Global Ballast Water Treatment market report 2024, Forecast To 2033
29 Feb, 2024
The ballast water treatment market size has grown exponentially in recent years. It will grow from $83.81 billion in 2023 to$121.96 billion in 2024 at a compound annual growth rate (CAGR) of 45.5%. The growth in the historic period can be attributed to invasive species management, biodiversity conservation, public awareness, industry standardization, insurance and liability concerns. The ballast water treatment market size is expected to see exponential growth in the next few years. It will grow to $505.26 billion in 2028 at a compound annual growth rate (CAGR) of 42.7%. The growth in the forecast period can be attributed to growing global shipping fleet, market competitiveness, government incentives, public pressure and activism, focus on green shipping. Major trends in the forecast period include advancements in treatment technologies, retrofit installations and new builds, increased scrutiny on system performance, research and development for next-generation systems, increased awareness of invasive species impact, focus on cost-effective solutions, monitoring and reporting technologies.
Global Ballast Water Treatment Market Key Driver
An increased focus on conserving marine ecosystems from pollutants is driving the growth of the ballast water treatment market. Marine ecosystems, characterized by high dissolved salt levels, are under threat from pollution, which is intricately linked to climate change and biodiversity loss. The United Nations Environment Programme (UNEP) highlighted the alarming increase in marine litter and plastic debris, with plastic emissions into aquatic environments projected to quadruple by 2040 without serious intervention. The global community is recognizing the need for a collective response to combat pollution, including efforts to conserve marine ecosystems. Therefore, the heightened focus on marine ecosystem conservation from pollutants is expected to propel the growth of the ballast water treatment market.
Get A Free Sample Of The Global Ballast Water Treatment Market ReportGlobal Ballast Water Treatment Market Segments
The global ballast water treatment market covered in this report is segmented –
1) By Technology: Physical Disinfection, Mechanical Method, Chemical Method
2) By Capacity: Less Than 1,500 m3, 1,500–5,000 m3, More Than 5,000 m3
3) By Service: Installation And Calibration, Performance Measurement, Recommissioning
4) By Ship Type: Container Ships, Dry Bulk Carriers, Tankers, General Cargos, Other Ship Types
By Geography: The regions covered in the ballast water treatment market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the ballast water treatment market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ballast water treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Ballast Water Treatment Industry Players
Wärtsilä Corporation, Xylem Inc., Evoqua Water Technologies LLC, Calgon Carbon Corporation, Ecochlor Inc, Alfa Laval AB, GEA Group AG, Hitachi Ltd., Veolia Water Technologies, Norwegian Greentech AS, ERMA FIRST ESK Engineering Solutions S.A., Industrie De Nora S.p.A., Atlantium Technologies Ltd., BIO-UV Group, DESMI A/S, Headway Technology Group Co. Ltd., JFE Engineering Corporation, Mitsubishi Heavy Industries Ltd., PANASIA CO. LTD, BioMicrobics Inc., Wuxi Brightsky Electronic Co. Ltd., Hyde Marine Inc., TECO Technologies Inc., D2 Marine Solutions, Boll Filter Corporation, Aquarius Marine Coatings Ltd., Cathelco Ltd., Coldharbour Marine Ltd., Damen Green Solutions, Filtertechnik Jäger GmbH, Hatenboer-Water BV, Headway Technology Group Co. Ltd.
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Ballast Water Treatment Market Overview
Ballast water treatment refers to the pumped-in to keep the ship working safely throughout the voyage. This approach minimizes stress on the hull, increases propulsion and manoeuvrability, and compensates for weight fluctuations due to cargo load levels and fuel and water consumption. The ballast water treatment is used to maintain safe operating conditions throughout a voyage.
Ballast Water Treatment Global Market Report 2023 provides data on the global ballast water treatment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ballast water treatment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.