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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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.
Several players operating in the solar boat market are launching new products and entering into partnerships to cater to growing consumer demand, which contributes in the growth of the market. In December 2021, Volvo Penta and Danfoss’ Editron division signed a partnership agreement for transformation of the marine industry toward sustainable power solutions. Danfoss’ Editron division leads in manufacture of electric and hybrid powertrain systems for heavy-duty and commercial vehicles and machines. Volvo Penta is leader in the supply of power solutions to marine and industrial applications. This partnership is meant to support commercial marine customers to transition to electrified solutions, thus accelerating sustainability in the industry.
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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.
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