Corrosion Under Insulation Monitoring Market Size and CAGR by 2031
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.
Corrosion Under Insulation Monitoring Market Analysis
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 Monitoring Market Overview
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.
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Corrosion Under Insulation Monitoring Market: Strategic Insights
Market Size Value in US$ 94.74 Million in 2022 Market Size Value by US$ 193.72 Million by 2028 Growth rate CAGR of 12.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Corrosion Under Insulation Monitoring Market: Strategic Insights
| Market Size Value in | US$ 94.74 Million in 2022 |
| Market Size Value by | US$ 193.72 Million by 2028 |
| Growth rate | CAGR of 12.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Corrosion Under Insulation Monitoring Market Drivers and Opportunities
Increasing focus on safety compliance
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.
Integration of IoT and big data
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.
Corrosion Under Insulation Monitoring Market Report Segmentation Analysis
Key segments that contributed to the derivation of the corrosion under insulation monitoring market analysis are component and end user.
- Based on the drone component, the corrosion under insulation monitoring market is divided into hardware, software, and services. The mini quad segment held a larger market share in 2023.
- By end user, the market is segmented into oil & gas, marine, chemical & petrochemical, energy & power, food processing industries, and others.
Corrosion Under Insulation Monitoring Market Share Analysis by Geography
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.
Corrosion Under Insulation Monitoring Market Report Scope
Corrosion Under Insulation Monitoring Market News and Recent Developments
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:
- Cambridge company CorrosionRADAR launched StarterPACK™ to unlock the value of predictive corrosion monitoring. (Source: Cambridge company, Press Release, May 2022.)
- At the Maintenance trade show in Dortmund, Germany, Sitech signed a distribution agreement with iSensPro, a specialist in smart censoring: the remote monitoring of data from industrial assets, including plant pipelines. This strategic partnership enables Sitech to offer its customers the best solution to address Corrosion Under Insulation (CUI) at existing plants or new installations and optimize asset performance. (Source: Dortmund, Press Release, February 2024)
Corrosion Under Insulation Monitoring Market Report Coverage and Deliverables
The “Corrosion Under Insulation Monitoring Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Corrosion under insulation monitoring market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Corrosion under insulation monitoring market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- corrosion under insulation monitoring market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the corrosion under insulation monitoring market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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