According to a new report published by Allied Market Research, titled, “Solar Boat Market,” The solar boat market was valued at $0.65 billion in 2021, and is estimated to reach $2.4 billion by 2031, growing at a CAGR of 14.2% from 2022 to 2031.
Europe is expected to dominate the global solar boat market in 2021. Key factors contributing toward the market growth include, commitment of the government toward decreasing emission levels, encouraging zero-emission power sources, innovative battery systems, and high performance of longer-range batteries. Furthermore, manufacturers are focusing on new battery technologies to deliver longer-range batteries and high performance for electric and solar boats. Development in emission norms and restrictions in maritime transportation has led to the growth of the market. Increase in investments by government and private sector in research and development of battery systems and electronic components is expected to fuel the market expansion during the forecast period.
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COVID-19 Impact Analysis
The impact of the COVID-19 pandemic has resulted in delayed development and launches of electric and solar boats & propulsion system, slowdown in the operation of key players, and shortage of components. The pandemic has resulted in supply-chain disruptions causing delayed production of electric and solar boats.
The shipping industry is dependent on manufacturing, which was hampered, causing substantial hurdles. Shortage of components, owing to regulations associated with import and export of goods has also resulted in delayed manufacturing and launch of electric and solar boats. A primary issue confronting the shipping & boating sector is the failure to repair vessels, which leads to operational failure. Random breakdowns cause delays and inconveniences in the shipping business. Travel limitations caused by the COVID-19 pandemic were also a challenge for engineers while performing routine maintenance. Due to the closure of manufacturing facilities and trade restrictions enforced globally, the COVID-19 pandemic affected expansion of the electric and solar boat and ship sector. The current global supply deficit has also changed the types of boating products available to consumers. Many consumers choose to buy used boats rather than waiting period of months for new ones.
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KEY FINDINGS OF THE STUDY
- By battery type, the lithium-ion segment is anticipated to exhibit significant growth in the near future.
- By solar panel type, the polycrystalline segment is anticipated to exhibit significant growth in the near future.
- By application, the cargo boats segment is anticipated to exhibit significant growth in the near future.
- By region, North America is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global solar boat market include ABB Ltd., Aquawatt (Aquawatt Green Marine Technologies), Boesch Motorboote AG, Corvus Energy, Duffy Electric Boat Company, ElectraCraft, Inc., Greenline Yachts, Grove Boats SA, NavAlt Solar & Electric Boats Pvt. Ltd., Quadrofoil d.o.o., RAND Boats ApS, Soel Yachts B.V., Torqeedo GmbH, and Vision Marine Technologies Inc.
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