6 min read
Managing Risk In The Superyacht Industry
In the last decade, the superyacht industry has boomed. Of course, with the growth of any luxury market also comes an in...
Read full blog
The superyacht industry is booming right now, thanks to an increased societal importance on leisure time, the rise of Instagram and the existence of more billionaires than ever before. All these factors point to superyachts as the pinnacle of class and the most definitive of status symbols.
But the world is constantly changing, and how will the industry change with it? New technology, new energy sources, and new business models will all help move the Marine industry in a new direction. Here’s how the Superyacht industry will change over the next ten years.
3D Printing is of course revolutionary to any industry involved in manufacturing. The ability to make technical components faster and cheaper than ever before is hugely advantageous and will make a discernible difference between Marine competitors. The ability to create large parts as well as smaller technical pieces means that soon it won’t be implausible to imagine entirely 3D Printed yachts being seaworthy. 3D Printed yachts will likely be faster, lighter and more affordable than their predecessors.
In a typical shipyard using traditional boat-building techniques, there is around 15-20% material wastage. With 3D Printing, this drops to around 2%. It takes around two or three years to build a Superyacht today – 3D Printers may be able to create a 3D Printed yacht in 90 days.
Younger buyers are moving into the Superyacht industry. Superyachts owners are around 10-15 years younger than they were 20 years ago. As more millennials become millionaires, more millennials are buying yachts, and this doesn’t look to be slowing down any time soon. Different markets require different strategies, and different generations have different tastes to those who came before.
Millennials prefer experiences over possessions, adventure over comfort and freedom over ownership. We may see less yacht ownership and more yacht chartering over the next ten years and beyond. Superyachts may launch more sailing holidays amongst millennials as the Marine market opens up to younger buyers.
Multihull design can be seen in some of the oldest boats in the world. As the name suggests, this is a style of design that has more than one hull, providing increased stability. Typically numbering between 2-5, multihull designs have been around for thousands of years, used as fishing ships and for transport of people.
A more relaxing way to travel, multihulls are the natural choice for a luxury method of travel like yachts. They’re also safer, as the boat will stay level in rough weather. New yacht designs are coming out all the time, looking ever more futuristic.
In April 2018, the International Maritime Organisation reached an agreement to cut all emissions from all ships by 50% by 2050. While that seems a long way off, superyachts have actually been getting greener for some time. The IMO Tier I regulation which came into effect in 2005 prohibited the amount of emissions coming from ships. This has since been reinforced with two more tiers, cutting down on nitric and sulphuric oxides.
But this is assuming that ships still run on the same old-fashioned energy supply. With advancements made into renewables all the time, soon we may see entirely green yachts on the ocean. Currently, liquified natural gas is the only price-competitive fuel source capable of meeting regulations. However, liquified natural gas is more combustible than other fuel sources, so extra safety measures will need to be taken into account.
Some ships run entirely on solar cells during the day and wind turbines at night. The current record for a solar-powered boat is sailing 240 kilometres in four days without recharging from shore. As batteries become more efficient, we’ll see efficient superyachts increase. Many different industries have a vested interest in creating smaller, more powerful batteries that last longer.
It’s clear that the Marine sector is in for some big changes over the next ten years, with increasing superyacht investment from more diverse sources. As the market grows, there’ll be more of a demand for high quality workers and Marine engineers.
Read about how Brexit is changing the Marine industry, or learn more about the future of Marine Jobs in the sector.
In the last decade, the superyacht industry has boomed. Of course, with the growth of any luxury market also comes an in...
Read full blogSailGP is growing more popular than ever before, thanks to the spectacle of the races, the skill of the competitors, and...
Read full blogThe marine industry is one of the worst polluters in the world, making up around 3% of all carbon emissions yearly, equi...
Read full blog
Nicosia, Cyprus
© VHR 2020 | All Rights Reserved
