Report : Europe 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)
At 13.0% CAGR, the Europe Corrosion Under Insulation Monitoring Market is speculated to be worth US$ 52.11 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe corrosion under insulation monitoring market was valued at US$ 25.04 million in 2022 and is expected to reach US$ 52.11 million by 2028, registering an annual growth rate of 13.0% from 2022 to 2028. Increasing demand from oil & gas sector and rising investment and losses caused by corrosion-related damages are the critical factors attributed to the market expansion.
Geothermal, water treatment, automotive, healthcare, and chemical industries, among others, exhibit a continuous need for systems to monitor corrosion under insulation. Metal structures corrode due to the penetration of the water through the leaks. Therefore, corrosion erosion issues are common with insulated pipes and vessels meeting water or liquid. Thus, increasing investment in the oil and gas industry is driving the market growth, as with an expanding oil and gas industry the demand for CUI monitoring will also rise. Production and exploration activities are expanding due to the increased energy demand and profitable investment possibilities in the oil & gas sector. There are several economically emerging countries across the region. These countries have humid and tropical climates throughout the year; metal corrodes at a quicker pace in such environments. This occurs because of a reaction between oxygen and electrons on the metal’s surface and the moisture-saturated air. In general, metal components corrode more quickly if they are exposed to humid air for a longer period. This type of corrosion is common in climates when the moisture content in the air approaches critical humidity or the point at which water no longer evaporates or gets absorbed from the atmosphere. Most of the time, this occurs at 80% relative humidity (RH). Furthermore, the gradual difference between ambient temperature and temperature required for condensation creates conditions suitable for corrosion. Thus, the growing industrial sector in having such climatic conditions is bolstering the corrosion under insulation monitoring market growth.
On the contrary, requirement of skilled personnel and technical expertise hurdles the growth of the Europe corrosion under insulation monitoring market.
- Based on component, the Europe corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held 61.3% market share in 2022, amassing US$ 15.35 million. It is projected to garner US$ 30.19 million by 2028 to expand at 11.9% CAGR during 2022–2028.
- Based on end user, the Europe 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 65.1% market share in 2022, amassing US$ 16.30 million. It is projected to garner US$ 33.56 million by 2028 to expand at 12.8% CAGR during 2022–2028.
- Based on country, the Europe corrosion under insulation monitoring market has been categorized into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that Russia captured 22.7% market share in 2022. It was assessed at US$ 5.69 million in 2022 and is likely to hit US$ 10.40 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Key players dominating the Europe corrosion under insulation monitoring market are 3-Sci Limited; Alabama Specialty Products, Inc.; Cosasco; Eddyfi Technologies; iSensPro; Kaefer Group; Maxwell NDT; 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 2020, 3-Sci Limited presented a wide range of wireless corrosion monitoring and CUI detection solutions at StocExpo exhibition at Rotterdam, Netherlands.
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