The Cathodic protection is a technique which is used globally for controlling the corrosion of metal surface. It is mostly used for protecting the structures against the corrosion associated to subsea equipment, offshore floaters, harbors mostly all submerged or buried metal structures. Cathodic protection is widely used for protecting steel from corrosion. Corrosion is caused when two dissimilar metals are submerged over an electrolytic substance associated to water, soil, or concrete.
According to study, “Global Cathodic Protection Market to reach USD 7200.4 billion by 2026” the key companies operating in the global cathodic protection market are Aegion Corporation, Nakabohtec Corrosion Protecting Co Ltd., Matcor, Inc., Corrosion Protection Specialist, Farwest Corrosion Control Company, BAC Corrosion Control Ltd., Tecnoseal Marine Anodes USA Inc., SunRUi Marine Environment Engineering Company Ltd. (CSIC), STORK, PureHM (Xylem Inc.), C M BEASY Ltd., The Nippon Corrosion Engineering Co. Ltd., Perma-Pipe, Southern Cathodic protection, Imenco AS, SAEInc, Imenco, Corrosion Protection Specialist. Some of the leading players have started focusing on expanding customer base, and strengthening relationships with the existing customers in order to increase their foothold over the cathodic protection market.
Based on type, cathodic protection market is bifurcated as impressed insurance cathodic protection, galvanic (sacrificial anodes), infotainment, impressed current and tele-health. Based on solution, market is bifurcated as services (design & construction, inspection & surveying, maintenance and others) and product (test stations, power supply, anodes and ground beds). Based on application, market is bifurcated as storage tanks, pipelines, transmission towers, processing plants, transportation (bridges, airports, and metros), onshore & offshore facilities, buildings, water & wastewater and others. Pipeline segment dominates the market owing to rise in demand for oil & gas and petroleum products. In addition, based on industry vertical, market is bifurcated as construction, oil & gas, energy & power, manufacturing, marine and others.
The cathodic protection market is driven by growth in urbanization, followed by rise in infrastructure development activities and huge demand due to cost reduction in their services and favorable government regulations for corrosion protection. However, availability of substitutes and high fragmented market structure may impact the market. Moreover, rise in government initiatives for cathodic protection systems and huge demand in oil and gas industry due to rapid rise in population are key trends for market.
Based on geography, the North-American is the leading region across the globe in terms of market share owing to surge in need and utility in power sector coupled with favorable government regulations for corrosion protection in the region. Whereas, the Asian-Pacific is projected to exhibits highest growth rate due to rise in construction sector (residential and commercial spaces) and growth in industrialization in countries such as China and India over the forecast period. In upcoming years, it is estimated that future of the global cathodic protection market will be bright as a result of increase in expenditure on maintaining existing infrastructure along with surge in construction of both residential and commercial spaces during the forecast period. The global cathodic protection market is valued approximately US$4450 million in 2018 and is likely to grow with healthy growth rate of more than 6.2% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications