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, light weight, high degree of tolerance to extreme pressures.
They perform various functions such as storing & delivering electrical energy and carrying load at the same time. They are widely preferred over other composites due to properties such as light weight and less volume occupancy in the structure. Polymer and carbon composites are the major raw material utilized in manufacturing these composites.
Fiber to resin ratio affects the density and overall stability of finished products. 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 has been a major factor driving light-weight high performance composites demand. Hybrid vehicle manufacturers need to cater 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 system, solar arrays, gas meters and internal power backup for smart phones. Depleting land based natural resources has been a burden for the energy and power sector to cater 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. 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 lack of access and high costs associated in transport of replacement parts. Owing to the low weight, long durability and high storage capacity, fiber-reinforced plastics market is expected to witness a positive trend in demand for next seven years.
Wind power equipments demand is anticipated to drive renewable energy production in India, China, Germany, France, Italy, 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 market owing to technological advancement along with increasing application scope in end-use industries in the region. Increasing R&D spending coupled with escalated budget share in defense is anticipated to fuel demand over the next seven years.
Europe is expected to witness significant growth rate due to stringent government regulations coupled with energy efficiency incentives. 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 market include Power and Composites Technology, AVX, Rubbercraft, Cornell Dubilier, GE, Gamesa and TPI Composites
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