The global structural power composites market is expected to exhibit significant growth over the next seven years owing to increasing energy demand in emerging economies including India, Turkey, and Brazil. These composites have gained increased significance in end-use industries such as automobile, oil & gas, construction, marine, defense, railways, and power generation owing to intrinsic properties including anti-corrosive, lightweight, a high degree of tolerance to extreme pressures. They perform various functions such as storing & delivering electrical energy and carrying the load at the same time. They are widely preferred over other composites due to properties such as lightweight and less volume occupancy in the structure. Polymer and carbon composites are the major raw material utilized in manufacturing these composites.
The fiber to resin ratio affects the density and overall stability of finished products. The versatility of composites provides an extensive range of applications from withstanding mechanical loading to electrical energy storage. Supercapacitors provide extended battery life, less charging time, and complicated circuits. Stringent government norms regarding fuel efficiency and vehicular emissions have been a major factor driving light-weight high-performance composites demand. Hybrid vehicle manufacturers need to cater to varying energy requirements for trains, automobiles, and planes which are expected to positively influence the supercapacitors market in the forecast period. Other applications of this product include uninterruptible power supply systems, security alarm systems, solar arrays, gas meters, and internal power backup for smartphones.
Depleting land-based natural resources has been a burden for the energy and power sector to cater to the increased local energy demand. Owing to population expansion coupled with surging demand for energy supply, the renewable energy sector is anticipated to witness an expansion in both emerging and mature economies. The wind energy sector has exhibit an increasing demand owing to its low capital cost in comparison to natural gas and other fossil-based energy sources such as coal and oil. Wind turbine weight and its engine efficiency determine the power output. Installation and maintenance costs are incurred in meeting the energy certificate and incentive regulations. Deploying wind farms in remote locations is expected to incur extra costs in maintenance owing to a lack of access and high costs associated with the transport of replacement parts.
Owing to the low weight, long durability, and high storage capacity, the fiber-reinforced plastics market is expected to witness a positive trend in demand for the next seven years. Wind power equipment demand is anticipated to drive renewable energy production in India, China, Germany, France, Italy, the U.K. and the U.S. Conventional methods of manufacturing composites employ labor costs, risks of failure, and stability of structural design which can be addressed with mechanized manufacturing of composites. High capital costs, trade policies, raw material availability, and mechanized production facilities requirement is expected to limit the decidability of large scale implementation of composites usage. However, composites are widely preferred over other alternatives mainly for their long durability and high strength. This provides an opportunity for monetization of R&D projects in developing stable composite structures for power & energy industries.
North America is expected to emerge as the leading regional structural power composites market owing to technological advancement along with increasing application scope in end-use industries in the region. Increasing R&D spending coupled with an escalated budget share in defense is anticipated to fuel demand over the next seven years. Europe is expected to witness a significant growth rate due to stringent government regulations coupled with energy efficiency incentives. The Asia Pacific is expected to emerge as the fastest-growing region over the next seven years owing to economic development coupled with increasing foreign investment. Materials innovation coupled with recent developments in order to increase its application scope is expected to steer forward the mechanized projects. Major players operating in the composites structural power composites industry include Power and Composites Technology, AVX, Rubbercraft, Cornell Dubilier, GE, Gamesa, and TPI Composites
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