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Hydrogen-Powered Yacht Market Size, Share, Growth, Company Profiles and Key Players Analysis by 2027
Hydrogen-Powered Yacht Market Outlook - 2027Hydrogen-powered yacht is a hydrogen-fueled ship, power-assisted by an electric motor that gets its electricity from a fuel cell or uses hydrogen fuel in an internal combustion engine. Companies mainly offer luxurious designs for the higher class people across the globe. Such innovations carried out across the globe is expected to drive the yacht manufacturing market eventually leading to huge investments so as to gain long term profit. Hence, under these positive situations, the market is expected to witness significant growth during the forecast period.
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COVID-19 scenario analysis:
• The global outbreak of COVID-19 had a profound effect on the travel industry and the yacht charter market, which have been brought to a halt.
• The summer yachting season is for a limited time period, yacht owners and charter companies which have already entered into their charter agreements before the rise of the COVID-19 pandemic are either cancelling the agreement or have rescheduled their agreements till the situation gets normal.
• This pandemic has created vast uncertainty within the industry and has left everyone in a state of panic.
• Considering the nature of the industry, once the coronavirus situation improves, the hydrogen-powered yacht market is estimated to revive.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Growth in emphasis on decarbonizing energy end-use, rise in expatriate population and tourism, and increase in demand for automobiles are expected to spur the demand for hydrogen-powered yacht over the forecast period. Moreover, the high energy consumption of hydrogen generation technologies is anticipated to hamper the growth of the market. Furthermore, increase in safety measures of hydrogen technology is expected to offer lucrative opportunities for the market growth.
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The hydrogen-powered yacht market trends are as follows:
Growth in emphasis on decarbonizing energy
Decarbonization is the decrement of the average carbon intensity of primary energy over time. Decarbonization of the global energy system is considered to be the biggest challenge faced at present, which has raised concerns for green energy technology such as hydrogen and related products. Hydrogen is a clean energy fuel that is expected to reduce the dependence on oil in the coming future. In addition, it reduces the emission of greenhouse gases and other pollutants, which is estimated to further drive the hydrogen-powered yacht market over the forecast period.
Growth in expatriate population and tourism
Population in urban areas is increasing due to growing migration across countries as well as from local rural areas. Increase in migration of people in search of jobs has augmented the expatriate population, which has heavily amplified the demand for commercial and residential construction. The tourism industry has been booming due to high investments in improving infrastructure by many developed countries. This has led to the construction of new hotels and unique sights to attract more tourists. Therefore, these factors are expected to increase the demand for hydrogen-powered yacht.
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Key benefits of the report:
• This study presents the analytical depiction of the hydrogen-powered yacht market along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the hydrogen-powered yacht market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the hydrogen-powered yacht market scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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