A floating seahorse is a submarine and a boat without power. It is a light aluminum skeleton above water, a marine-grade concrete under the surface level, and a Glass Reinforced Plastic (GRP) with a high finish of glossy yacht cladding. Kleindienst Architects introduced the floating seahorse in March 2015 during the Dubai International Boat Show. It consists of three levels, the first level stays underwater, the second level stays on the surface, and the third level is an upper deck. The first level is made of an artificial coral reef. It is an inexpensive option to experience a luxury stay that is partially underwater
The global industry is expected to grow remarkably in the next several years, driven by expanding use-cases in the consumer goods sector. The consumer goods sector will also present lucrative opportunities for suppliers, considering the wide use of the product in the hotel sector.
According to a research study by Business Research Insights, the global market of floating seahorse is projected to rise at a CAGR of 51.5% during the forecast period. In 2019, the market value stood at USD 87 million.
Significant Challenges Posed by COVID-19 Pandemic
Travel Restriction Hampered the Market Growth
The pandemic sent a major setback across various industries, including the consumer goods industry. The pandemic resulted in a massive economic downfall globally. Frequent lockdowns disrupted the supply chain, which caused a downfall in the growth of the market. The sudden announcement of the lockdown affected the travel industry. Lack of labor in the industry was witnessed during the lockdown. Additionally, product delivery and transportation were major challenges during the pandemic. The market growth of floating seahorse depends upon tourists, who were prohibited to travel during the pandemic.
Business Research Insights Presents the Key Player in the Industry
- Kleindienst
The company was launched by Josef Kleindienst under the Kleindienst Group and is headquartered in Dubai. The Kleindienst Group is a great real estate developer in the U.A.E. that was started around 30 years ago as a property brokerage and investment company in Hungary and Austria. The company provides construction, tourism, sustainability, and development solutions for property, hospitality, and tourism industries. Kleindienst seahorses are used in Dubai for the project of Heart of Europe. The Heart of Europe is set on six coral-rich islands at the center of “The World Islands”, an artificial island in Dubai.
Major Upcoming Trend in the Industry: Renting Spaces
Technological advancements in floating seahorse are likely to drive the market growth. The growth is estimated to be attributable to the increasing tendency among tourists for staying in floating hotels during their holidays or vacations. The inclination toward staying in a luxury home is expected to propel the expansion of the market share. Additionally, floating seahorse features a dining area, living room, and full kitchen; the availability of all these features attracts more customers to stay in this luxury boat. The global market is expected to grow faster due to the rising trend of holiday rental properties. As more people are interested in investing in an extravagant lifestyle, the practice of renting holiday homes is expanding. Therefore, bookings for rental units have increased as a result of consumers finding them more comfortable.
Renting space is becoming more popular as it is less expensive than owning similar properties. Thus, the product demand is anticipated to increase with the rise of short-term rentals. The possibility of profiting from customer awareness of such locations is predicted in future. The product demand is anticipated to be driven by this awareness. Moreover, due to increased awareness and knowledge of new vacation spots and destinations, the global industry is expected to grow. Due to the influence of social media, the internet, and people's desire to visit new locations, floating seahorse is also becoming a recent trend as a popular holiday home. Attributed to their placement in new and exotic areas, these boats have drawn the attention of tourists. They are mostly situated in Persian Gulf waters, which offer stunning views. The value-added features of these holiday homes have raised client satisfaction. Therefore, the market is anticipated to be driven by the awareness of new locations.
Floating Seahorse to Become a Status of Standard Lifestyle
The product is gaining popularity among other submarines. It has become a status symbol as renting it costs higher than renting any other underwater stay. Moreover, the population is inclined toward renting spaces, which will allow them to experience this product. The trend of renting submarines is expected to boom the market as people wish to own luxurious items for specific interval of time and does not want to invest for lifelong period.