Dublin, June 11, 2021 (GLOBE NEWSWIRE) – The “Ballast water treatment market – Forecasts from 2021 to 2026” report was added to ResearchAndMarkets.com offer.
The global ballast water treatment market is valued at US $ 22.453 billion for the year 2019 and is expected to grow at a CAGR of 25.31% to reach a market size of US $ 108.951 billion by 2026.
Growing healthcare concerns in the marine industry coupled with the high volume of marine traffic are the main factors driving the demand for ballast water treatment solutions. The growing awareness of its advantages and the increase in the number of suppliers entering the market will add to the increasing demand for these water treatment systems during the forecast period.
The shipping industry faces a key problem of aquatic invasive species in ship ballast water. It also poses a great threat to the marine ecosystem. These aquatic species have led to an increase in bio-invasion at an alarming rate. Under the IMO’s “International Convention for the Control and Management of Ballast Water and Sediment from Ships”, the implementation of a ballast water management plan and a water treatment system ballast on board ships has therefore become important. The IMO Ballast Water Management Convention was adopted in 2004 to address this problem internationally and is finally getting closer to the target transport capacity it needs to be ratified.
Once this convention enters into force 12 months after ratification, it will be mandatory for all ships over 400 gross tonnage to install Ballast Water Treatment Systems (BWTS). To ensure that their ships comply with the rules and regulations established by the IMO regarding ballast water management, several maritime operators have started to implement ballast water treatment systems on their ships. However, arguably more influential regulation is the United States Coast Guard’s Final Rule (USCG) which was introduced in 2012 to address invasive species in US and Canadian waters. As these waters are very important in terms of global maritime activity, BWTSs that comply with their most stringent regulations are the most sought after by shipowners. To date, no BWTS has obtained USCG type approval. Various technologies are available on the market for the treatment of ballast water on ships. However, constraints such as space availability, cost of implementation and level of environmental friendliness play an important role in the use of a particular type of ballast water treatment system.
Several key factors are taken into account before choosing a ballast water treatment solution for a ship. Some of the main factors to consider include efficiency on ballast water bodies, cost effectiveness, environmental friendliness, crew safety, ease of installation and operation, availability of space on board.
The main factor driving the ballast water treatment system is the increasing attention paid to preserving and protecting the marine ecosystem from pollutants and other toxic species. According to the United Nations Environment Program (UNEP), in 2018 the world invested around US $ 200 million in ocean energy technologies, up from US $ 100 million in 2006.
The advent of COVID-19 has hurt the global ballast water treatment market. The huge downturn in global shipping and the shipping industry has been a major reason for the drop in demand for ballast water treatment globally. In addition, the pandemic has restricted the transport of goods through sea containers and also boat owners to take their ships in the waters. After the initial lockdown period, boating returned but with restrictions and certain protocols that had to be followed as the vessel will be operated with less capacity which will require less manpower to contact, and distancing social was to be maintained at the fueling dock as well. In addition, sales of commercial and personal boats fell during the first months of the year due to the lockdown which led to the sellers being closed for a certain period at first. With the gradual recovery of industries after the pandemic, maritime activity should operate at full capacity from the third and fourth quarters of 2021.
The ballast water treatment market has been segmented on the basis of technology, service, vessel type, and geography. By technology, the market has been segmented on the basis of physical disinfection, mechanical method, and chemical method. By service, the market has been segmented as return to service, performance measurement, and installation and calibration. By vessel type, the market has been segmented into container ships, tankers, dry bulk carriers, general cargo and others. Also, on the basis of geography, the global market has been divided into North America, South America, Europe, Middle East and Africa, and Asia-Pacific.
Asia-Pacific is expected to hold a significant share of the market during the forecast period.
The Asia-Pacific region is expected to hold a significant share of the market during the forecast period owing to the presence of a considerable number of ports and ports for the trade of petroleum and chemicals, automotive components, components electronics and appliances, among others, This region remains a key growth market for ballast water treatment with an addition of ocean freight volumes from several countries such as China, India and South Korea to other parts of the world. The growth of ocean freight in the following years is expected to result in greater adoption of the marine environment protection program, which will encourage the growth of the market. The region also offers different types of ships, such as containers, tankers and other cargo ships.
Since the IMO has mandated the installation of BWT systems in the ship, it is assumed that this stimulates the demand for BWT systems. In addition, current trade volumes and strict IMO regulations have encouraged the growth of this industry in APAC. In addition, even though the region’s market experienced a slight decline during the year 2020 due to the COVID-19 pandemic, it is expected to recover in the coming years.
Players in the global Ballast Water Treatment Market are implementing various growth strategies to gain competitive advantage over their competitors in this market. The major market players in the market have been covered along with their relative competitive strategies and the report also mentions the recent agreements and investments of various market players over the past few years. The Company Profiles section details the overview of the company, the financial performance (public companies) over the past few years, the key products and services offered as well as the recent agreements and investments of these important market players. .
Main topics covered:
2. Research methodology
3. Executive summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining power of end users
4.3.2. The bargaining power of buyers
4.3.3. The threat of new participants
4.3.4. The threat of substitutes
4.3.5. Competitive Rivalry in Industry
4.4. Industry value chain analysis
5. Ballast Water Treatment Market Analysis, By Technology
5.2. Physical disinfection
5.3. Mechanical method
5.4. Chemical method
6. Ballast Water Treatment Market Analysis, By Service
6.2. Put back into service
6.3. Performance measurement
6.4. Installation and calibration
7. Ballast Water Treatment Market Analysis, By Vessel Type
7.2. Container ship
7.4. Dry bulk carriers
7.5. General goods
8. Ballast Water Treatment Market Analysis, By Geography
8.2. North America
8.2.1. North America Ballast Water Treatment Market, By Service
8.2.2. North America Ballast Water Treatment Market, By Vessel Type
8.2.3. By country
220.127.116.11. United States
8.3. South America
8.3.1. South America Ballast Water Treatment Market, By Service
8.3.2. South America Ballast Water Treatment Market, By Vessel Type
8.3.3. By country
8.4.1. European ballast water treatment market, by service
8.4.2. European ballast water treatment market, by type of vessel
8.4.3. By country
8.5. Middle East and Africa
8.5.1. Middle East & Africa Ballast Water Treatment Market, By Service
8.5.2. Middle East & Africa Ballast Water Treatment Market, By Vessel Type
8.5.3. By country
18.104.22.168. Saudi Arabia
22.214.171.124. United Arab Emirates
8.6. Asia Pacific
8.6.1. Asia-Pacific Ballast Water Treatment Market, By Service
8.6.2. Asia-Pacific Ballast Water Treatment Market, By Vessel Type
8.6.3. By country
126.96.36.199. South Korea
9. Competitive environment and analysis
9.1. Major players and strategic analysis
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier competitiveness matrix
10. Company profiles
10.1. Wartsila Oyj Abp
10.2. Alfa Laval AB
10.3. Xylem Inc.
10.4. Evoqua Water Technologies LLC
10.5. Calgon Carbone Company
10.6. Mitsubishi Heavy Industries Ltd.
10.7. Veolia Environnement SA
10.8. ATG UV Technology Ltd
10.9. Headway Technology Co., Ltd.
10.10. Trojan Marinex Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/cvw24