Report : North America 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 12.1% CAGR, the North America Corrosion Under Insulation Monitoring Market is speculated to be worth US$ 64.08 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America corrosion under insulation monitoring market was valued at US$ 32.28 million in 2022 and is expected to reach US$ 64.08 million by 2028, registering an annual growth rate of 12.1% from 2022 to 2028. Losses caused by corrosion-related damages and increasing demand from oil & gas sector and rising investment are the critical factors attributed to the market expansion.
Corrosion is the gradual breakdown of a substance because of its exposure to various conditions in its surroundings; the process is more common in metallic alloys. It is a commonly associated event with the processing of petroleum and natural gas. Losses in Economic cycles caused by corrosion that have an impact on the environment are expected to take toll on the production and consumption of materials for industrial development. Metallic pipelines or storage and handling equipment undergo corrosion when their surfaces meet water or humidity. It can happen anywhere on the susceptible components, but the degradation process typically initiates in the area where water penetration occurs and come into with metal contact creating a corrosion cell. The presence of corrosion products such as copper and lead, which are partially soluble in water in their ionic forms, is harmful to consumers. In general, the extent of corrosion depends on metal type, ionic makeup, and ph. The wear and corrosion of metal underneath a corroded deposit or in its immediate vicinity in pipes, ducts, tanks, preheaters, boilers, and other metal structures in insulated heat exchange systems is one of the most frequent challenges faced in various industries. Although metal anti-corrosion products and different protective coatings are available to protect the metals from corrosion, users find it particularly difficult to detect and protect the inner surfaces of metallic components or equipment due to multiple layers or external jacketing systems, among others. When the ability of insulation losses insulating properties, glass fiber or asbestos coatings are employed in these situations. Different types of coatings, including insulation coatings, are susceptible to corrosion damage. It is difficult to choose type of insulation when weighing a huge number of benefits and drawbacks related to installation, operation, cost, and corrosion protection. High losses caused by corrosion are one of the key factors boosting the demand for corrosion under insulation monitoring solutions across the region.
On the contrary, requirement of skilled personnel and technical expertise hurdles the growth of the North America corrosion under insulation monitoring market.
- Based on component, the North America corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held 58.4% market share in 2022, amassing US$ 18.85 million. It is projected to garner US$ 35.27 million by 2028 to expand at 11.0% CAGR during 2022–2028.
- Based on end user, the North America 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 65.9% market share in 2022, amassing US$ 21.26 million. It is projected to garner US$ 41.79 million by 2028 to expand at 11.9% CAGR during 2022–2028.
- Based on country, the North America corrosion under insulation monitoring market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.2% market share in 2022. It was assessed at US$ 23.31 million in 2022 and is likely to hit US$ 47.01 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.
Key players dominating the North America 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, MISTRAS Group was added to Materials Technology Institute (MTI). With this partnership, Mistras group is enhancing its research & product development capabilities.
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