Solar Boat Market

Solar Boat Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Energy & Natural Resources | Author Name: Harshad

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.

Global Solar Boat Market is Segmented as Follows:

By Type

  • Pure Electric Boat
  • Hybrid Electric Boat

By Solar Panel

  • Mono Crystalline
  • Multi Crystalline
  • Amorphous Silicon

By Size

  • Large Size
  • Medium Size
  • Small Size

By Region

  • North America
    • U.S.
    • Canada
  • Western Europe
    • UK
    • Spain
    • Germany
    • Italy
    • France
  • Eastern Europe
    • Russia
    • Poland
  • Asia Pacific
    • China
    • India
    • New Zealand
    • Australia
    • ASEAN
  • Latin America
    • Mexico
    • Brazil
  • Middle East and Africa
    • GCC
    • South Africa
    • North Africa

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 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • 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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