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FRP Vessels Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
FRP Vessels Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
Increasing demand for renewable energy is expected to boost the growth of the FRP (fiberglass reinforced plastic) vessel market. Renewable energy refers to energy that is derived from resources that are naturally replenished on a human timescale. FRP vessels are employed in the production and storage of biogas generated from organic materials. Biogas is considered a renewable energy source, and FRP vessels are suitable for storing and transporting it. For instance, in 2022, according to the global energy review by the IEA (International Energy Agency), a France-based autonomous international government organization, renewable energy supply from solar, wind, hydro, geothermal, and ocean sources rose by close to 8%, meaning that the share of these technologies in total global energy supply is increasing. Additionally, the U.S. power grid is shifting from fossil fuels to renewables, with renewables projected to increase by about 380% from 2022 through 2050. Therefore, the rising demand for renewable energy is driving the growth of the FRP market.
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.
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Major Key Players of the Market:
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
FRP Vessels Market 2024 Key Insights:
• 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%.
• Increased Demand For Frp Vessels Fueled By Rising Popularity Of Alternative Fuel Vehicles
• Development Of Low Weight Transportation Frp Vessels
• Asia-Pacific was the largest region in the FRP vessels market share in 2023
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