According to the latest insights by Future Market Insights (FMI), the global cathodic protection market is set to be valued at over US$ 4,605.0 Million in 2022. The market is projected to expand at over 5.2% CAGR between the assessment period of 2022 to 2032 and reach US$ 4,680.2 Million by 2032.
As per the report, corrosion damage leads to nearly 3% to 5% of the gross national product (GNP) of industrialized countries. A better selection of corrosion control techniques, such as cathodic protection, is expected to save one-third of the typical economy’s annual cost of US$ 300 Billion caused by metal corrosion.
Fast-growing economies such as China, India, Brazil, South Africa, and GCC countries have witnessed a rising demand for new infrastructure and increased spending on the maintenance of existing infrastructure. However, infrastructure in developed economies such as the U.S. and Europe is aging, and, in turn, attracting investments for up-gradation projects.
Also, growing awareness about the cost of damage caused by corrosion and increasing demand for corrosion protection services are expected to support growth in the global cathodic protection market.
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Key Takeaways from Cathodic Protection Market Study
- Based on application, the pipelines segment is expected to hold the highest share in the cathodic protection market and is estimated to grow at a CAGR of 7% from 2022-2032.
- By type, the impressed current segment is anticipated to grow at a CAGR of 4% throughout the forecast period.
- China is expected to create an incremental opportunity of more than US$ 581.9 Mn in the coming decade.
- The U.S. is set to account for around 8% of the North America cathodic protection market share in 2022.
- North America and Europe are anticipated to gain prominence in the cathodic protection market and are estimated to account for more than 40% of share by 2032.
“Aging of infrastructure coupled with increasing focus of industries on curbing corrosion is anticipated to create significant opportunities for key players present in the global cathodic protection market over the forecast period,” says a Future Market Insights analyst.
Competitive Landscape: Cathodic Protection Market
Companies operating in the global cathodic protection market are focusing on improving their relationship with end users and maintaining long-term tie-ups with them. Additionally, regional players in the market are focusing on providing cost-effective solutions. Some of the key players profiled in the report include Aegion Corporation, BAC Corrosion Control Ltd, Cathodic Protection Co Ltd, CMP Europe, Farwest Corrosion Control Company, and Imenco Aj, James Fisher among others.
Find More Valuable Insights on Cathodic Protection Market
The research report analyzes demand for cathodic protection. The global cathodic protection market has been analyzed with various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed based on type, solution, application and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply side and demand factors.
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Key Segments Covered In Cathodic Protection Industry Analysis
By Solution:
- Products
- Services
By Type:
- Galvanic (Sacrificial Anodes)
- Impressed Current
By Application:
- Pipelines
- Storage Facilities
- Processing Plants
- Water & Wastewater
- Transportation
- Building
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
