Cathodic Protection Market Is Likely To Reach A Valuation Of US$ 4,680.2 Mn By 2032

Currently valued at US$ 5.3 billion in 2022, the global cathodic protection market is anticipated to grow to US$ 7.3 billion by the end of 2028. The cathodic protection market is expected to grow at a significant rate during the forecast period, owing to the efficient and dependable corrosion protection technology, as well as the increasing demand for corrosion prevention technologies to reduce the direct cost of corrosion.

From 2022 to 2028, the demand for cathodic protection is expected to grow at a CAGR of 5.6%. Cathodic protection is a technique that is widely used to control the corrosion of a metal surface in a harsh environment.

According to a recent study by future Market Insights (FMI), the cathodic safety market will grow at a nearly 6 percent CAGR by 2028. According to the National Association of Corrosion Engineers' (NACE) 'global Measures of Prevention, Utility, and Economics of Corrosion generation (impact)' study, the global cost of corrosion exceeded US$ 2,500 billion in 2013.

However, by using the usage of the modern-day to be had corrosion manipulation practices, only around 15% to 35% of the total value of corrosion can be saved, that is between US$ 375 Bn - US$ 875 Bn.

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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 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.

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.

This release was published on openPR.