North America Corrosion Under Insulation Monitoring Market
No. of Pages: 89 | Report Code: BMIRE00027388 | Category: Electronics and Semiconductor
No. of Pages: 89 | Report Code: BMIRE00027388 | Category: Electronics and Semiconductor
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)
Strategic insights for the North America Corrosion Under Insulation Monitoring provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the North America Corrosion Under Insulation Monitoring refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Get more information on this report North America Corrosion Under Insulation Monitoring Report Scope
Report Attribute
Details
Market size in 2022
US$ 32.28 Million
Market Size by 2028
US$ 64.08 Million
Global CAGR (2022 - 2028)
12.1%
Historical Data
2020-2021
Forecast period
2023-2028
Segments Covered
By Component
By End User
Regions and Countries Covered
North America
Market leaders and key company profiles
Get more information on this report North America Corrosion Under Insulation Monitoring Regional Insights
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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.
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.
The North America Corrosion Under Insulation Monitoring Market is valued at US$ 32.28 Million in 2022, it is projected to reach US$ 64.08 Million by 2028.
As per our report North America Corrosion Under Insulation Monitoring Market, the market size is valued at US$ 32.28 Million in 2022, projecting it to reach US$ 64.08 Million by 2028. This translates to a CAGR of approximately 12.1% during the forecast period.
The North America Corrosion Under Insulation Monitoring Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Corrosion Under Insulation Monitoring Market report:
The North America Corrosion Under Insulation Monitoring Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Corrosion Under Insulation Monitoring Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Corrosion Under Insulation Monitoring Market value chain can benefit from the information contained in a comprehensive market report.
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