Solar Boats Market: Introduction
Solar boats are the type of battery-powered electric boats that has solar panels for charging the battery. Solar boats are eco-friendly boats that are free from noise, vibration and exhaust gases and recharged through solar panels. Hull of solar boats designed in such a way that they can operate with high energy efficiency while minimizing the engine noise. Increasing demand for solar boats are a step in the right direction of more sustainable and greener oceans.
Solar boats have several benefits including less engine maintenance (no oil change, impeller change and diesel filter change), fuel economy, less vibrations, avoid local contamination and also reduce the weight of the boats. In the current scenario, the demand for hybrid electric boats is increasing with a significant growth rate which in turn compel the manufacturers of the boats to develop new and innovative hybrid boats that can propel on gasoline as well as electric system that can charge the battery through solar panel. This factor create a significant growth opportunities for solar boats manufacturers.
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Solar Boats Market: Dynamics
With increasing contamination of water bodies and related emissions due to the conventional propulsion system of boats, the density of polluting agents such as SOx and NOx has increased significantly in the recent past. These are some of the important factors for the growth of the solar boats market in the nearby future.
Moreover, with the increased spending in maritime vehicles by the population in countries of developed economies, the demand for electric boats is increasing for recreational purposes due to rising concern regarding environmental safety. This is one of the key factors for the growth of solar boats market over the forecast period. Increasing tourism in the coastline countries is expected to increases the sale of watercraft and boats which in turn will accelerate the growth of global solar boats market.
Furthermore, solar hybrid electric boats are gaining traction in the global boats market due to their ecofriendly features. Lithium ion battery technology is also evolving in the global electric boats market owing to several disadvantages associated with lead acid batteries, which propel the demand for better propulsion technology in electric boats. With increasing demand for lithium ion battery for electric boats, the sales of solar boats will also increases, which is expected to fuel the growth of solar boats market across the globe.
Despite the several benefits associated with solar electric boats, several obstacles can adversely affect the growth of solar boats market such as procurement cost, relatively low speed as compared to IC engine boats, lack of awareness in the developing countries and demographics.
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Solar Boats Market: Segmentation
Solar Boats market can be segmented by boat type, size and applications:-
On the basis of boat type, Solar Boats market can be further segmented:
- Pure Electric Boat
- Hybrid Electric Boat
On the basis of size, Solar Boats market can be further segmented:
- Small Size
- Large Size
On the basis of solar panel, Solar Boats market can be further segmented:
- Amorphous silicon
Solar Boats Market: Regional Overview
In the developed region North America and Western Europe, recreation activities such as fishing and boating are enjoyed by the large percentage of the population which has led to the growth of the recreational boating industry in these regions. Along with this factor the increasing demand for electric boats in these regions is expected to boost the growth of the solar boats market over the forecast period. Moreover, in the U.S., 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 the criminal activities.
Moreover, developing countries such as China, India, Mexico and ASEAN are expected to grow with relatively high growth rate due to the increasing spending power of the population in the recreational activities as well as the growing tourism industry in these developing countries. This factor is estimated to boost the growth of the solar boats market.
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Solar Boats Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Solar Boats market include:
- Infinity Solar Boats
- Aquawatt Mechatronics and Yachting
- Grove Boats Ltd.
- Vik boats
- Mothership Marine
- Soel Yachts
- Nicols Yacht
- Elco Motor Yachts, LLC.