Market Research released a report, that says the ballast water treatment (BWT) market is expected to grow at a CAGR of 37.19% between 2017 and 2022. As the healthcare concern is growing in the shipping industry, it is driving the BWT market to control the waterborne diseases that occur on the ship during the expedition.
Also, the report states, the discharge of ballast water by ships contributes to the spread of aquatic invasive species, with negative impacts on the environment, economies, and public health. The IMO standards for ballast water discharge require BWT systems based on various physical and/or chemical methods to be installed on the ships. The major restraint for the growth of the BWT market is the storage of disinfection by-products generated after water treatment.
In addition, Market Research says that tankers are expected to be the fastest-growing segment during the forecast period, as there is a strong demand for tankers from the heating oil perspective and in terms of the overall energy transportation. The growth of this segment is fueled by the rising trade of crude oil, LNG, and chemicals.
Furthermore, it states that Asia Pacific and Europe are the major markets for the BWT industry. The initiatives taken by the governments in Europe for the human health and economic values are accelerating the growth of the said market in Europe. For instance, the IMO Marine Environment Protection Committee (MEPC) has introduced guidelines that will assist governments and other authorities, ship masters, operators and owners, and port authorities in minimizing the risk of introducing harmful aquatic organisms and pathogens from ship’s ballast water and associated sediments.
The major drivers for the growing demand for BWT systems in APAC include the rising adoption of IMO regulations and increasing trade of automotive components, clean energy and environment equipment, food & beverages, healthcare and medical, infrastructure and building materials, mining equipment, and cosmetics, among others.
This research report categorizes the BWT market on the basis of technology, capacity, service, ship type, and geography and, also, provides Porter’s five forces analysis, along with the description of each of the forces and their respective impact on the BWT market; description of major drivers, restraints, challenges, and opportunities pertaining to the market; value chain analysis; and market ranking analysis.
Source: Market Research