Ballast water treatment system manufacturers are seeking to comply with IMO's recommendations in terms of mandatory ballast sampling measures, which will drive long term growth.
DUBAI, UAE / ACCESSWIRE / January 7, 2021 / The global ballast water treatment systems market is estimated to display an impressive growth rate of approximately 10% CAGR for 2020-2030. According to a new Fact.MR study, the high costs of installing and maintaining ballast systems in addition to regular changes in terms of government safety standards are key factors supporting market growth. The covid-19 pandemic is hindering short term prospects, owing to restrictions on the manufacturing sector.
"Rising volume of marine trade and shipping is anticipated to aid the growth of the global ballast water treatment market between 2020 and 2030. Also, increasing numbers of government initiatives in supporting rules by the IMO (International Maritime Organization) will also drive the global ballast water treatment market in the years to come," says the FACT.MR analyst.
Ballast Water Treatment Systems Market- Key Takeaways
- Physical disinfection technologies are expected to witness higher demand, owing to effectiveness in treatments and minimal toxicity.
- Applications in marine tanker vessels reflect high growth rates owing to use in LNG, crude oil, petroleum, and chemical transport.
- Asia Pacific is a leading regional market for ballast water treatment systems driven by a massive marine trade industry and the presence of associated infrastructure.
Ballast Water Treatment Systems Market- Driving Factors
- Strict regulations by the International Maritime Organization towards minimizing the risk of contamination and environmental pollution drives demand.
- Significant increases in marine trade activities and the resultant increase in ships will aid long term growth.
Ballast Water Treatment Systems Market -Key Restraints
- Health concerns over environment and health in terms of storing and handling ballast water byproducts is a challenge to the industry.
- High costs in terms of installation and maintenance in terms of ballast water treatment systems hurt market prospects.
COVID-19 Impact on Ballast Water Treatment Systems Market
The coronavirus pandemic has had a significantly disruptive effect on the global ballast water treatment systems market. Lockdown restrictions on the manufacturing sector has impacted production operations and disrupted supply chains for components.
Also, the pandemic has hurt domestic and international trade, including maritime trading activities, which will limit demand for ballast water treatment systems. Recovery of the industry is likely to be gradual through 2021 as uncertainties over the economic impact of the pandemic will continue to hinder the shipping sector in the months to come.
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Competitive Landscape
Wärtsilä Corporation, Damen Shipyards Group, ALFA LAVAL, Evoqua Water Technologies, GenSys GmbH, Evac, Coldharbour Marine Ltd., Ecochlor, GEA Group Aktiengesellschaft, ERMA FIRST ESK Engineering S.A., Ferrate Treatment Technologies, LLC, Veolia Water Technologies, Hitachi, Auramarine Ltd. are some of the leading ballast water treatment systems manufacturers in the global market.
Ballast water treatment systems manufacturers have displayed greater interested in the expansion of their product portfolio through product research and development in compliance with regulations of bodies such as the IMO.
For instance, in December 2020, the BIO-UV Group announced the launch of its BIO-SEA ballast water treatment systems, with the approval of USCG and IMO G8 land and shipboard testing standards. Similarly, De Nora announced the launch of its BALPURE ballast water management system, with the approval from UK'sMaritime and Coast Guard Agency (MCA). Also, ERMA FIRST has received an amended approval from the China Classification Society for its FIT range of ballast water management system, which comprises the first full-flow, electro-chlorination tech under under IMO Resolution MEPC 300.
About the Report
This study offers readers a comprehensive market forecast of the ballast water treatment systems market. Global, regional and country-level analysis of the top industry trends impacting the ballast water treatment systems market is covered in this Fact.MR study. The report offers insights on the ballast water treatment systems market on the basis of treatment (chemical and physical treatment), tank capacity (less than 1500 m3, 1500 to 5000 m3, and more than 5000 m3), and application (stationary and portable), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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About Fact.MR
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SOURCE: Fact.MR
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