Report : South 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 11.0% CAGR, the SAM Corrosion Under Insulation Monitoring Market is speculated to be worth US$ 8.28 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM corrosion under insulation monitoring market was valued at US$ 4.43 million in 2022 and is expected to reach US$ 8.28 million by 2028, registering an annual growth rate of 11.0% from 2022 to 2028. Integration of AI with corrosion monitoring systems and rising focus to enhance durability of equipment in food & beverages sector are the critical factors attributed to the market expansion.
Variables associated with ambient environment for system design and piping installation procedures might affect the origination and spread of corrosion under insulation. Corrosion under insulation is a significant issue that threatens the integrity of numerous assets in the oil and gas sector. An inspection tool with artificial intelligence (AI) capabilities can aid the heat maps of insulated asset integrity to field inspection engineers. Using a specifically designed AI-based solutions with machine learning, one can increase the output of thermographic technologies. By extracting thermal anomaly features and correlating them with corrosion as well as irregularities in the structural integrity of assets verified visually during the phase of the ML algorithm, corrosion and factors that contribute to this degradation are predicted by looking at the progression of the thermal images captured over time. This method ensures greater safety through remote inspection and significant cost savings from online asset monitoring. Thus, the integration of AI with corrosion monitoring systems will boost the demand for these solutions during the forecast period. For example, Trifork, a prominent player in corrosion under insulation monitoring solutions, provides smart AI asset management for automatic corrosion detection, which is deployed for corrosion detection in maritime and oil & gas industries for obtaining real-time insights. Hence, integration of AI with corrosion monitoring systems is expected to drive the market.
On the contrary, requirement of skilled personnel and technical expertise hurdles the growth of the SAM corrosion under insulation monitoring market.
- Based on component, the SAM corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held 60.7% market share in 2022, amassing US$ 2.69 million. It is projected to garner US$ 4.84 million by 2028 to expand at 10.3% CAGR during 2022–2028.
- Based on end user, the SAM 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 66.7% market share in 2022, amassing US$ 2.96 million. It is projected to garner US$ 5.48 million by 2028 to expand at 10.8% CAGR during 2022–2028.
- Based on country, the SAM corrosion under insulation monitoring market has been categorized into Brazil, Argentina, and rest of SAM. Our regional analysis states that Brazil captured 52.6% market share in 2022. It was assessed at US$ 2.33 million in 2022 and is likely to hit US$ 4.24 million by 2028, exhibiting a CAGR of 10.4% during the forecast period.
Key players dominating the SAM 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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