An Incisive, In-depth Analysis on the Cathodic Protection Market
This study offers a comprehensive, 360 degree analysis on the Cathodic Protection market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Cathodic Protection market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Cathodic Protection Market Key Research Findings
Cathodic protection market surpassed revenues worth US$ 4,000 Mn in 2017.
The cathodic protection market is expected to record a steady CAGR of nearly 6.0% through 2028, to exceed revenues worth US$ 7,000 Mn.
Regulatory framework continues to play an important role in the growth of cathodic protection market -
Government bodies such as the Environment Protection Agency, European Environment Agency (EEA), and United States Code of Federal Regulations (CFR), have imposed stringent regulations related to corrosion protection in industries.
According to the study of the National Association of Corrosion Engineers (NACE), titled 'International Measures of Prevention, Application and Economics of Corrosion Technology (IMPACT),’ the costs associated with corrosion protection worldwide surpassed US$ 2,500 Bn in 2013, which was equivalent to 3.4% of the world’s GDP at the time.
It has been noted that using currently available corrosion control practices, only around 15% to 35% of this total global cost of corrosion can be reduced, which is between only US$ 375 Bn to US$ 875 Bn. This will significantly impact growth of the cathodic protection market.
Asia Pacific is projected to lead the global cathodic protection market, underpinned by the requirement for corrosion protection systems, and services entailed by construction and infrastructure development activities, along with the maintenance activities associated with old structures.
Cathodic protection market will also witness significant growth opportunities in the Middle East & Africa, owing to surging demand from the industrial sectors, particularly in the oil & gas industry.
Cathodic protection by means of impressed current remains preferred among end-users. Revenues from the impressed current-based cathodic protection accounted for bulk shares of the market in 2018. Demand for impressed current cathodic protection remains undergird by increasing demand for corrosion protection for underground pipelines and subsea pipelines in suburban and rural areas.
Top 3 Factors Shaping the Cathodic Protection Market
Growing Infrastructure Development Activities Worldwide to Underpin Cathodic Protection Demand
There has been a marked rise in the construction and infrastructure development activities worldwide, particularly in the developing economies, along with the requirement for maintenance activities associated with the old infrastructure.
Additionally, government spending on the aging public infrastructure in developed economies has further created the demand for various construction consumables and equipment, and cathodic protection is no exception. As the number of infrastructure upgradation projects continue to rise worldwide, opportunities will rise for growth of the cathodic protection market in the near future.
Key players focusing on Strengthening and Retaining their Customer Relationships
Growing competition and increasing number of players in regional as well as global cathodic protection market has meant that project acquisition has become a key challenge to be addressed.
Leading players in the cathodic protection market are now focusing on expanding their customer base, and strengthening their relationships with existing customers to increase their foothold in the cathodic protection market.
Growing Infrastructure and Urbanization across the Globe
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.
Global Cathodic Protection Market: 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.
Future Market Insights, in its recent study on the cathodic protection market, offers a detailed value analysis of the cathodic protection market on the basis of various segments such as solution, type, application, and region. In terms of type, the impressed current is projected to be a lucrative segment in terms of growth opportunities, and are mostly being used for pipeline applications in the global cathodic protection market.
There has been significant growth in energy infrastructure such as pipeline integration in the oil & gas industry, and the growing power generation industry is expected to lay a strong base for the robust growth of the global cathodic protection market.
The cathodic protection market report covers market analysis through basis point analysis (BPS), incremental dollar opportunity index, market attractiveness analysis, and Y-o-Y growth, covering data for the historical period 2013–2017 and the forecast for 2018–2028, with 2017 as the base year.
Overview of the Cathodic Protection Market Report Chapters
The cathodic protection market report begins with an executive summary covering a gist of the report. The executive summary highlights the global cathodic protection market overview in terms of value through various segments. The section also covers key supply and demand side trends in the global cathodic protection market. This section also outlines a technology roadmap with the introduction, adoption, and current developments in the cathodic protection market.
The next section of the cathodic protection market report begins with the market definition, market taxonomy, and research scope of the cathodic protection market.
The next section that follows in the global cathodic protection market report includes the macroeconomic factors, along with value chain analysis, drivers, restraints, trends, and opportunities that are having a profound rate of influence on the growth of the cathodic protection market. Information has been backed up with suitable examples and facts as obtained from official and authentic data credentials in the cathodic protection market.
Global Cathodic Protection Market: Segmentation
The next section provides a pricing analysis of cathodic protection on the basis of regional fronts, wherein, the weighted average price has been computed to arrive at global average prices.The primary objective of the cathodic protection market report is to offer key insights on competition positioning, current trends, market potential, growth rates, and other relevant statistics.
The subsequent section of the report provides value (US$ Mn) projections for the cathodic protection market on the basis of the above-mentioned segments at a global level. The values for the global cathodic protection market represented in this section have been agglomerated by collecting data and information at the regional level.
All the above sections evaluate the present cathodic protection market scenario and growth prospects, while the forecast presented assesses the market size in terms of volume and value.
Additionally, it is imperative to note that, in an inconsistent global economy, we not only conduct forecasts in terms of CAGR, but furthermore analyse the market on the basis of crucial parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the cathodic protection market and identify the accurate opportunities available.
In order to understand the key market segments in terms of growth and installation of cathodic protection across the concerned regions, FMI has developed an attractiveness index that will help providers to identify real market opportunities.
In the final section of the cathodic protection market report, we have provided a competition analysis with market share analysis pertaining to the cathodic protection market, and performance of manufacturers by a tier-down structure of the global cathodic protection market. In the competition dashboard section of the global cathodic protection market report, we have provided a dashboard view of the major players along with their market share and key business strategies. This would enable clients to evaluate that strategies that are being deployed by market leaders, and consequently help them develop effective strategies in the cathodic protection market.
The first stage of cathodic protection research entailed the formulation of a preliminary hypothesis, which was considered from primary as well as secondary approaches. To analyse the cathodic protection market share and competition analysis, we tracked the key developments related to cathodic protection, such as collaborations, expansion, mergers & acquisitions, new orders, product launches, and awards and recognitions for companies operating in the market. A competition dashboard has been provided for the top 8 competitors with respect to market share and performance in the cathodic protection market.
Cathodic Protection Market Reports - Table of Contents
23. Assumptions and Acronyms Used
24. Research Methodology