Ballast water treatment technology is basically for removing or destroying ingredients containing pesticides and other pollutants from ballast water systems, thereby not allowing the discharge of invasive species being transported into inhabitable water that may impact the environment considerably. Due to the involvement of government, the installation of BWT systems has become mandatory according to the stringent rules and regulations that are being imposed. This, in turn is expected to drive the ballast water treatment market towards good growth in the coming years.
Overview of BWT market
The global ballast water treatment (BWT) market that was valued at USD 14.29 Billion in 2016 is projected to reach a value of USD 118.77 Billion by 2022, growing at a CAGR of 37.19% during the forecast period 2017-2022.
Based on technology, the physical disinfection technology segment is currently dominating the market, and is expected to continue its dominance over the market during the forecast period as well. This growth is mainly because of its effectiveness against a range of organisms and advantages such as ease of operation and high efficiency level, which is why this method is used on a global level for treating ballast water.
On the basis of type of ship, container ships held the largest market share in 2016, owing to the rising volume of trade in Asia-Pacific, due to which the number of containers being handled at ports in APAC has seen a drastic increase over the past few years. Apart from this, the tankers, which play a vital role in the shipping industry for transporting crude oil, chemicals, petroleum, and LNG, among others, are predicted to witness a considerable growth in this market, owing to the continuously evolving crude oil industry.
How is the market progressing, geographically?
Among regions, the market in Asia-Pacific accounted for the highest market share in 2016, and is also expected to hold the largest share over the forecast period as well. It is also projected to grow at the CAGR in the next five years. This growth can be majorly attributed to the presence of various ports and harbors in this region for trade of automotive components, oil and chemicals, electronic components, and devices, among others. Moreover, the IMO has made it mandatory to install BWT systems in the ships, which is further driving the growth of BWT market in this region. Furthermore, developed and developing nations such as Japan, China, South Korea, and Singapore are expected show a huge potential for ballast water treatment systems.
What is driving and restraining the market growth?
The growth of the worldwide market for ballast water treatment is being majorly influenced by the following factors:
- Increasing government initiatives toward marine environmental protection
- Increased rules and regulations for the installation of BWT systems in ships
- Rising volumes of seaborne trade
- Growing concerns for healthcare in the shipping industry
In addition, new conventions are expected to increase the demand for BWT systems, thereby creating an array of opportunities for the growth of this market.
However, storage of disinfection by-products that are generated after water treatment is the major factor that is likely to hamper the growth of this market. Moreover, continuously changing government rules and regulations and high cost of installation and maintenance of BWT systems are the key challenges being encountered by the leading players operating in this market.
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Leading players and strategies adopted
Wärtsilä Corporation (Finland), Xylem Inc. (U.S.), Evoqua Water Technologies LLC (U.S.), Calgon Carbon Corporation (U.S.), Ecochlor, Inc. (U.S.), Veolia Environnement S.A. (France), Alfa Laval AB (Sweden), Trojan Marinex (Canada), Mitsubishi Heavy Industries, Ltd. (Japan), atg UV Technology (U.K.), Qingdao Headway Technology Co., Ltd. (China), JFE Engineering Corporation (Japan), and Optimarin AS (Norway) are some of the leading companies prominent in the global market for ballast water treatment. These players are implementing various growth strategies such as acquisitions, partnerships, contracts, & agreements, and new product launches in order to achieve sustained growth as well expand their global presence in the market in the coming years.
