According to a recent study of Future Market Insights (FMI), the cathodic protection market will witness a robust expansion at nearly 6% CAGR through 2028. According to the National Association of Corrosion Engineers’ (NACE) ‘International Measures of Prevention, Application and Economics of Corrosion Technology (IMPACT)’ study, the global cost of corrosion was over US$ 2,500 Bn in 2013.
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Structure Analysis
Fragmented nature of the global cathodic protection market is expected to prevail. However, leading players in the cathodic protection market continue to hold over 30-40% revenue share.
As a part of their business growth strategies, established players in the cathodic protection market, have been focusing on expanding their presence in North America and Europe, as these two regions hold potential opportunities for infrastructure and corrosion protection services. Key players in the cathodic protection market have also been eyeing expansion in the Middle East & Africa, and Asia Pacific, sensing the opportunities entailed by growth in production facilities, transportation, and energy infrastructure. As a differentiating strategy, cathodic protection market participants are focusing on cost reduction in their services, and the development of new techniques used for cathodic protection.
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By Segmentation:
Solution
Products, Anodes, Power Supplies, Junction Boxes, Test Stations, Remote Monitors, Coatings, Instrumentation, Others. Services, Inspection, Design & Construction, Maintenance,
Type
Galvanic (Sacrificial Anodes), Impressed Current.
Application
Pipelines, Storage Facilities, Processing Plants, Water & Wastewater, Transportation, Bridges, Airports, Fuelling Systems, Metros, Building, Others,
Region
North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, SEA and Other APAC, Middle East & Africa.
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According to a recent research, infrastructure spending is expected to grow at a significant rate in the foreseeable future, with almost 60% of infrastructure spending between 2018 and 2025 expected to be witnessed in the Asia Pacific region.
The trend has been increasingly pervasive in developing nations such as India and China. Such robust infrastructure spending by governments will significantly drive the demand for cathodic protection in the upcoming years.
Competitive Analysis:
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.