Solar Boat Market Size, Trends, Growth, Analysis, Statistics 2030

World over, efforts to mitigate climate change have aided in revolutionizing the transport sector. Commitments to reduce air pollution and dependence on fossil fuels have paved the way for sound adoption of electric vehicles (EVs). Moreover, concerns over marine life preservation have intensified the need to shift towards more sustainable means of water transport. In this scenario, solar boats have gained significant traction over the past decade. Essentially, solar boats are battery-powered electric boats. They are embedded with solar panels that convert solar energy into electricity for charging the battery. In addition to lowering usage of fossil fuels, solar boats also curb noise pollution, greenhouse gas (GHG) emissions, and local water contamination. Consequently, the demand for solar boats is expected to surge in the coming years, creating headways for exponential growth across the global solar boat market.

During the forecast period, the solar boat market is expected to mature owing to rising demand for alternative fuels in the tourism industry, sound government policies on climate change, and fruitful business partnerships. Key market players are focused on producing more sophisticated solar boats using emerging technologies – a trend that is poised to rapidly evolve over the study period. The cumulative force of these developments is projected to positively influence R&D endeavors, strategic partnerships, and M&A in the global solar boat market.

Global Resolutions to Reduce Marine Pollution Creates Promising Outlook for Solar Boats

Conventional means of water transport are one of the chief sources of marine pollution. Heavy-duty ships and boats used for recreational activities cause serious degrees of noise pollution, water contamination, and air pollution. According to the World Economic Forum, the shipping sector is responsible for approximately 940 million tons of CO₂ emissions per year. Use of conventional propulsion system in boats and ships largely contributes towards the release of harmful emissions in the atmosphere. With energy-related CO₂ emissions accounting for two-thirds of global GHG emissions, climate-conscious leaders are racing to embrace technologies that can reduce such emissions.

Additionally, the vibrations emitted by conventional propulsion system of boats generate underwater noise, making it difficult for marine animals to pursue their natural course of life. In 2021, increased shipping traffic doubled the underwater noise in parts of the Arctic Ocean in only six years. Amidst these issues, solar boats have emerged as a suitable means of cleaner and more sustainable means of water transport. Owing to their eco-friendly design, running cost, and maintenance, governments are offering opportunities to strengthen the solar boat market of their respective regions, although, this trend is more pronounced in developed economies of the world.

Solar Hybrid Electric Boats Set to Witness Higher Adoption Over Forecast Period

On the basis of boat type, the global solar boat market is segmented into pure electric boat and hybrid electric boat. Among these, the latter is anticipated to register faster growth during the course of the assessment period. Despite their numerous environmental benefits, solar boats have a relatively slow speed as opposed to their internal combustion engine counterparts. However, manufacturers in the global solar boat market are expected to overcome this challenge through solar hybrid electric boats. These boats provide power backup and improve performance during key modes of operation, such as the high-speed mode. As a result, between 2022 to 2026, hybrid electric boats are set to record higher demand, opening lucrative revenue streams for industry leaders in the global solar boat market.

Another noteworthy development is the growing preference for lithium-ion batteries. Lithium-ion batteries offer superior operational performance, greater reliability, and a longer lifespan. In the upcoming years, solar boat manufacturers are projected to adopt lithium-ion batteries over lead acid batteries, thereby moving closer towards building high-tech and more efficient solar boats.

Cruise Tourism Positions Itself as Key Demand Pool Amid Environmental Concerns

The tourism industry draws profitable socio-economic outcomes from recreational water-based activities such as cruising, fishing, and boating. In 2019, cruise ships created a whopping $134 billion in terms of economic impact. Although this industry experienced disruption during the COVID-19 pandemic, it expects a swift rebound in the near future, and is on track to become a prominent demand pool for the global solar boat market. In line with other industries, the cruise industry is in pursuit of net carbon neutrality by 2050.

Owing to this green agenda, solar boats have surfaced as a lucrative fuel alternative to the cruise tourism industry. Growing tourism in coastline countries is predicted to indirectly lead the demand for solar boats. Notably, this demand is forecast to be higher in developed economies of the world. In these regions, preference for eco-friendly modes of water transport, availability of higher disposable income, and increase in time spent in maritime vehicles are expected to drive expansion of their solar boat market.

North America Emerges as Regional Leader in Global Solar Boat Market

North America, followed by Western Europe, is the dominant regional player in the global solar boat market. Public appreciation for sustainable lifestyles, government support to mitigate climate change, largescale adoption of electric boats, and greater national disposable income are the primary factors harnessing growth across the solar boat market of North America and Western Europe. On the other hand, India, China, and Mexico are also set to register substantial growth in their solar boat market by the end of 2026. In these regions, steadily increasing purchasing power, growing interest in water-based leisure sports, and a fast-developing tourism industry are poised to open new doors of success for their solar boat market.

Prominent players in the global solar boat market include Infinity Solar Boats, Mothership Marine, Frauscher, Nicols Yacht, Aquawatt Mechatronics and Yachting, Grove Boats Ltd., Oceanvolt, and Elco Motor Yachts, LLC. among others.

Regional Classification of the Global Solar Boat Market is Listed Below:

North America

U.S.
Canada

Europe

Germany
France
Spain
U.K.
Italy
Russia
Rest of Europe

Asia Pacific

China
Japan
India
Southeast Asia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East and Africa

GCC
South Africa
Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Solar Boat Market

Solar Boat Market by Product/Technology/Grade, Application/End-user, and Region
Executive Summary (Opportunity Analysis and Key Trends)
Historical Market Size and Estimates, Value, 2018 - 2022
Market Value at Regional and Country Level, 2023 - 2030
Market Dynamics and Economic Overview
Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
Regional and Product/Grade/Application/End-user Price Trends Analysis
Value Chain and Five Force’s Analysis
Regional/Sub-region/Country Market Size and Trend Analysis
Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
1.1. Global Solar Boats Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
  2.2.1.2. Driver B
  2.2.1.3. Driver C
  2.2.2. Restraints
  2.2.2.1. Restraint 1
  2.2.2.2. Restraint 2
  2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
  2.5.1. Supply
  2.5.2. Demand
2.6. Government Regulations and Polices
2.7. Solar Boats Market – Challenges
2.8. Global Boats Market – Overview
2.9. Economic Analysis
2.10. PESTLE

3. Price Trends Analysis
3.1. Key Highlights
3.2. Prominent Factors Affecting Prices
3.3. Prices By Region

4. Global Solar Boats Market Outlook, 2018 - 2030
4.1. Global Solar Boats Market Outlook, by Type, Value (US$ Mn) and Volume (Units), 2018 - 2030
  4.1.1. Key Highlights
  4.1.1.1. Pure Electric
  4.1.1.2. Hybrid
4.2. Global Solar Boats Market Outlook, by Solar Panel, Value (US$ Mn) and Volume (Units), 2018 - 2030
  4.2.1. Key Highlights
  4.2.1.1. Monocrystalline
  4.2.1.2. Polycrystalline
  4.2.1.3. Amorphous silicon
4.3. Global Solar Boats Market Outlook, by Boat Size, Value (US$ Mn) and Volume (Units), 2018 - 2030
  4.3.1. Key Highlights
  4.3.1.1. Small Size
  4.3.1.2. Medium Size
  4.3.1.3. Large Size
4.4. Global Solar Boats Market Outlook, by Region, Value (US$ Mn) and Volume (Units), 2018 - 2030
  4.4.1. Key Highlights
  4.4.1.1. North America
  4.4.1.2. Europe
  4.4.1.3. Asia Pacific
  4.4.1.4. Latin America
  4.4.1.5. Middle East & Africa
  4.4.2. BPS Analysis/Market Attractiveness Analysis

5. North America Solar Boats Market Outlook, 2018 - 2030
5.1. North America Solar Boats Market Outlook, by Type, Value (US$ Mn) and Volume (Units), 2018 - 2030
  5.1.1. Key Highlights
  5.1.1.1. Pure Electric
  5.1.1.2. Hybrid
5.2. North America Solar Boats Market Outlook, by Solar Panel, Value (US$ Mn) and Volume (Units), 2018 - 2030
  5.2.1. Key Highlights
  5.2.1.1. Monocrystalline
  5.2.1.2. Polycrystalline
  5.2.1.3. Amorphous silicon
5.3. North America Solar Boats Market Outlook, by Boat Size, Value (US$ Mn) and Volume (Units), 2018 - 2030
  5.3.1. Key Highlights
  5.3.1.1. Small Size
  5.3.1.2. Medium Size
  5.3.1.3. Large Size
5.4. North America Solar Boats Market Outlook, by Country, Value (US$ Mn) and Volume (Units), 2018 - 2030
  5.4.1. Key Highlights
  5.4.1.1. U.S.
  5.4.1.2. Canada
  5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Europe Solar Boats Market Outlook, 2018 - 2030
6.1. Europe Solar Boats Market Outlook, by Type, Value (US$ Mn) and Volume (Units), 2018 - 2030
  6.1.1. Key Highlights
  6.1.1.1. Pure Electric
  6.1.1.2. Hybrid
6.2. Europe Solar Boats Market Outlook, by Solar Panel, Value (US$ Mn) and Volume (Units), 2018 - 2030
  6.2.1. Key Highlights
  6.2.1.1. Monocrystalline
  6.2.1.2. Polycrystalline
  6.2.1.3. Amorphous silicon
6.3. Europe Solar Boats Market Outlook, by Boat Size, Value (US$ Mn) and Volume (Units), 2018 - 2030
  6.3.1. Key Highlights
  6.3.1.1. Small Size
  6.3.1.2. Medium Size
  6.3.1.3. Large Size
6.4. Europe Solar Boats Market Outlook, by Country, Value (US$ Mn) and Volume (Units), 2018 - 2030
  6.4.1. Key Highlights
  6.4.1.1. Germany
  6.4.1.2. France
  6.4.1.3. Italy
  6.4.1.4. Finland
  6.4.1.5. Turkey
  6.4.1.6. Russia
  6.4.1.7. Rest of Europe
  6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Asia Pacific Solar Boats Market Outlook, 2018 - 2030
7.1. Asia Pacific Solar Boats Market Outlook, by Type, Value (US$ Mn) and Volume (Units), 2018 - 2030
  7.1.1. Key Highlights
  7.1.1.1. Pure Electric
  7.1.1.2. Hybrid
7.2. Asia Pacific Solar Boats Market Outlook, by Solar Panel, Value (US$ Mn) and Volume (Units), 2018 - 2030
  7.2.1. Key Highlights
  7.2.1.1. Monocrystalline
  7.2.1.2. Polycrystalline
  7.2.1.3. Amorphous silicon
7.3. Asia Pacific Solar Boats Market Outlook, by Boat Size, Value (US$ Mn) and Volume (Units), 2018 - 2030
  7.3.1. Key Highlights
  7.3.1.1. Small Size
  7.3.1.2. Medium Size
  7.3.1.3. Large Size
7.4. Asia Pacific Solar Boats Market Outlook, by Country, Value (US$ Mn) and Volume (Units), 2018 - 2030
  7.4.1. Key Highlights
  7.4.1.1. China
  7.4.1.2. South Korea
  7.4.1.3. Japan
  7.4.1.4. India
  7.4.1.5. Southeast Asia
  7.4.1.6. Rest of Asia Pacific
  7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Latin America Solar Boats Market Outlook, 2018 - 2030
8.1. Latin America Solar Boats Market Outlook, by Type, Value (US$ Mn) and Volume (Units), 2018 - 2030
  8.1.1. Key Highlights
  8.1.1.1. Pure Electric
  8.1.1.2. Hybrid
8.2. Latin America Solar Boats Market Outlook, by Solar Panel, Value (US$ Mn) and Volume (Units), 2018 - 2030
  8.2.1. Key Highlights
  8.2.1.1. Monocrystalline
  8.2.1.2. Polycrystalline
  8.2.1.3. Amorphous silicon
8.3. Latin America Solar Boats Market Outlook, by Boat Size, Value (US$ Mn) and Volume (Units), 2018 - 2030
  8.3.1. Key Highlights
  8.3.1.1. Small Size
  8.3.1.2. Medium Size
  8.3.1.3. Large Size
8.4. Latin America Solar Boats Market Outlook, by Country, Value (US$ Mn) and Volume (Units), 2018 - 2030
  8.4.1. Key Highlights
  8.4.1.1. Brazil
  8.4.1.2. Argentina
  8.4.1.3. Rest of Latin America
  8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Middle East & Africa Solar Boats Market Outlook, 2018 - 2030
9.1. Middle East & Africa Solar Boats Market Outlook, by Type, Value (US$ Mn) and Volume (Units), 2018 - 2030
  9.1.1. Key Highlights
  9.1.1.1. Pure Electric
  9.1.1.2. Hybrid
9.2. Middle East & Africa Solar Boats Market Outlook, by Solar Panel, Value (US$ Mn) and Volume (Units), 2018 - 2030
  9.2.1. Key Highlights
  9.2.1.1. Monocrystalline
  9.2.1.2. Polycrystalline
  9.2.1.3. Amorphous silicon
9.3. Middle East & Africa Solar Boats Market Outlook, by Boat Size, Value (US$ Mn) and Volume (Units), 2018 - 2030
  9.3.1. Key Highlights
  9.3.1.1. Small Size
  9.3.1.2. Medium Size
  9.3.1.3. Large Size
9.4. Middle East & Africa Solar Boats Market Outlook, by Country, Value (US$ Mn) and Volume (Units), 2018 - 2030
  9.4.1. Key Highlights
  9.4.1.1. GCC
  9.4.1.2. Egypt
  9.4.1.3. Rest of Middle East & Africa
  9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Competitive Landscape
10.1. Company Market Share Analysis, 2022
10.2. Competitive Dashboard
10.3. Company Profiles
  10.3.1. Infinity Solar Boats
  10.3.1.1. Company Overview
  10.3.1.2. Product Portfolio
  10.3.1.3. Financial Overview
  10.3.1.4. Business Strategies and Development
  10.3.2. Grove Boats SA
  10.3.3. Elco Motor Yachts, LLC
  10.3.4. Mothership Marine
  10.3.5. Azura Marine
  10.3.6. Soel Yachts
  10.3.7. PlanetSolar SA
  10.3.8. Oceanvolt
  10.3.9. Mothership Marine
  10.3.10. Volta Yachts
  10.3.11. Alva Yachts
  10.3.12. Navalt Solar & Electric Boats

11. Appendix
11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations

Solar Boat Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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