Cathodic Protection In West Europe And East Europe Hold Market Shares Of 17.1% And 7.3%, Respectively

The metrics of regions like North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa are the focus of this updated FMI assessment (MEA). Over the course of the forecast period, cathodic protection suppliers are expected to benefit financially from the North American cathodic protection market. This region accounted for 18.2% of the global cathodic protection market's sales revenue in 2022. A key trend in this region is expected to be increased pipeline integration.

The markets for cathodic protection in West Europe and East Europe, which currently have market shares of 17.1% and 7.3%, respectively, are anticipated to have a promising future. Demand in these areas is anticipated to be driven by rising industrial activity and more stringent safety regulations.

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Over the forecast period, East Asia and South Asia are expected to be the most lucrative regions for cathodic protection suppliers. Emerging economies like India and China are predicted to have a significant impact on demand in these regions. The demand for anodes for cathodic protection is expected to be greatly boosted by rising infrastructure spending in these regions.

In 2022, the MEA region will account for 9.7% of the global market for cathodic protection. Through 2028, rising urbanisation and infrastructure spending are anticipated to be significant trends in this area.

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.

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.

Cathodic Protection Market: Segmentation Analysis

Cathodic Protection Market Analysis by Solution

By 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.

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Cathodic Protection Market Analysis by Type

By type, the cathodic protection market is segmented into galvanic (sacrificial anodes) and impressed current. The impressed 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 continues to influence growth of the cathodic protection market.

The more regulations are imposed, the more cathodic protection is required, and more accurate and detailed the testing and records need to be. This is expected to significantly boost growth of the cathodic protection market in the near future.

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.

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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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About Future Market Insights (FMI)

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.

This release was published on openPR.