In recent times, the concentration of polluting agents such as NOx and SOx has witnessed a substantial rise. This owes to increasing levels of contamination across water bodies and exponential emissions released by conventional propulsion system of boats. Consequently, the urgency to protect the environment from further deterioration has driven the demand for battery-powered solar batteries. Solar boats are designed in view of eco-friendly standards, hence, may soon swing into the mainstream for maritime transportation.
The solar boat market is anticipated to grow at a record pace at the helm of proliferating demand for alternative fuels, reasonable government policies on climate change, and remunerative business partnerships. Prominent market players are shoring up their RD activities, incorporating advanced technologies to produce next-gen solar boats. This has opened the doors to several research and development activities, mergers acquisitions, and strategic partnerships in the global solar boat market.
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Solar Hybrid Electric Boats Exhibit Higher Sales Prospects
Based on type, solar boats are further bifurcated as electric and hybrid electric boats. Hybrid electric boats exhibit commendable sales prospects as against their counterparts. In addition to their environmental benefits, solar hybrid boats potentially improve the performance during key modes of operations and provide efficient power backup. Market players are constantly working to enhance the performance of these boats. Furthermore, the usage of lithium-ion batteries is a notable development to be used in the production of solar boats. Lithium-ion batteries are more reliable, and offer excellent operational performance and increased lifespan. In pursuit of building technically advanced and effective solar boats, the manufacturers are likely to opt for lithium-ion batteries over lead-acid batteries.
Growing Tourism Recreational Activities Provide Impetus to Solar Boats
The demand for solar boats is set to rise exponentially over the forecasted timeline. The growing willingness to spend on maritime vehicles by the population residing in developed economies is driving the solar boat market. The soaring use of electric boats for recreational purposes and increasing tourism across the coastline countries are poised to augment the demand for solar boats and the sale of watercraft in the coming years. Several countries are promoting watercraft and boating activities as a part of their endeavors to promote tourism. This factor, coupled with the growing responsiveness of the masses to imbibe eco-friendly practices, shall aid market expansion.
North America Sustains Competitive Edge in Global Solar Boat Market
Geographically, North America is showcasing greater grit in the solar boat market as Western Europe follows suit. The market growth in these regions mainly oscillates around the adoption of electric boats at a wider scale, increased national disposable income, and greater recognition of sustainable lifestyles. Growing concerns about changing climate have propelled governments to take initiatives to alleviate climate emergencies. In addition to this, a notable rise in the demand for solar boats has been observed in several countries such as Mexico, China, and India. A growing interest in water-based sports coupled with rapid expansion of the tourist industry is at the heart of expansion within the solar boat market expansion.
Prominent Market Players
Mothership Marine, Aquawatt Mechatronics and Yachting, Oceanvolt, Frauscher, Grove Boats Ltd., Nicols Yacht, Elco Motor Yachts, LLC., and Infinity Solar Boats are a few competitive players across the global solar boat market.
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