Transparency Market Research delivers key insights on the global ballast water treatment systems market. In terms of revenue, the ballast water treatment systems market is estimated to expand at a CAGR of ~10% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the ballast water treatment systems market report.
In this market report, TMR predicts that increase in sea trade worldwide is one of the major factors driving the growth of the ballast water treatment systems market, as 90% of global trade is carried out through the sea route. Marine transport is a crucial part of economic growth. This transport option is more cost effective and convenient compared to other forms of transportation. Rising industrialization and liberalization of several economies have encouraged free trade across the world. This has prompted the demand for container vessels and cargo ships. Demand for ballast water treatment systems is anticipated to grow during the forecast period with increasing demand for such vessels.
Additionally, ballast water also results in serious ecological issues, due to the multitude of marine species carried in ballast water of ships. Ballast water includes bacteria, microbes, eggs, small invertebrates, as well as cysts and larvae of various species, which once released into a new environment survive and reproduce and become invasive species. Many a times, such species become dominant and result in the extinction of the native ones. All these factors result in the growth of the ballast water treatment systems market.
However, presence of multiple regulations coupled with lack of standardized regulations are some of the challenges hindering the growth of the ballast water treatment systems market. Different countries have different legislative requirements for ballast water treatment management. For instance, the U.S. has its own set of regulations mandated by the U.S. Coast Guard (USCG). Under such circumstances, it becomes difficult for ships from different countries to operate in U.S. waters. Hence, lack of implementation of standardized regulations is restraining the growth of the ballast water treatment systems market.
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However, ratification of guidelines as per the IMO Convention by several Asia Pacific countries is anticipated to be a key business opportunity for the ballast water treatment systems market. Asia Pacific dominates in terms of sea trade. According to UNCTAD statistics, sea trade of the Asia Pacific region accounts for roughly 64% share of the developing economies. With increasing trade, ratification of guidelines by countries, such as China and several other Southeast Asian countries, is anticipated to boost the ballast water treatment systems market for the next couple of years.
In terms of treatment type, chemical treatment segment dominated the ballast water treatment systems market in 2018. However, physical treatments are anticipated to grow during the forecast period. Physical treatments, such as UV irradiation is becoming popular among ship manufacturers, due to its efficiency and it is harmless to the marine environment.
In terms of tank capacity, the 1500 – 5000m3 segment dominated the market and is further anticipated to grow during the forecast period. Increasing demand for consumer goods, and economic factors such as trade taxes and freight charges have resulted in demand for large capacity container vessels that can ferry maximum containers at one go. Demand for ballast water treatment systems having large tank capacity is anticipated to increase in the near future, due to rising demand for large container vessels.
In terms of application, stationary ballast water treatment systems are a preferred option for ballast water treatment worldwide. Such systems are permanently utilized inside vessels to treat ballast water during long voyages.
Ballast Water Treatment Systems Market: Prominent Regions
North America and Europe dominated the ballast water treatment systems market in 2018 and are further anticipated to dominate the market over the next couple of years. Increasing awareness about the harmful impact of ballast water on the marine environment has resulted in the dominance of these regions. Additionally, sea trade is prominent in these regions, leading to the dominance of the ballast water treatment systems market.