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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)
Market Report I 2022-11-09 I 89 Pages I The Insight Partners
The North America corrosion under insulation monitoring market is expected to grow from US$ 32.28 million in 2022 to US$ 64.08 million by 2028. It is estimated to grow at a CAGR of 12.1% from 2022 to 2028.
Increasing Demand from Oil & Gas Sector and Rising Investment
Geothermal, water treatment, automotive, healthcare, and chemical industries, among others, exhibit a continuous need for systems to monitor corrosion under insulation. Metal structures corrode due to the penetration of the water through the leaks. Therefore, corrosion erosion issues are common with insulated pipes and vessels meeting water or liquid. Thus, increasing investment in the oil and gas industry is driving the market growth, as with an expanding oil and gas industry the demand for CUI monitoring will also rise. Production and exploration activities are expanding due to the increased energy demand and profitable investment possibilities in the oil & gas sector. There are several economically emerging countries across the region. These countries 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. Most of the time, this occurs at 80% relative humidity (RH). Furthermore, the gradual difference between ambient temperature and temperature required for condensation creates conditions suitable for corrosion. Thus, the growing industrial sector in having such climatic conditions is bolstering the corrosion under insulation monitoring market growth.
Market Overview
North America CUI monitoring market comprises of the US, Canada and Mexico. In 2020, Rust Bullet published a report, according to which, North America's oil & gas is a prominent end user industry of CUI monitoring solutions. the US has biggest refining capacity in the world and accounts for over 23% of the world's petroleum production, with 163 refineries, Corrosion has annual direct cost of approximately US$ 3.7 billion. The costs associated with maintenance are around US$ 1.8 billion, the costs associated with vessel turnarounds to be about US$1.4 billion, and the costs associated with fouling to be nearly US$ 0.5 billion every year. Surface pipeline and facility costs in the US oil & gas industry total US$589 million. Up to 3% to5% of the GDP of industrialized countries, such as US are lost to corrosion costs. The region's oil & gas sector is expected to lose billions of dollars annually just in maintenance expenses related to corrosion directly or indirectly. Internal corrosion that develops in wells and pipelines is the main issue witnessed by the region's the oil & gas sector. The influence of environmental factors in the region such as temperature, water chemistry, flow rate, steel quality and CO2 and H2S content is what mostly contributes to corrosion. Corrosion also effects in similar way to the other end user industries such as food processing, marine, water treatment, and chemical by damaging the machineries and other equipment. In 2021, the Association for Materials Protection and Performance (AMPP) published a report, according to which, corrosion related damages and failures of national assets in Canada were valued at US$48.95 billion. Such issues increase the demand for CUI monitoring solutions which lead to the corrosion under insulation (CUI) market growth in the region.
North America Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
North America Corrosion Under Insulation Monitoring Market Segmentation
The North America corrosion under insulation monitoring market has been segmented based on component, end user, and country.
Based on component, the North America 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 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 the largest market share in 2022. Based on country, the North America corrosion under insulation monitoring market is segmented into the US, Canada, and Mexico. The US 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 North America 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. North America Corrosion Under Insulation Monitoring Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Corrosion Under Insulation Monitoring Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Losses Caused by Corrosion-Related Damages
5.1.2 Growing 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 - North America Analysis
6.1 North America Corrosion Under Insulation Monitoring Market Overview
6.2 North America Corrosion Under Insulation Monitoring Market Forecast and Analysis
7. North America Corrosion Under Insulation Monitoring Market Analysis - By Component
7.1 Overview
7.2 North America 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. North America Corrosion Under Insulation Monitoring Market Analysis - By End User
8.1 Overview
8.2 North America 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. North America Corrosion Under Insulation Monitoring Market - Country Analysis
9.1 Overview
9.1.1 North America: Corrosion Under Insulation Monitoring Market, by Key Country
9.1.1.1 US: Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Corrosion Under Insulation Monitoring Market, by Component
9.1.1.1.2 US: Corrosion Under Insulation Monitoring Market, by End user
9.1.1.2 Canada: Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Corrosion Under Insulation Monitoring Market, by Component
9.1.1.2.2 Canada: Corrosion Under Insulation Monitoring Market, by End user
9.1.1.3 Mexico: Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Corrosion Under Insulation Monitoring Market, by Component
9.1.1.3.2 Mexico: 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. North America Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. US: Corrosion Under Insulation Monitoring Market, by Component-Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Corrosion Under Insulation Monitoring Market, by End user -Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: Corrosion Under Insulation Monitoring Market, by Component- Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Corrosion Under Insulation Monitoring Market, by End user- Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: Corrosion Under Insulation Monitoring Market, by Component- Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Corrosion Under Insulation Monitoring Market, by End user- Revenue and Forecast to 2028 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Corrosion Under Insulation Monitoring Market Segmentation
Figure 2. North America Corrosion Under Insulation Monitoring Market Segmentation - By Country
Figure 3. North America Corrosion Under Insulation Monitoring Market Overview
Figure 4. North America Corrosion Under Insulation Monitoring Market, By Component
Figure 5. North America Corrosion Under Insulation Monitoring Market, By Country
Figure 6. North America - PEST Analysis
Figure 7. Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Corrosion Under Insulation Monitoring Market Impact Analysis of Drivers and Restraints
Figure 10. North America Corrosion Under Insulation Monitoring Market Forecast and Analysis (US$ Million)
Figure 11. North America Corrosion Under Insulation Monitoring Market Revenue Share, By Component (2021 and 2028)
Figure 12. North America Hardware: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Software: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Services: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Corrosion Under Insulation Monitoring Market Revenue Share, By End User (2021 and 2028)
Figure 16. North America Oil & Gas: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Marine: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Chemical and petrochemical: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America Energy & Power: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America Food Processing Industries: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Others: Corrosion Under Insulation Monitoring Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. North America: Corrosion Under Insulation Monitoring Market, by Key Country - Revenue (2021) (US$ 'Million)
Figure 23. North America: Corrosion Under Insulation Monitoring Market Revenue Share, by Key Country (2021 and 2028)
Figure 24. US: Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. Canada: Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Mexico: Corrosion Under Insulation Monitoring Market - Revenue and Forecast to 2028 (US$ Million)
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