Surge in Infrastructure Development Projects Worldwide Propel Demand for Cathodic Protection
Controlling and preventing corrosion on the surface of the metal is critical. However, owing to the rising corrosion preventions costs, adoption of cost-effective and efficient corrosion prevention technologies witnesses a rapid growth. Thus, the demand for cathodic protection observed a noteworthy growth in the last decade – a trend expected to continue in the upcoming years. As per the latest report published by Future Market Insights, the importance of corrosion control in industrial applications is one of the major factor that is likely to fuel the growth of the cathodic protection market in the upcoming years.
Future Market Insights, recently published a market study on the cathodic protection market. The report offers valuable insights pertaining to the cathodic protection market including the recent trends, growth opportunities, key challenges, market drivers, and company profiles of major players active in the market. Our analyst provides answers to some important questions related to the cathodic protection market.
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Can you specify the growth trajectory of the market?
According to our analysis, the cathodic protection market is likely to grow at a CAGR of around 6 percent during the considered forecast period, 2018-2028. Further, the market is expected to surpass $ US 7,000 Mn in terms of revenue by the end of 2028.
What are the major factors influencing the growth of the market?
A significant growth in the number of construction projects worldwide, especially in the developing regions is one of the key drivers expected to boost market growth in the upcoming years. Further, government bodies in the developed regions have increased investments on enhancing public infrastructure. Thus, owing to the surge in infrastructure development projects, the cathodic protection market is likely to grow at a commendable pace in the foreseeable future.
Why is the adoption of impressed current-based cathodic protection on the rise?
At present, impressed current accounts for nearly 80 percent of the market share. The adoption of impressed current is primarily influenced by the growing costs of other cathodic protection techniques.
What are the major market players within the cathodic protection space focusing on?
The advent of numerous regional and global market players has significantly increased the competition in the cathodic protection market. Thus, project acquisition continues to pose as a major challenge for players operating in the current market landscape. Thus, major players operating in the cathodic protection sector are concentrating their efforts on improving their ties with the existing customers. In addition, market players are also formulating effective market entry strategies to establish a presence in untapped markets. Besides, several players are leaning towards reducing the costs of their services and developing effective cathodic protection techniques to gain a competitive edge in the market.
Could you provide the regional analysis of the current market?
At present, North America is tipped to be one of the most prominent markets due to a range of factors such as significant growth of pipeline integration in the oil & gas sector. Further, as per our analysis, the market is likely to experience a noteworthy growth in Asia Pacific due to rise in the number of infrastructure development projects. Moreover, within Asia Pacific, the sales in China are anticipated to increase at a CAGR of around 7 percent through the forecast period.
Can you name some major players involved in the cathodic protection market?
Some of the key players operating in the cathodic protection market include, Cathodic Protection Company, Aegion Corporation, Imenco AS, Farwest Corrosion Control Company, MG Duff International Ltd, and Nakabohtec Corrosion among others.
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