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.
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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.
However, with government relaxations to improve economic conditions, the boating sector has experienced significant growth in 2021. With government relaxations to improve economic conditions, the boating sector has experienced significant growth in 2021. Boating and fishing continues to occupy the top rank as the largest leisure activity in the U.S. and nearly 100 million Americans go boating each year. With continuous popularity of remote work and flexible schedules, people are exploring more adventures in water.
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Covid-19 Scenario:
- The Covid-19 pandemic led to delayed development and postponement of launches of new electric and solar boats & propulsion systems. Moreover, slowdown in the operation of major market players and shortage of component negatively affected the market.
- The shipping industry was majorly affected due to disrupted supply chain, shortage of components, and regulations associated with the import and export of goods.
- The travel regulations imposed by governments of several countries to curb the spread of the virus created challenges for engineers while performing routine maintenance.
- The closure of manufacturing facilities and trade restrictions affected the expansion of the market.
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.
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.
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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