Corrosion Under Insulation Monitoring Market Size to hit USD 193.72 Million by 2028

Corrosion Under Insulation Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and End User (Oil & Gas, Marine, Chemical & Petrochemical, Energy & Power, Food Processing Industries, and Others)

Corrosion is the gradual breakdown of a substance due to its exposure to various conditions in its surroundings; the process is more common in metallic alloys. It is a commonly associated event with the processing of petroleum and natural gas. Losses in economic cycles caused by corrosion that impact the environment are expected to take a toll on the production and consumption of materials for industrial development. Metallic pipelines or storage and handling equipment undergo corrosion when their surfaces come in contact with water or humidity. It can happen anywhere on the susceptible components, but the degradation process typically initiates in the area where water penetration occurs and come into metal contact creating a corrosion cell. The presence of corrosion products such as copper and lead, which are partially soluble in water in their ionic forms, is harmful to consumers. The extent of corrosion depends on metal type, ionic makeup, and pH.

Get Sample PDF Copy at https://www.theinsightpartners.com/sample/TIPRE00029532?utm_source=OpenPR&utm_medium=10051

Strategic Insights:
Market players operating in the corrosion under insulation monitoring market analysis are mainly focused on the development of advanced and efficient systems.

- In 2021, Kaefer Group introduced blu, a global initiative to enhance Kaefer's experience in CUI remediation.
- In 2022, MISTRAS Group is the latest addition to the Materials Technology Institute (MTI). With this partnership, MISTRAS Group is enhancing its research & product development capabilities.

According to the corrosion under insulation monitoring market research study, Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period. Based on geography, the APAC corrosion under insulation monitoring market share is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. Due to 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 are the major factors contributing to the rapid growth of the APAC petrochemical industry. India, for instance, is investing heavily in its petrochemical industry. The demand for oil and gas has experienced a tremendous increase over the last four decades. Moreover, as per the International Energy Agency (IEA), the demand for oil is expected from 6.5 mmbpd to increase by 9 mmbpd by 2040. The agency also expects a rise in oil refinery projects across the region by 60% by 2050. This rise in investment in the oil & gas sector is presented to positively impact the demand for CUI monitoring devices in market share across the region. These factors are promoting corrosion under insulation monitoring market growth in APAC, and are expected to boost the corrosion under insulation monitoring market during the forecast period.

Impact of COVID-19 Pandemic on North America Corrosion Under Insulation Monitoring Market Players

North American countries such as the US was severely impacted due to the COVID-19 pandemic. The manufacturing sectors across the region were operating at a low capacity to combat the spread of SARS-CoV-2, which resulted in low production volume in the first two quarters of 2020. The decrease in the production volume of the manufacturing facilities led to the decline in demand for CUI monitoring devices. For instance, the automotive industry in the US experienced a decrease in production by over 15%, thereby reducing the demand for CUI monitoring devices in the sector. Further, the oil & gas and chemical & petrochemical industries were also adversely affected in Q1 and Q2 of 2020. The decrease in oil & gas production across refining and production facilities contributed to the decrease in demand for CUI monitoring devices, thereby severely impacting the corrosion under insulation monitoring market size. As a result, the COVID-19 pandemic has hindered the corrosion under insulation monitoring market growth.

Buy Complete Report at https://www.theinsightpartners.com/buy/TIPRE00029532?utm_source=OpenPR&utm_medium=10051

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.