FELTON, California, September 18, 2017 /PRNewswire/ --
The global ballast water treatment systems (BWTS) market is expected to reach USD 117.55 billion by 2025, driven by growth in the size of shipping industry trade volume and rising government initiatives in line with the International Maritime Organization (IMO) regulations. Furthermore, the ballast water treatment systems market is expected to be growing as BWTS is effective in regulating unauthorized ocean dumping, oil & chemical spills, and the introduction of aquatic invasive species.
North America dominated the global market in 2016, and the trend is likely to continue over the next few years due to supporting regulations coupled with rising focus on environmental safety conservation. Asia-Pacific and Europe followed suit, with a consolidated contribution of USD 59.48 billion by 2025.
The implementation by IMO for strict water quality standards has set an obligation for ocean freight service providers. Since vessels have not been planned and fortified to treat ballast water, setting up of a ballast water management system is essential to ensure conformity with the standards.
Asia Pacific is expected to witness the fastest growth over the forecast period on account of increase in production and sales of ballast water treatment systems owing to increase in trade of automotive machinery & equipment, cosmetics, food & beverages, building & infrastructure materials, medical & healthcare, and mining equipment. The region has witnessed an increase in ocean freight volumes from various countries such as China, India, and South Korea.
Browse full research report with TOC on "Ballast Water Treatment Systems (BWTS) Market Size and Forecast, By Technology (Mechanical Method, Physical Disinfection, Chemical Method), By Type (Dry Tankers, Container Ships, General Cargos, Bulk Carriers), And Trend Analysis, 2014-2025" at: https://www.hexaresearch.com/research-report/ballast-water-treatment-systems-bwts-market
The market is expected to grow on account of increasing demand for ballast water treatment systems in containers, ships, dry bulk carriers, tankers, and general cargos. Container ships dominated the global BWTS market in 2016 and are expected to grow at an above average CAGR of 25.2% over the projected period. Increasing trade activities among various regions on account of lower transportation costs, free trade agreements, and globalization is expected to result in augmenting the demand for container ships.
Companies are actively looking for new ballast water treatment projects alongside investing in R&D to enhance technology. In July 2015, Wärtsilä won the largest retrofit contract for ballast water management systems. This has been one of the major retrofit contracts so far issued for ballast water management system solutions. Other prominent players in the market such as Xylem Inc., Evoqua Water Technologies LLC, Mitsubishi Heavy Industries, and Alfa Laval AB are investing considerably in the ballast water treatment systems market.
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Hexa Research has segmented the global ballast water treatment systems (BWTS) market based on operating technology, type, and region:
Segmentation by technology, 2014 - 2025 (USD Million)
- Physical Disinfection
- Mechanical Method
- Chemical Method
Segmentation by type, 2014 - 2025 (USD Million)
- Container Ships
- Dry Bulk Carriers
- General Cargos
Segmentation by region, 2014 - 2025 (USD Million)
- North America
- Asia Pacific
- Rest of the World
Key players analyzed:
- Wärtsilä Corporation
- Xylem Inc.
- Evoqua Water Technologies LLC
- Calgon Carbon Corporation
- Mitsubishi Heavy Industries
- Veolia Environnement S.A.
- UV Technology
- Alfa Laval AB
- Headway Technology Co., Ltd.
- Trojan Marinex
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SOURCE Hexa Research