Cathodic Protection Market Is Projected To Reach a Valuation of US$ 7.3 Billion By The End Of 2028: FMI Study
Companies Profiled In Cathodic Protection Market are Aegion Corporation, Perma-Pipe Inc., Nakabohtec Corrosion Protection Co. Ltd., Corrosion Protection Specialist Pvt. Ltd., BAC Corrosion Control Ltd., The Nippon Corrosion Engineering Co. Ltd., Cathodic Protection Co. Ltd., Farwest Corrosion Control Company, Imenco AS, MATCOR Inc., Cathodic Protection Management Inc., MG Duff International Ltd.
DUBAI, United Arab Emirates, April 18, 2022 (GLOBE NEWSWIRE) — According to a recent study by Future Market Insights (FMI), the cathodic 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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A list of Key Players Covered in the Cathodic Protection Market Market are:
- Aegion Corporation
- Perma-Pipe Inc.
- Nakabohtec Corrosion Protection Co. Ltd.
- Corrosion Protection Specialist Pvt. Ltd.
- BAC Corrosion Control Ltd.
- The Nippon Corrosion Engineering Co. Ltd.
- Cathodic Protection Co. Ltd.
- Farwest Corrosion Control Company
- Imenco AS
- MATCOR Inc.
- Cathodic Protection Management Inc.
- MG Duff International Ltd.
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.
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Cathodic Protection Market: Segmentation Analysis
Cathodic Protection Market Analysis by Solution
In 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 impressive 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.
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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 continue to influence the growth of the cathodic protection market.
The more regulations are imposed, the more cathodic protection is required, and the more accurate and detailed the testing and records need to be. This is expected to significantly boost the growth of the cathodic protection market shortly.
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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.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Cathodic Protection Market Demand (Size in US$ Mn) Analysis 2013-2021 and Forecast, 2022-2028
5.1. Historical Market Value (US$ Mn) Analysis, 2013-2021
5.2. Current and Future Market Value (US$ Mn) Projections, 2022-2028
5.2.1. Y-o-Y Growth Trend Analysis
5.2.2. Absolute $ Opportunity Analysis
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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