Global Ballast Water Treatment Market to witness a CAGR of 29.4% during 2018-2024
NEW YORK, Nov. 26, 2018 (GLOBE NEWSWIRE) -- The global ballast water treatment market was valued at USD 17.4 billion in 2017 and is likely to expand to USD 106.3 billion by 2024, witnessing a CAGR of 29.4% over the forecast period. The growth can be primarily attributed to the rising concerns regarding the threat of Invasive Alien Species (IAS) which may adversely impact the local biodiversity. Moreover, stringent regulations of International Maritime Organization (IMO) and Ballast Water Management Convention (BWM) regarding the treatment of ballast water are further expected to drive the demand over the forecast period.
In addition, favorable government initiatives across the globe in light of environmental and sustainability concerns have fostered market growth. Ballast water refers to the seawater used as a ballast to balance the ship, and is pumped in or out in order to add/reduce weight for stability. Ballast water treatment is a process of removing or killing the biological organisms such as algae, bacteria, and zooplankton from the water, before discharging to the marine environment.
Key findings from the report:
-- The global ballast water treatment market is likely to reach USD 106.3 billion by 2024 -- Physical disinfection segment held the major share of the global market in 2017 due to ease of operation and high efficiency -- Low ballast dependent vessels segment held the major share of the market in 2017 and is likely to continue its dominance over the forecast period -- >5000 cubic meters segment held the maximum share of the market in 2017 and is projected to witness a healthy CAGR during 2018 to 2014 -- Asia Pacific accounted for the largest share of the market in 2017, while growing at the fastest CAGR over the next seven years -- Some of the key companies operating in the industry include Alfa Laval; Xylem; Evoqua Water Technologies LLC; Veolia Water Technologies; Calgon Carbon Corporation; Wartsila; Mitsubishi Heavy Industries, Ltd.; Optimarin; JFE Engineering Corporation; Damen Shipyards Group; ballast Water Containers Ltd.; Trojan Technologies; Headway Technology Co., Ltd.; Ecochlor, Inc.; ATG UV Technology; among others -- As of July 2018, Alfa Laval introduced Alfa Laval PureBallast 3 computer-based training (CBT), an online/offline training tool that serves as a complement to crew training on board or at training centres. Combining self-study, a 3D computer simulator and a final self-assessment, it allows masters and crews to become familiar with the components of Alfa Laval PureBallast 3 and the basics of its operation.
Physical disinfection segment accounted for the major share of the global marketThe technologies currently available for ballast water treatment can be categorized into physical disinfection, mechanical systems and chemical treatment. Among these, the physical disinfection segment held the maximum share of the global market in 2017 and the trend is likely to continue over the forecast period. The segment has emerged as the most efficient technology for ballast water treatment as it offers ease of operation and high efficiency over other treatment methods.
High ballast dependent vessels are likely to offer potential opportunitiesHigh ballast dependent vessels include tankers and bulkers, whereas low ballast dependent vessels include cargos, container ships, cruise ships, and other vessels. Low ballast dependent vessels held the maximum market share in 2017 due to large number of container ships and cargos employed in seaborne trade. Whereas, high ballast dependent vessels segment is projected to offer potential opportunities due to greater capacity and performance of bulk carriers and tankers.
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Ballast Water Treatment Market – Regional insightAsia-Pacific emerged as the leading regional market in 2017 and is expected to maintain its dominance over the next seven years. The major factors fuelling growth in the region include rise in the volume of seaborne trade and increasing IMO adoption due to growing environmental concerns. Moreover, Europe is expected to be the second largest regional market over the forecast period.
The report segments smart cable guard system market on the basis of components, end use industry, and region.
-- Physical disinfection
• Cavitation• Ultraviolet light• De-oxygenation• Others
-- Mechanical systems
• Filtration• Electro-mechanical separation• Cyclonic separation
-- Chemical treatment
• Disinfecting biocides• Electrolytic chlorination
By Vessel Type
-- High ballast dependent vessels
• Bulk carriers• Tankers
-- Low ballast dependent vessels
• Container ships• General cargos• Other vessels
-- <1500 cubic meters -- 1500 – 5000 cubic meters -- >5000 cubic meters
-- Manufacturing, installation & calibration -- Performance measurement -- Re-commissioning
-- North America -- Europe -- Asia-Pacific -- Central & South America (CSA) -- Middle East & Africa (MEA)
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