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Global Solar Boats Market to Witness Significant Growth Ahead

Posted on Sept. 27, 2019 by Sanghamitra Sinha Chowdhury

To begin with, solar boats are a type of electric boats powered by batteries, where solar energy is used to charge those batteries. At liberty from air and noise pollution, these automobiles thriving on water emerge as the most eco-friendly ones! Efficiently designed hull enables the catamaran to operate seamlessly. We all are well aware of how much inclined the global audience have become towards cleaner and greener energy efficiency lifestyle. Therefore the demand for these high-tech solar innovations is always doing around the corners! This time leaving the land behind, undertakings are finding their feet even towards a greener ocean. Comprising of several benefits like easy engine maintenance, (no oil change, impeller change, and diesel filter change), fuel economy, reduced vibrations, refraining from local contaminations and weight-reduction of the boats. As public demand has taken a roll, manufacturers are bound to innovate on hybrid boats propelling on gasoline and an electric system where the battery can be charged through a solar panel.

Market Dynamics

propulsion system of boats, the density of polluting agents like sulfur and nitrogen get risen up in the water. This phenomenon has, In fact, affected the navy-industry in the recent past years. The factors also determine the future growth and opportunity of solar boats. As the denizens in countries of developed economies are investing more and more on maritime vehicles, people are leveraging electric boats for various recreational and environmental purposes. Again, this is a key factor behind the growth of the solar boat market over the forecast period. The tourism sector has also contributed a lot here. Tourism in the coastline countries enhanced the sale of watercraft and boats. Furthermore, solar hybrid electric boats have made a distinctive position for themselves owing to their eco-friendly features. Now let us talk about some drawbacks.

Lead-acid batteries are outdated with their functionalities, owing to that of the current Lithium-ion battery technology is being used in the global electric boat market. This propels the demand for better propulsion technology in electric boats. Hereby with the increased demand for the association of lithium-ion batteries to solar-powered boats, instigates the latter’s evolution in the market. Obstacles such as procurement cost, relatively low speed compared to IC engine boats, lack of awareness in the developing countries and demographics; can hinder the market growth of these solar-powered boats.

Market Segmentation

The segmentation of the solar boat market can be done based on boat type, size, and applications:

  • On the basis of boat type, Solar Boats can be further segmented:
    1. Pure Electric Boat
    2. Hybrid Electric Boat
  • On the basis of size, Solar Boats can be further segmented:
    1. Small Size
    2. Mid-Size
    3. Large Size
  • On the basis of the solar panel, Solar Boats can be further segmented:
    1. Monocrystalline
    2. Multicrystalline
    3. Amorphous silicon
  • Market Penetration

    As we did mention earlier, the three main catalyzing factors behind the upsurge of the global solar market are:

    1. Environmental impacts
    2. Recreational purpose
    3. Tourism

    Developing countries such as India, China, and Mexico are putting a lot of effort in their tourism business and recreational activities, due to which the solar boat market has risen above! On the other hand, the already-developed countries of North America and Western Europe are watching their masses enjoy recreational water-activities like fishing and boating. Moreover, in the U.S. and Canada, the use of electric boats is increasing for security purposes in the waterways such as the deployment of police boats for patrolling and monitoring of criminal activities.

    Market Participants

    Some of the market participants identified across the value chain of the global Solar Boat market include:

    • Frauscher
    • Infinity Solar Boats
    • Aquawatt Mechatronics and Yachting
    • Grove Boats Ltd.
    • Vik boats
    • Mothership Marine
    • Soel Yachts
    • Nicols Yacht
    • Elco Motor Yachts, LLC.
    • Oceanvolt
  • Our recent Solar boat market research report manifests a detailed structure of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It does entail projections, depending on a suitable set of assumptions and methodologies. Focused market analysis and market information can be fetched from this solar market research report. The information is based on industry, application, and geographies.

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