Cathodic Protection Systems Market Growth, analysis and Forecast to 2032
The global cathodic protection market size is set to be valued at US$ 4,605.0 Mn in 2022 and is estimated to grow at a CAGR of 5.2% from 2022-2032. The market is likely to reach a valuation of US$ 4,680.2 Mn by 2032. China is expected to create an incremental opportunity of more than US$ 581.9 Mn in the coming decade. The country has experienced one of the fastest economic growths in recent years, which has been significantly aided by advancements in heavy industries.
Small to large industries use cathodic protection to control and mitigate the effects of corrosion. As a result, key consumers of protection products and services include oil and gas, water and wastewater, and processing plants, among others.
East Asia accounts for a prominent share of the global cathodic protection market, which is led by China. The region accounts for collective industry value worth more than US$ 9 trillion. The region is anticipated to gain 160 bps points throughout the forecast period.
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Cathodic Protection Market: Segmentation Analysis
Cathodic Protection Market Analysis by Solution
In solution, the cathodic protection market has been categorized into products and services. The product 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 size 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.
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, North America 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 U.S. is set to account for around 79.8% of the North America cathodic protection market share in 2022. As per the report, it would cost about US$ 2.1 trillion to replace over a million miles of deteriorated water and sewerage pipes all at once in the country.
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.