Rising Adoption of Corrosion Protection Techniques Drive Cathodic Protection Market to A Value of US$ 4,680.2 million by 2032

NEWARK, Del: The worldwide demand for the cathodic protection market is anticipated to surge at a CAGR of 5.2 from 2022 to 2032. This market will attain a valuation of US$ 4,680.2 million by 2032 as opposed to US$ 4,605.0 million in 2022. Cathodic protection offers protection against corrosion and is used extensively by small and large industries. Increasing demand for cathodic protection from industry vertices such as oil and gas, water and wastewater, and protection plants, among others, drive the growth of the cathodic protection market in the upcoming years. It is estimated that East Asia will account for a significant portion of the global cathodic protection market during the forecast period.

Corrosion prevention and control are essential elements to be considered for the prevention of disastrous circumstances in industries. Cathodic protection is one such element that is used all across the globe to manage the corrosion of metals in harsh environments. Furthermore, the increasing cost of corrosion all over the world has resulted in greater demand for better corrosion prevention strategies. Overall, corrosion damage accounts for about 3% to 5% of the gross national product (GNP) of industrialized nations. It is projected that the adoption of enhanced corrosion protection gears like cathodic protection will save about one-third of the annual cost of US$ 300 billion caused by metal corrosion.

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Due to its highly efficient and dependability, cathodic protection finds extensive application in multiple industries and is expected to account for about 12% to 18% of the global corrosion protection market share. This growth can be attributed to various trends positively influencing the cathodic protection market. High demand for industrial production index (IPI) is one such market trend that augments the global sales of the cathodic protection market. IPI measures the output from manufacturing, mining, electric, and other industries. Increasing output from these sectors results in surging demand for corrosion protection solutions. Thus, the high demand for IPI drives the growth of the cathodic protection market. However, a lack of skilled professionals will likely dampen the market growth during the projection period.

Key Takeaways:

Favorable government initiatives will drive the growth of the cathodic protection market in India.
Deterioration of water and sewage pipes will propel the cathodic protection market forward in the US.
China’s cathodic protection market will be driven by the progress of heavy industries.
By application, the pipeline segment will continue to dominate the global market.
Based on type, the impressed current segment will gain rapid traction during the forecast period.

Competitive Landscape

Imenco AS, James Fisher, MATCOR, Inc., Aegion Corporation, and CMP Europe, among others, are a few of the key players in the cathodic protection market profiled in the full version of the report.

Leading market players are focusing on developing new solutions for the changing global infrastructure. These businesses also concentrate on expanding their production facilities and strengthening their distribution network. In a recent development, in March 2022, Savcor Products Australia launched new compact and innovative galvanic anodes for concrete structures.

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More Insights Into Cathodic Protection Market

FMI delivers an impartial analysis of the global cathodic protection market in its latest report, providing historical data from YY to YY and forecast statistics for YY to YY. This report offers a complete breakdown of a ten-year sales forecast, market drivers, restraints, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of solution, product type, application, and region.

According to FMI predictions, based on segmentation, the pipeline application segment will dominate the global market with ownership of over 22% of the market share. This is due to the expansive usage of cathodic protection in preventing pipeline deterioration. In terms of type, the impressed current segment will dominate the global marketplace. Based on the country, the cathodic protection market in the US will exhibit robust growth. The target market in this country accounts for about 79.8% of the North American market share. Increased deterioration of water and sewage pipelines, the consequent replacement, and further protection efforts are accountable for the growth of the cathodic protection market in the US. Other countries like India and China will also perform well in this market and thereby contribute to the growth of the cathodic protection market.

Key Segments Covered In Cathodic Protection Industry Analysis

By Solution:

Products

Anodes
Power Supplies
Junction Boxes
Test Stations
Remote Monitors
Coating
Instrumentation
Others

Services

Inspection
Design & Construction
Maintenance

By Type:

Galvanic (Sacrificial Anodes)
Impressed Current

By Application:

Pipelines
Storage Facilities
Processing Plants
Water & Wastewater
Transportation

Bridges
Airports
Fuelling Systems
Metros

Building
Others

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Table of Content

Executive Summary

1.2. Global Market Outlook

1.3. Demand Side Trends

1.4. Supply Side Trends

1.5. Type Roadmap

1.6. Analysis and Recommendations

Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

Key Market Trends

3.1. Key Trends Impacting the Market

Key Success Factors

4.1. Strategic Promotional Strategies

Global Cathodic Protection Market - Pricing Analysis

5.1. Regional Pricing Analysis By Solution

Complete TOC with Report Preview @ https://www.futuremarketinsights.com/reports/cathodic-protection-market

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