This is the age of innovations in the yacht charter industry. The companies have been adopting new technologies, using new designs in order to attract new clients. However, the industry is not exactly environmentally friendly and even receives criticism from the press due to the endless use of single- use plastic.
As the industry is solely dependant on the health of the oceans, it is increasingly becoming conscious about its attitude toward sustainability. The process for change is happening simultaneously at multiple fronts. Some companies have changed their travel plans, perception of luxury yachting, and consumer habits that have less focus on sustainability. In the long run, solutions such as adopting renewable energy sources, acting eco-friendly on a yacht and sourcing companies that have the same environmental goals will work surely.
Over the last few years, shipyards, clients, and designers have understood the vitality of sustainable practices while designing a yacht. The emergence of some disrupting concepts and innovation and adoption of lighter materials during the construction of superyacht will reduce the overall fuel consumption. Moreover, some companies installed cutting-edge engines to minimize noise emissions.
What’s more, some prime yacht manufacturing companies announced to use hybrid power or even develop completely electric yacht by 2025, aiming for fulfilling 100% fuel demand from renewable sources. By the end of the next decade, the majority of the yacht companies would establish the supply chain that leads to 100% waste-free travel.
Currently, R&D is focused on the use of solar power and wind power coupled with use of hybrid propulsion. Recently, Bannenberg & Rowell and Dutch studio Azure Naval Architects joined forces to develop hybrid propulsion. On the other hand, Lürssen has already launched a superyacht powered by hydrogen fuel cell technology. This technology enables customers to enjoy 15 nights at anchor or even travel 1,000 nautical miles without causing harmful pollution. Moreover, the company has developed technology to use waste engine heat to run the desalination system of the yacht for drinking water. This is the beginning of an eco-friendly era in the yacht charter industry.
There are other ways to improve the sustainability of a yacht. By rethinking about yacht’s interiors and onboard materials, one can improve fuel efficiency. Some designers have proposed the use of nature-inspired or biophilic materials that replicate rate resources. Moreover, the use of basalt laminates, bamboo, and banana plant veneers, and use of LED lighting to minimize fuel consumption is gaining popularity. These trends have gained the attention of several companies.
According to Allied Market Research, the global yacht charter market is expected to reach $27.79 billion by 2027, growing at a CAGR of 15.0% from 2020 to 2027. Rise in number of private islands on cruise itineraries, surge in number of high-net-worth individuals and shift toward alternative sources of energy drive the growth of the market. The yacht charter market will witness some definitive trends in the coming years. Some companies have invested a huge amount of money in long-term changes including eliminating the use of straws, single-use plastic water bottles and bags, and offering customers innovative products such as reef-friendly sunscreen, bamboo grooming kits, and organic body products. The industry is going through a revolution and aiming to change the perception of being least eco-friendly industry. As the customers are being more environmentally conscious, the companies bound to invest in sustainable products to meet their demands.