The latest market report published by Credence Research, Inc. “Global Cathodic Protection Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global cathodic protection market was US$ 4,265.1 Mn and expected to progress with CAGR of 5.8% from 2019 to 2027, reaching US$ 7,063.5 in 2027.
“Growth in oil & gas sector driving the cathodic protection demand”
The growing population across the globe has tremendously impacted the growth of the oil & gas sector in recent years. Further, this incrementing population is rising urbanization across the globe. This has majorly impacted the pipeline network across the continent in recent years. With the growing inter-continental oil & gas pipeline networks, the demand for cathodic protection systems expected to rise in the coming years. For instance, Iran-Pakistan-India Gas Pipeline, Turkmenistan-Afghanistan-Pakistan-India gas pipeline, North-South Gas Pipeline Project, Nord Stream (Russia – Germany) are some of the ongoing projects in the world.
Further, the Russian gas giant, Gazprom, is exploring the possibility of an undersea gas pipeline from the Arabian Gulf to Pakistan, India, and Bangladesh, which will extend up to Myanmar, Thailand, and China. For this project, the company is expected to invest US$ 20 to 25 Bn. With this huge investment, there is a requirement of a large number of storage tanks, processing plants, onshore & offshore facilities, and transportation networks; that will obligatory to the international safety standards and the respective national standards. This, in turn, expected to drive the demand for cathodic protection systems across the globe.
Furthermore, with the shale gas revolution in the U.S., there is a huge investment in the oil & gas sector. Along with it, two Asian giants, China & India are increasingly pushing their investment in the energy sector and improving their current storage facilities. Besides, the region is going through economic progress along with rising populations that are influencing the manufacturing, construction, and transportation industry in the region. Overall, these positive pictures of the globe expected to influence the global cathodic protection market.
Browse the full report at https://www.credenceresearch.com/report/cathodic-protection-market
The overall cathodic protection market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching innovative solutions, agreements, partnership & collaboration, and investment in R&D to stay competitive in the market.
• In July 2018, SunRui signed the largest sacrificial anode cathodic protection project in China, costing RMB 180 million. Shenzhen—Zhongshan Bridge Project is the cluster of bridges, island, tunnels, and underground communication. With this agreement, the company has acquired a major client in its pocket in China region.
• In September 2018, MATCOR, Inc. earned a design patent for its Iron Gopher. This is a linear anode designed to prevent corrosion through cathodic protection in horizontal drilling direction (HDD) applications. Iron Gopher provides 200% more pulling strength than the conventionally used anode in HDD applications.
Key Market Movements:
• Based on protection type, impressed current segment captured the largest share in 2018. Subsequently, the same segment expected to dominate the market during the forecast period.
• Based on solutions, services segment captured the major share of the market in 2018. Further, in service segment, design and construction is the leading sub-segment in 2018.
• Based on industry verticals, oil & gas segment captured the major share of the global market in 2018. Subsequently, the same segment expected to keep its leading position from 2019 to 2027.
• Based on region, North America was the largest regional cathodic protection market in 2018. On the other hand, Asia Pacific region expected to drive the market growth with the highest CAGR of 6.1% from 2019 to 2027.
List of Companies Covered:
• Aegion Corporation
• BAC Corrosion Control Ltd.
• Cathodic Protection Company
• Cathodic Protection Management, Inc.
• Corrosion Protection Specialist Pvt. Ltd.
• Farwest Corrosion Control Company
• Imenco AS
• MATCOR, Inc.
• SAE Inc.
• Southern Cathodic Protection
• Tecnoseal Marine Anodes USA Inc.
• Nippon Corrosion Engineering Co., Ltd.
• SunRui Marine Environment Engineering Company Ltd. (CSIC)
• PureHM (Xylem Inc.)
• C M BEASY Ltd.
The Global Cathodic Protection Market is Segmented into:
|Segmentation||Protection Type Segment (2017-2027; US$ Bn)|
|Solution Segment (2017-2027; US$ Bn)|
|Application Segment (2017-2027; US$ Bn)|
|Industry Vertical Segment (2017-2027; US$ Bn)|
|Geography Segment (2016–2026; US$ Bn)|
*Complete segmentation list is on report page