Agency (IEA), the demand for oil is expected to increase by 9 mmbpd by 2040 from the present demand of 6.5 mmbpd. The agency also expects a rise in oil refinery projects across the region by 60% by 2050. These rise in investment in the oil & gas sector is presented to positively impact the demand for CUI monitoring devices and CUI monitoring services market across the region over the forecast period.

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

APAC Corrosion Under Insulation Monitoring Market Segmentation

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

Based on component, the APAC 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 APAC 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 APAC corrosion under insulation monitoring market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC. China 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 APAC corrosion under insulation monitoring market.

At 13.7% CAGR, the APAC Corrosion Under Insulation Monitoring Market is speculated to be worth US$ 48.81 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the APAC corrosion under insulation monitoring market was valued at US$ 22.55 million in 2022 and is expected to reach US$ 48.81 million by 2028, registering an annual growth rate of 13.7% from 2022 to 2028. Rising focus to enhance durability of equipment in food & beverages sector and integration of AI with corrosion monitoring systems are the critical factors attributed to the market expansion.

Food processing is one of the largest manufacturing industries in the region and keeping an eye on corrosion is essential in this industry as it can serve as a source of unacceptably dangerous pollutants in the settings where food is being produced, endangering sanitation and product safety as well as lowering the reliability of machinery, which results in expensive downtime. Many food products need to be treated with chemicals such as sodium bisulfite, potassium bisulfate, and sodium sulfite or mixed with concentrated chemicals such chlorides and organic acids, which can prove extremely corrosive to metals. Food with acidic pH of 2–5, such as jams, sauces, and pickled vegetables, tend to react with metal and corrode the equipment. Preventing corrosion is an essential aspect of plant operations to avoid the significant expenses of equipment maintenance, replacement, and downtime caused due to corrosion damage. Corrosion damage within the insulation systems can be significantly decreased with the application of preventive measures such as opting for a timely inspecting and monitoring pipes and assets with CUI. As protective coatings can withstand corrosion, they do have limitations as they erode over a certain period, further triggering corrosion. Thus, the demand for corrosion under insulation monitoring is increasing to increase the life span of equipment, as these monitoring solutions help track corrosion rate.

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

Based on component, the APAC corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held 59.5% market share in 2022, amassing US$ 13.42 million. It is projected to garner US$ 27.65 million by 2028 to expand at 12.8% CAGR during 2022–2028. Based on end user, the APAC 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 64.3% market share in 2022, amassing US$ 14.49 million. It is projected to garner US$ 31.00 million by 2028 to expand at 13.5% CAGR during 2022–2028. Based on country, the APAC corrosion under insulation monitoring market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 28.4% market share in 2022. It was assessed at US$ 6.41 million in 2022 and is likely to hit US$ 14.54 million by 2028, exhibiting a CAGR of 14.6% during the forecast period. Key players dominating the APAC 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, Kaefer Group has introduced blu, a global initiative to enhance Kaefer's experience in CUI remediation.

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. APAC Corrosion Under Insulation Monitoring Market Landscape

4.1 Market Overview

4.2 APAC PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. APAC 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 – APAC Analysis

6.1 APAC Corrosion Under Insulation Monitoring Market Overview

6.2 APAC Corrosion Under Insulation Monitoring Market Forecast and Analysis

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

7.1 Overview

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

8.1 Overview

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

9.1 Overview

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

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

9.1.1.1.1 Australia: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.2.1 China: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.3.1 India: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.4.1 Japan: Corrosion Under Insulation Monitoring Market, by Component

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

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

9.1.1.5.1 South Korea: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.5.2 South Korea: Corrosion Under Insulation Monitoring Market, by End user

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

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

9.1.1.6.2 Rest of APAC: 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. APAC Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 15. List of Abbreviation

LIST OF FIGURES.

Figure 1. APAC Corrosion Under Insulation Monitoring Market Segmentation

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

Figure 3. APAC Corrosion Under Insulation Monitoring Market Overview

Figure 4. APAC Corrosion Under Insulation Monitoring Market, By Component

Figure 5. APAC Corrosion Under Insulation Monitoring Market, By Country

Figure 6. APAC – PEST Analysis

Figure 7. Ecosystem Analysis

Figure 8. Expert Opinion

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 27. Japan: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28. South Korea: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29. Rest of APAC: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

The List of Companies - Asia-Pacific 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 APAC 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 APAC 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 APAC 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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