NEW YORK, March 20, 2017 /PRNewswire/ --
"Growing healthcare concern across the globe is fueling the growth of the ballast water treatment market."
The ballast water treatment (BWT) market is expected to grow at a CAGR of 37.19% between 2017 and 2022, to reach USD 118.77 billion by 2022 from USD 14.29 billion in 2016. 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 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.
Tankers are expected to be the fastest-growing segment during the forecast period
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.
"APAC 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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the BWT market. The break-up of the profiles of primary participants has been given below:
- By Company Type: Tier 1 = 35 %, Tier 2 = 45%, and Tier 3 = 20%
- By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
The report also profiles the key players in the BWT market and analyzes their market ranking. The prominent players profiled in this report are 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), among others.
This research report categorizes the BWT market on the basis of technology, capacity, service, ship type, and geography. The report 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.
Reasons to Buy the Report
The report will help leaders/new entrants in this market in the following ways:
1. This report segments the BWT market comprehensively and provides the closest market size estimation for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for the market.
3. This report will help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section describes competitor ecosystem and various strategies implemented by the companies such as product developments, partnerships, and mergers and acquisitions.
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