South America Corrosion Under Insulation Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component and End User

The SAM corrosion under insulation monitoring market is expected to grow from US$ 4.43 million in 2022 to US$ 8.28 million by 2028. It is estimated to grow at a CAGR of 11.0% from 2022 to 2028.

Growing Focus to Enhance Durability of Equipment in Food & Beverages Sector
Food processing is one of the largest manufacturing industries in the region and keeping an eye on corrosion is essential in this industry as it can serve as a source of unacceptably dangerous pollutants in the settings where food is being produced, endangering sanitation and product safety as well as lowering the reliability of machinery, which results in expensive downtime. Many food products need to be treated with chemicals such as sodium bisulfite, potassium bisulfate, and sodium sulfite or mixed with concentrated chemicals such chlorides and organic acids, which can prove extremely corrosive to metals. Food with acidic pH of 2-5, such as jams, sauces, and pickled vegetables, tend to react with metal and corrode the equipment. Preventing corrosion is an essential aspect of plant operations to avoid the significant expenses of equipment maintenance, replacement, and downtime caused due to corrosion damage. Corrosion damage within the insulation systems can be significantly decreased with the application of preventive measures such as opting for a timely inspecting and monitoring pipes and assets with CUI. As protective coatings can withstand corrosion, they do have limitations as they erode over a certain period, further triggering corrosion. Thus, the demand for corrosion under insulation monitoring is increasing to increase the life span of equipment, as these monitoring solutions help track corrosion rate.

Market Overview

The SAM CUI monitoring market, based on geography is segmented into Brazil, Argentina, and rest of SAM. The region has a robust oil & gas industry with more than 7 million barrels of oil produced per day according to International Association of Oil & Gas Producers (IOGP). Venezuela and Brazil are the top oil producing country in the region. Additionally, the region is enriched by several offshore oil fields across countries like Brazil. According to U.S. Energy Information Administration (EIA), Brazil is among the world’s tenth largest oil producing country, producing approximately 2.5 million barrels of oil per day. Moreover, more than 90% of the oil produced by the country is extracted from offshore oil fields. Thus, the presence of large number of oil plants across the region is influencing the rise in need for CUI monitoring devices by the oil & gas sector. Additionally, the increasing trend of outsourcing of oil and gas maintenance services is further boosting the growth for the CUI monitoring services. These factors are therefore, augmenting the growth of the SAM CUI monitoring market. The SAM region also homes a rapidly growing food processing industry. Some of the major food processing companies present in the region include Queiroz Galvão Energias Renováveis, Anhambi Alimentos Ltda, Fundação Altino Ventura, Construtora E Incorporadora, Conterp, and Torre Empreendimentos amongst others. With the growing investment by regional and international food processing companies across the region, countries like Brazil and Argentina are experiencing rise in various food processing factories which are increasing the number of pipes being installed for carrying out various production processes. These pipes play a very crucial role in the manufacturing of food products, thereby requiring on time detection of corrosion. These factors are further contributing to the rise in demand for CUI monitoring devices and services across the region.

SAM Corrosion Under Insulation Monitoring Market Segmentation

The SAM corrosion under insulation monitoring market has been segmented based on component, end user, and country. -Based on component, the SAM 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 SAM 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 SAM corrosion under insulation monitoring market is segmented into Brazil, Argentina, and rest of SAM. Brazil 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 SAM corrosion under insulation monitoring market.