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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)
Market Report I 2022-11-10 I 97 Pages I The Insight Partners
The APAC corrosion under insulation monitoring market is expected to grow from US$ 22.55 million in 2022 to 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 Segmentation
TheAPAC 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.
TABLE OF CONTENTS
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)
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