The corrosion under insulation monitoring market reached a valuation of US$ 84.06 Million by 2021, and is likely to register a Y-o-Y growth rate of 11.0% in 2022, closing at US$ 94.74 Million. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 12.7% CAGR, reaching US$ 313.16 Million.
According to Fact.MR, oil, and gas production industries have one of the major application areas for corrosion monitoring, which is expected to fuel the growth of the Corrosion under Insulation Monitoring Market during the forecast period. Corrosion under Insulation monitoring is an important method against premature degradation such as safety and environmental issues.
- 3-Sci Limited
- Kaefer Group
- MISTRAS Group
- MAXWELL NDT
- Akzo Nobel N.V
- Alabama Specialty Products Inc.
- Eddyfi Technologies
- QSA Global Inc.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 2% was recorded for the Corrosion under Insulation Monitoring market from 2017-2022
- In FY 2022, the Corrosion under Insulation Monitoring market reached a valuation of US$ 94.74 Million
- The market is likely to register a Y-o-Y growth rate of 11.0% in 2023
- By Component, the Hardware Segment is expected to dominate the market, documenting a 12.6% value CAGR
- As per Fact.MR’s projections, the market for Corrosion under Insulation Monitoring in North America will likely expand at a 6% CAGR
- The Corrosion under Insulation Monitoring market in Asia Pacific is expected to expand at a 12.5% CAGR
“The integration of Artificial Intelligence with corrosion monitoring systems is likely to emerge as a future trend in the corrosion under insulation monitoring market during the forecast period”, comments an analyst at Fact.MR
Prominent players in the Corrosion under Insulation Monitoring Industry are taking advantage of the rapidly increasing demand for the Corrosion under Insulation Monitoring in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- In 2022, MISTRAS Group is partnered with Materials Technology Institute (MTI). With this partnership, MISTRAS Group is enhancing its research & product development capabilities.
- In 2022, Eddyfi Technologies announced that it had completed the acquisition of Zetec, a subsidiary of Roper Technologies, Inc., to expand its business across the power generation & aerospace sectors.
Rising Demand for Corrosion under Insulation Monitoring to Augment Market Growth Prospects
There are several economically emerging countries, which 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