Seoul, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The corrosion under insulation monitoring market reached a valuation of US$ 94.74 Million in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 12.7% CAGR, reaching US$ 313.16 Million.
According to Fact.MR, oil and gas production industries have one of the major application areas for corrosion monitoring, which is expected to fuel the growth of the Corrosion under Insulation Monitoring Market during the forecast period. Corrosion under Insulation monitoring is an important method against premature degradation such as safety and environmental issues.
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Corrosion can have costly penalties due to the loss in production, repairs, and unplanned replacements of the systems and components. Increasing awareness about corrosion under insulation monitoring as well as corrosion-related failure is another major factor that is anticipated to boost the growth of the market in the near future. The pipeline industry and refineries are other key factors for the growth of the corrosion under insulation monitoring market. Factors such as energy consumption and the increase in production and exploration of crude oil and rising demand from the corrosion under insulation monitoring market are expected to accelerate the demand for corrosion under insulation monitoring systems in the forthcoming years.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 4.2% was recorded for the Corrosion under Insulation Monitoring market from 2017-2022
- In FY 2022, the Corrosion under Insulation Monitoring market reached a valuation of US$ 94.74 Million
- The market is likely to register a Y-o-Y growth rate of 11.0% in 2023
- By Component, the Hardware Segment is expected to dominate the market, documenting a 12.6% value CAGR
- As per Fact.MR’s projections, the market for Corrosion under Insulation Monitoring in North America will likely expand at a 12.6% CAGR
- The Corrosion under Insulation Monitoring market in Asia Pacific is expected to expand at a 12.5% CAGR
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Competitive Landscape
Prominent players in the Corrosion under Insulation Monitoring Industry are taking advantage of the rapidly increasing demand for the Corrosion under Insulation Monitoring in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- In 2022, MISTRAS Group is partnered with Materials Technology Institute (MTI). With this partnership, MISTRAS Group is enhancing its research & product development capabilities.
- In 2022, Eddyfi Technologies announced that it had completed the acquisition of Zetec, a subsidiary of Roper Technologies, Inc., to expand its business across the power generation & aerospace sectors.
- In 2021, Kaefer Group introduced blu, a global initiative to enhance Kaefer's experience in CUI remediation.
Prominent Players
- 3-Sci Limited
- Kaefer Group
- MISTRAS Group
- Cosasco
- MAXWELL NDT
- Akzo Nobel N.V
- Alabama Specialty Products Inc.
- Eddyfi Technologies
- iSensPro
- QSA Global Inc.
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Key Segments Covered in the Corrosion under Insulation Monitoring Industry Survey
- By Component :
- Hardware
- Software
- Services
- By End-User :
- Oil & Gas
- Marine
- Chemical & Petrochemical
- Energy & Power
- Food Processing
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Corrosion under Insulation Monitoring market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of component (hardware, software, and services), by end-user (oil & gas, marine, chemical & petrochemical, energy & power, food processing, and others), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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