The corrosion under insulation monitoring market size is projected to reach US$ 297.93 million by 2031 from US$ 114.10 million in 2023. The market is expected to register a CAGR of 12.7 % during 2023–2031. The adoption of advanced sensing technologies is likely to remain a key trend in the market.
The Increasing focus on safety compliance, government initiatives in corrosion-related regulations, and increasingly advanced technologies mostly drive the global corrosion under insulation monitoring market. Additionally, the increasing number of start-up businesses is driving the expansion of the corrosion under insulation monitoring market globally. Corrosion Under Insulation (CUI) is one of the most insidious types of corrosion. Therefore, inspection guidelines consider it as one of the major external corrosion mechanisms at plants that require special care.
Corrosion Under Insulation (CUI) is recognized as a major corrosion problem, which costs the oil & gas, chemical & petrochemical, and food processing industries millions of dollars a year in inspection, repair, and replacement costs. CUI can be detrimental to the integrity of an insulated pipeline or vessel if not detected early on, causing leaks leading to possible catastrophic events. Corrosion Under Insulation (CUI) is one of the most insidious types of corrosion. Therefore, inspection guidelines consider it as one of the major external corrosion mechanisms at plants that require special care.
There are some of the relevant standards that discuss corrosion under insulation. API 510 is a certification for Pressure Vessel Inspectors, validating their competence in assessing and ensuring the safety and compliance of pressure vessels. CUI inspection is covered in section 5.5.6 of the standard. API 570 offers guidance on identifying the piping systems most vulnerable to Corrosion Under Insulation (CUI). It also highlights common locations where CUI is often found on those susceptible systems. Therefore, increasing focus on safety compliance is driving the corrosion under the insulation monitoring market.
The systems combine wave reflection time-of-flight technology and industrial Internet of Things (IIoT) applications to locate and monitor corrosion under insulation. The sensor wire is layered with a thin film of sacrificial material that tends to corrode in the presence of water. Using IoT sensors, the data can be measured in corrosion under insulation monitoring. Also, Machine learning technology is used in this process. Thus, the integration of IoT and big data is anticipated to generate lucrative opportunities for market growth during the forecasted period.
Key segments that contributed to the derivation of the corrosion under insulation monitoring market analysis are component and end user.
The geographic scope of the corrosion under insulation monitoring market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
APAC dominates the corrosion under insulation monitoring market. These investments and funding are expected to help corrosion under insulation monitoring providers expand their businesses and provide solutions to end users from various sectors. The growing demand for technologies propels the need for CUI in APAC, which is likely to benefit the corrosion under insulation monitoring market in the region.
The regional trends and factors influencing the Corrosion Under Insulation Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Corrosion Under Insulation Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 114.10 Million |
| Market Size by 2031 | US$ 297.93 Million |
| Global CAGR (2023 - 2031) | 12.7 % |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Corrosion Under Insulation Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Corrosion Under Insulation Monitoring Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The corrosion under insulation monitoring market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the corrosion under insulation monitoring market are listed below:
The “Corrosion Under Insulation Monitoring Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the global corrosion under insulation monitoring market is 12.7 %.
The global corrosion under insulation monitoring market is expected to reach US$ 297.93 million by 2031.
The adoption of advanced sensing technologies is anticipated to play a significant role in the global corrosion under insulation monitoring market in the coming years.
The key players holding majority shares in the global corrosion under insulation monitoring market are 3-Sci Limited, Alabama Specialty Products, Inc., Eddyfi Technologies, iSensPro, KAEFER, MAXWELL NDT, MISTRAS Group, TesTex Incorporated, QSA Global, Inc., and Cosasco.
Increasing focus on safety compliance and integration of IoT and big data are the major factors that propel the global corrosion under insulation monitoring market.
APAC dominates the corrosion under insulation monitoring market.