Asia-Pacific 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)

Code: BMIRE00027401 | Pages: 97 | Industry: Electronics and Semiconductor | Date: Nov 2022 | Type: Regional

The APAC corrosion under insulation monitoring market is expected to grow from US$ 22.55 million in 2022 to US$ 48.81 million by 2028. It is estimated to grow at a CAGR of 13.7% from 2022 to 2028. 

Integration of AI with Corrosion Monitoring Systems

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.

 

Market Overview

Based on geography, the APAC CUI monitoring market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC amongst others. Among the growing demand for energy across APAC, the regional government bodies have undertaken various policies to make themselves self-sufficient in the petrochemical sector. The rapid adoption of modernization, growing population, and rising demand for energy across the residential sector is the major factors contributing to the rapid growth of the APAC petrochemical industry. India for instance, is investing heavily in its petrochemical industry. The table below demonstrates, the country’s plan to expand its petrochemical capabilities per thousand tons by 2040. The demand for oil & gas has experienced a tremendous increase over the last four decades. Moreover, according to the International Energy Agency (IEA), the demand for oil is expected to increase by 9 mmbpd by 2040 from the present demand of 6.5 mmbpd. The agency also expects a rise in oil refinery projects across the region by 60% by 2050. These rise in investment in the oil & gas sector is presented to positively impact the demand for CUI monitoring devices and CUI monitoring services market across the region over the forecast period.

 

APAC Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million) 

APAC Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million) 

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APAC Corrosion Under Insulation Monitoring Market Segmentation  

 

The APAC corrosion under insulation monitoring market has been segmented based on component, end user, and country.    

  • Based on component, the APAC corrosion under insulation monitoring market has been segmented into hardware, software, and services. The services segment held the largest market share in 2022.
  • 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 the largest market share in 2022. 
  • Based on country, the APAC corrosion under insulation monitoring market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC. China dominated the market share in 2022.         

3-Sci Limited; Alabama Specialty Products, Inc.; Cosasco; Eddyfi Technologies; Kaefer Group; Mistras Group; QSA Global, Inc.; and Testex, Inc. are the leading companies operating in the APAC corrosion under insulation monitoring market.

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Key Takeaways

3.        Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           APAC Corrosion Under Insulation Monitoring Market Landscape

4.1         Market Overview

4.2         APAC PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           APAC Corrosion Under Insulation Monitoring Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Losses Caused by Corrosion-Related Damages

5.1.2        Increasing Demand from Oil & Gas Sector and Rising Investment

5.2         Market Restraints

5.2.1        Requirement of Skilled Personnel and Technical Expertise

5.3         Market Opportunities

5.3.1        Rising Focus to Enhance Durability of Equipment in Food & Beverages Sector

5.4         Future Trends

5.4.1        Integration of AI with Corrosion Monitoring Systems

5.5         Impact Analysis of Drivers and Restraints

6.           Corrosion Under Insulation Monitoring Market – APAC Analysis

6.1         APAC Corrosion Under Insulation Monitoring Market Overview

6.2         APAC Corrosion Under Insulation Monitoring Market Forecast and Analysis

7.           APAC Corrosion Under Insulation Monitoring Market Analysis – By Component

7.1         Overview

7.2         APAC Corrosion Under Insulation Monitoring Market Breakdown, By Component (2021 and 2028)

7.3         Hardware

7.3.1        Overview

7.3.2        Hardware: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

7.4         Software

7.4.1        Overview

7.4.2        Software: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

7.5         Services

7.5.1        Overview

7.5.2        Services: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.           APAC Corrosion Under Insulation Monitoring Market Analysis – By End User

8.1         Overview

8.2         APAC Corrosion Under Insulation Monitoring Market Breakdown, By End User (2021 and 2028)

8.3         Oil & Gas

8.3.1        Overview

8.3.2        Oil & Gas: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.4         Marine

8.4.1        Overview

8.4.2        Marine: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.5         Chemical and Petrochemical

8.5.1        Overview

8.5.2        Chemical and petrochemical: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.6         Energy & Power

8.6.1        Overview

8.6.2        Energy & Power: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.7         Food Processing Industries

8.7.1        Overview

8.7.2        Food Processing Industries: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

8.8         Others

8.8.1        Overview

8.8.2        Others: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

9.           APAC Corrosion Under Insulation Monitoring Market – Country Analysis

9.1         Overview

9.1.1        APAC: Corrosion Under Insulation Monitoring Market, by Key Country

9.1.1.1          Australia: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1          Australia: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.1.2          Australia: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.2          China: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1          China: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.2.2          China: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.3          India: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1          India: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.3.2          India: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.4          Japan: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.4.1          Japan: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.4.2          Japan: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.5          South Korea: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.5.1          South Korea: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.5.2          South Korea: Corrosion Under Insulation Monitoring Market, by End user

9.1.1.6          Rest of APAC: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.6.1          Rest of APAC: Corrosion Under Insulation Monitoring Market, by Component

9.1.1.6.2          Rest of APAC: Corrosion Under Insulation Monitoring Market, by End user

10.        Industry Landscape

10.1      Overview

10.2      Market Initiative

10.3      Merger and Acquisition

10.4      New Product Launch

11.        Company Profile

11.1      3-Sci Limited

11.1.1     Key Facts

11.1.2     Business Description

11.1.3     Products and Services

11.1.4     Financial Overview

11.1.5     SWOT Analysis

11.1.6     Key Developments

11.2      Alabama Specialty Products, Inc.

11.2.1     Key Facts

11.2.2     Business Description

11.2.3     Products and Services

11.2.4     Financial Overview

11.2.5     SWOT Analysis

11.2.6     Key Developments

11.3      Eddyfi Technologies

11.3.1     Key Facts

11.3.2     Business Description

11.3.3     Products and Services

11.3.4     Financial Overview

11.3.5     SWOT Analysis

11.3.6     Key Developments

11.4      Kaefer Group

11.4.1     Key Facts

11.4.2     Business Description

11.4.3     Products and Services

11.4.4     Financial Overview

11.4.5     SWOT Analysis

11.4.6     Key Developments

11.5      Mistras Group

11.5.1     Key Facts

11.5.2     Business Description

11.5.3     Products and Services

11.5.4     Financial Overview

11.5.5     SWOT Analysis

11.5.6     Key Developments

11.6      Cosasco

11.6.1     Key Facts

11.6.2     Business Description

11.6.3     Products and Services

11.6.4     Financial Overview

11.6.5     SWOT Analysis

11.6.6     Key Developments

11.7      QSA Global, Inc.

11.7.1     Key Facts

11.7.2     Business Description

11.7.3     Products and Services

11.7.4     Financial Overview

11.7.5     SWOT Analysis

11.7.6     Key Developments

11.8      Testex, Inc.

11.8.1     Key Facts

11.8.2     Business Description

11.8.3     Products and Services

11.8.4     Financial Overview

11.8.5     SWOT Analysis

11.8.6     Key Developments

12.        Appendix

12.1      About The Insight Partners

12.2      Word Index

 

LIST OF TABLES

Table 1.             APAC Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Table 2.             APAC: Corrosion Under Insulation Monitoring Market, by Key Country – Revenue and Forecast to 2028 (US$ Million)

Table 3.             Australia: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 4.             Australia: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 5.             China: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 6.             China: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 7.             India: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 8.             India: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 9.             Japan: Corrosion Under Insulation Monitoring Market, by Component – Revenue and Forecast to 2028 (US$ Million)

Table 10.          Japan: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 11.          South Korea: Corrosion Under Insulation Monitoring Market, by Component– Revenue and Forecast to 2028 (US$ Million)

Table 12.          South Korea: Corrosion Under Insulation Monitoring Market, by End user– Revenue and Forecast to 2028 (US$ Million)

Table 13.          Rest of APAC: Corrosion Under Insulation Monitoring Market, by Component – Revenue and Forecast to 2028 (US$ Million)

Table 14.          Rest of APAC: Corrosion Under Insulation Monitoring Market, by End user – Revenue and Forecast to 2028 (US$ Million)

Table 15.          List of Abbreviation

 

 

LIST OF FIGURES

Figure 1.           APAC Corrosion Under Insulation Monitoring Market Segmentation

Figure 2.           APAC Corrosion Under Insulation Monitoring Market Segmentation – By Country

Figure 3.           APAC Corrosion Under Insulation Monitoring Market Overview

Figure 4.           APAC Corrosion Under Insulation Monitoring Market, By Component

Figure 5.           APAC Corrosion Under Insulation Monitoring Market, By Country

Figure 6.           APAC – PEST Analysis

Figure 7.           Ecosystem Analysis

Figure 8.           Expert Opinion

Figure 9.           APAC Corrosion Under Insulation Monitoring Market Impact Analysis of Drivers and Restraints

Figure 10.        APAC Corrosion Under Insulation Monitoring Market Forecast and Analysis (US$ Million)

Figure 11.        APAC Corrosion Under Insulation Monitoring Market Revenue Share, By Component (2021 and 2028)

Figure 12.        APAC Hardware: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 13.        APAC Software: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 14.        APAC Services: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 15.        APAC Corrosion Under Insulation Monitoring Market Revenue Share, By End User (2021 and 2028)

Figure 16.        APAC Oil & Gas: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 17.        APAC Marine: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 18.        APAC Chemical and petrochemical: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 19.        APAC Energy & Power: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 20.        APAC Food Processing Industries: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 21.        APAC Others: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Figure 22.        APAC: Corrosion Under Insulation Monitoring Market, by Key Country – Revenue (2021) (US$ ‘Million)

Figure 23.        APAC: Corrosion Under Insulation Monitoring Market Revenue Share, by Key Country (2021 and 2028)

Figure 24.        Australia: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 25.        China: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26.        India: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27.        Japan: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28.        South Korea: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29.        Rest of APAC: Corrosion Under Insulation Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

  1. 3-Sci Limited
  2. Alabama Specialty Products, Inc.
  3. Cosasco
  4. Eddyfi Technologies   
  5. Kaefer Group
  6. Mistras Group  
  7. QSA Global, Inc.   
  8. Testex, Inc.
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