Asia-Pacific Corrosion Under Insulation Monitoring Market is expected to reach US$ 48.81 million by 2028

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

According to Business Market Insights’ 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.  

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