FRP Vessels Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | TE Connectivity Ltd., Ametek Inc., Analog Devices Inc., Bradford Space Inc., Honeywell International Inc., Innovative Sensor Technology IST AG, Lockheed Mar

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The Business Research Company offers in-depth market insights through FRP Vessels Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The frp vessels market size has grown strongly in recent years. It will grow from $3.13 billion in 2023 to $3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. 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 $4.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. 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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Market Segmentation:
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

Major Driver - Increased Demand For Frp Vessels Fueled By Rising Popularity Of Alternative Fuel Vehicles
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.

Competitive Landscape:
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

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Top Trend - Development Of Low Weight Transportation Frp Vessels
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. FRP Vessels Market Characteristics
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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