The frp vessels global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
FRP Vessels Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The frp vessels market size has grown strongly in recent years. It will grow from <b>$3.13 billion in 2023 to $3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. </b> The growth in the historic period can be attributed to corrosion resistance requirements, cost-effectiveness, lightweight design, versatility in manufacturing, chemical resistance.
The frp vessels market size is expected to see strong growth in the next few years. It will grow to <b>$4.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. </b> The growth in the forecast period can be attributed to growing environmental concerns, advancements in composite technologies, expansion of renewable energy, rise in water treatment demands, infrastructure development in emerging markets. Major trends in the forecast period include focus on lightweight design, integration of smart monitoring systems, application in oil and gas industry, sustainability and environmental considerations.
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Scope Of FRP Vessels Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
FRP Vessels Market Overview
Market Drivers –
Increasing demand for alternative fuel vehicles is expected to propel the growth of the FRP vessels market going forward. Alternative fuel vehicles (AFVs) are automobiles that use alternative fuels besides regular gasoline or diesel. For use in vehicles, alternative fuels include ethanol, electricity (including solar electricity), and biodiesel. FRP vessels are utilized to create a variety of electric vehicle parts, and their higher strength and low weight are beneficial for increased fuel efficiency and longer component life. For instance, in October 2022, according to the EV Statistics report shared by Tridens Technology, a Slovenia -based software engineering company providing cloud solutions, consulting, and software engineering services, global sales of electric vehicles surpassed 6.5 million units in 2021, a 120% increase over 2020. By 2030, 145 million electric vehicles are anticipated to be on the road (including electric cars, buses, vans, and heavy trucks). In 2021, China sold more than 3.3 million electric vehicles. Sales of electric vehicles in the USA increased more than twofold from the previous year in 2021. Therefore, increasing demand for alternative-fuel vehicles is driving the growth of the FRP vessels market.
Market Trends –
Development of low-weight transportation FRP vessels is the key trend gaining popularity in fiber reinforced plastic vessels market. Key players are focusing on development of the low weight transportation FRP vessels to gain a competitive edge in the market . For example, Universal Hydrogen, a US-based carbon-free economical hydrogen transport company, announced a new product launch of twin-tank module for 50 seat aircraft that uses carbon fiber-wrapped pressure vessels to store H2 gas at 850 bar, enabling a 400-nm range for a Dash 8 or ATR turboprop regional aircraft that enables easy transport and loading using existing infrastructure.
The frp vessels market covered in this report is segmented –
1) By Fiber: Glass, Carbon, Other Fibers
2) By Resin: Polyester, Epoxy, Other Resins
3) By Applications: Automotive and Transportation, Chemicals, Industrial, Oil and Gas, Water and Wastewater, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the FRP vessels market share in 2023. The regions covered in the frp vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the frp vessels market report are TE Connectivity Ltd., Ametek Inc., Analog Devices Inc., Bradford Space Inc., Honeywell International Inc., Innovative Sensor Technology IST AG, Lockheed Martin Corporation, Maxar Technologies Inc., MinebeaMitsumi Inc., Moog Inc., Northrop Grumman Corporation, Renesas Electronics Corporation, Teledyne UK Limited, Texas Instruments Incorporated, Cedrat Technologies SA, InnaLabs Limited, Leonardo DRS Inc., Sierra Nevada Corporation, Rüstungs Unternehmen AG, STMicroelectronics N.V., Raytheon Technologies Corporation, Digi-Key Electronics Pvt. Ltd., Minebea Intec GmbH, Ball Aerospace & Technologies Corp., BAE Systems plc, L3Harris Technologies Inc., Thales Group, Airbus Defence and Space, Safran Electronics & Defense, Sensata Technologies Holding plc, Kistler Holding AG, First Sensor AG, MTS Systems Corporation, Curtiss-Wright Corporation, Parker Hannifin Corporation, Woodward Inc., Eaton Corporation plc, Spanish Society of Engineering and Construction, Space Inventor A/S
Table of Contents
1. Executive Summary
2. FRP Vessels Market Report Structure
3. FRP Vessels Market Trends And Strategies
4. FRP Vessels Market – Macro Economic Scenario
5. FRP Vessels Market Size And Growth
…..
27. FRP Vessels Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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