According to a recent study by Future Market Insights (FMI), thecathodic protection market will witness a robust expansion at nearly 5.6% CAGR through 2028. In addition, the Market is projected to reach a
valuation of US$ 7.3 Bn by the end of 2028.
According to the National Association of Corrosion Engineers (NACE) 'International Measures of Prevention, Application
and Economics of Corrosion Technology (IMPACT)' study; the global cost of corrosion was over US$ 2,500 Bn in 2013.
However, by using the currently available corrosion control practices, only around 15% to 35% of the total cost of
corrosion can be saved, which is between US$ 375 Bn – and US$ 875 Bn.
The increasing global cost of corrosion has resulted in a significant rise in the need for technologies related to its
prevention, which in turn is creating demand for solutions such as cathodic protection. Additionally, the essentiality
of corrosion protection and control in industrial sectors, for the prevention of any catastrophic events, is a key
factor underpinning the growth of the cathodic protection market.
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Cathodic protection is a globally used technique to control the corrosion of a metal surface in a harsh environment.
Owing to the efficient and reliable corrosion protection technology, the Cathodic protection market is estimated to grow
at a significant rate during the forecast period, supported by the increasing demand for corrosion prevention
technologies to minimize the direct cost of corrosion.
Cathodic Protection Market: Segmentation Analysis
Cathodic Protection Market Analysis by Solution
By solution, the cathodic protection market has been categorised into products and services. The products segment can be
further divided into anodes, power supplies, junction boxes, test stations, remote monitors, coatings, instrumentation,
and others.
Services include inspection, design & construction, and maintenance. Leading players in the market provide almost all the products and services for cathodic
protection to various end users.
Cathodic Protection Market Analysis by Type
By type, the cathodic protection market is segmented into galvanic (sacrificial anodes) and impressed current. The
impressed current-based cathodic protection continues to hold bulk shares of the market, nearly 80%.
Demand for cathodic protection based on impressed current continues to remain influenced by the high cost of alternative
methods available for cathodic protection currently.
Cathodic Protection Market Analysis by Application
By application, the cathodic protection market has been categorized into pipelines, storage facilities, processing
plants, water & wastewater, transportation, building, and others.
Government regulations related to the corrosion protection of industrial infrastructures continues to influence growth
of the cathodic protection market.
The more regulations are imposed, the more cathodic protection is required, and more accurate and detailed the testing
and records need to be. This is expected to significantly boost growth of the cathodic protection market in the near
future.
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Cathodic Protection Market Analysis by Region
From a regional perspective, the North American market is projected to be a prominent market, owing to significant
pipeline integration in the oil & gas industry. Europe is projected to hold over one-fourth share of the cathodic protection market.
The market in the Asia Pacific is anticipated to expand at a relatively higher CAGR, owing to the increasing investments
in infrastructure development, and increased spending on the maintenance of existing infrastructure. China is expected
to be the most lucrative market for cathodic protection, with sales projected to grow at a CAGR of over 7% through 2028.
Cathodic Protection Market: Vendor Insights
Key players operating in the cathodic protection market include Aegion Corporation, BAC Corrosion Control Ltd., Cathodic
Protection Company, Cathodic Protection Management, Inc., Corrosion Protection Specialist Private Limited, Farwest
Corrosion Control Company, Imenco AS, Matcor, Inc, MG Duff International Ltd, Perma-Pipe Inc., SAE Inc., Southern
Cathodic Protection, Tecnoseal Group, The Nippon Corrosion Engineering Co., Ltd., and Nakabohtec Corrosion Protecting
Co., Ltd.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of
Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses
opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel
and End Use over the next 10-years.
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