Global Cathodic Protection Market is valued nearly USD 4.5 billion in 2019 and is projected to grow with a healthy growth rate of more than 5.6% over the forecast period 2020-2027. Cathodic protection is a technique that is used worldwide to control the corrosion of a metal surface. Cathodic protection is mostly used to protect structures against corrosion such as subsea equipment, offshore floaters, harbors mostly all submerged or buried metal structures. . Strict government regulations for corrosion protection are driving the market for cathodic protection system. For example, U.S. PHMSA Cathodic Protection Regulations and India’s Petroleum and Natural Gas Regulatory Board on Feb 2016, stressed on regular implementation of cathodic protection. Expanding worldwide corrosion costs has led to a significant increase in the need for preventive technologies that drive the market. According to the study conducted by the National Association of Corrosion Engineers (NACE), entitled ’International Measures for the Prevention, Application and Economics of Corrosion Technology (IMPACT),’ the worldwide cost of corrosion protection exceeded USD 2.5 trillion in 2013, equivalent to 3.4 per cent of the world’s GDP at the time.. As the number of infrastructure upgrade projects continue to rise worldwide, opportunities for cathodic protection market growth will be increasing in the coming years. According to recent studies by oxford economics, infrastructure spending is expected to increase substantially in the coming years, with nearly 60 per cent of infrastructure spending expected to be seen in the Asia Pacific region between 2018 and 2025. Whereas, growing competition and increasing number of players in the cathodic protection markets is expected to hinder the market growth.
The regional analysis of global Cathodic Protection market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is expected to be a prominent market, due mainly to significant oil and gas pipeline integration. It is forecasted that Europe will hold over one-fourth share of the cathodic protection market. The Asia Pacific market is expected to expand at a relatively higher CAGR due to increasing infrastructure development investments as well as increased expenditure on maintaining existing infrastructure. China should be the most lucrative cathode protection market
Major market player included in this report are:
- Aegion Corporation
- BAC Corrosion Control Ltd.
- Cathodic Protection Company
- Farwest Corrosion Control Company
- Imenco AS
- Matcor Inc.
- MG Duff International Ltd
- Perma-Pipe Inc.
- SAE Inc.
- The Nippon Corrosion Engineering Co. Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Galvanic (Sacrificial Anodes)
- Impressed Current
- Insurance Cathodic Protection
- Storage Facilities
- Water & Waste-Water
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2017, 2018
- Base year – 2019
- Forecast period – 2020 to 2027
Target Audience of the Global Cathodic Protection Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers