Leveraging IoT and Blockchain Technology
It is only a matter of time before the next hurricane strikes . The onset of climate change is unequivocal , and research shows undeniable increases in the frequency and intensity of tropical cyclones in the North Atlantic Basin since 1970 . 4 That said , we will have to wait to see the exact shifts that future storm patterns will take . Secondary factors such as marine cloud brightening ( the process by which the sulfur in fuel causes clouds to reflect more sunlight , causing ozone depletion , acid rain , and increased respiratory problems ) and wind changes may influence storms in ways that we cannot yet fathom , and the exact distribution , frequency , and intensity of storms in individual basins will likely vary across years and decades .
With so many unknowns , now is the time for preventative action . We cannot control weatherrelated disasters , but we can prepare for all eventualities by creating and installing new risk management systems that will mitigate the failures of our current structures . The advancement of IoT and blockchain technologies provides a unique opportunity for us to redesign existing procedures in a way that will protect the future of the boating industry .
Based on the retail sales figures , the modern boating industry was valued at USD 44.47 billion in 2022 and is expected to expand at a compound annual growth rate of 5.4 % from 2023 to 2030 . 5 It provides recreation , builds community , and fosters tourism . Boating activity is highly determined by the weather , with no guarantees for optimal sea conditions or blue sky days .
Typically , the specific outcomes of extreme weather conditions for the boating industry cannot be anticipated . While we do have existent risk management procedures to protect boats , Hurricane Ian revealed that these are cumbersome , costly , and wasteful at best . The foremost risk management procedures in place today are insurance policies and suggested emergency protocols .
Boat insurance functions similarly to car insurance . Policies cover incidents such as accidents , theft , injury , and property damage . Some policies include protection for components such as boat trailers , boat accessories , and towing costs while other policies do not . The top three most common claims for boat owners involve collisions with other vessels or objects such as docks ,
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Grand View Research . Report Overview . Leisure Boat Market Size , Share and Trends Analysis Report by Type ( New Leisure Boat , Used Leisure Boat , Monitoring Equipment ), by Region ( North America , Europe , Asia Pacific , South America , MEA ), and Segment Forecasts , 2023-2030 .
https :// www . grandviewresearch . com / industry-analysis / global-leisure-boat-market
74 April 2023