Global Ballast Water Treatment Systems Market
Global Ballast Water Treatment Systems Market Size More Than Doubles to Touch USD 11.72 Billion by 2029
Published | 05 December 2023
Global Ballast Water Treatment Systems Market is gaining traction because of the expanding trade volume via sea routes driven by rising global trade and growth in the shipping industry along with rising demand for clean drinking water.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Ballast Water Treatment Systems Market size at USD 5.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Ballast Water Treatment Systems Market size to grow at a significant CAGR of 10.74% reaching a value of USD 11.72 billion by 2029. Significant growth drivers for the Global Ballast Water Treatment Systems Market include expanding commerce and trade, as well as an increase in biological marine pollution. Additionally, strict national and regional laws governing the discharge of ballast water into international waterways are an important factor behind the expansion of the Global Ballast Water Treatment Systems Market.
Opportunity: Adoption of Technological Advancements and Increasing Investments in R&D
The increasing usage of innovative technologies like automation and the IoT is transforming the ballast water treatment systems industry. Both research institutions and companies are heavily investing in the advancements of treatment technology and its affordability. For instance, scientists in the Philippines have developed a cost-effective technique for disinfecting ballast water in order to lessen the possibility of potentially invasive organisms migrating from port to port, as reported by Phys Org. A Sweden-based greentech startup Bawat A/S and the Dutch Damen Shipyards Group member Damen Green Solutions have established a new joint venture to develop and commercialize "the world's greenest" transportable ballast water management system (BWMS). These developments are anticipated to present lucrative growth opportunities to the Global Ballast Water Treatment Systems Market during the period in analysis.
Global Ballast Water Treatment Systems Market – By Ship Type
Based on ship type, the Global Ballast Water Treatment Systems Market is segmented into tankers, container ships, general cargo, and bulk carriers. Tankers, which are prominently used for the transportation of petroleum products, such as crude oil and LPG, account for the highest share of the market. Due to large import and export activities of oil, which sometimes lead to tankers running empty tanks. As a result, the use of ballast water treatment in tankers is expanding to prevent the negative impact of ballast water on marine ecosystems.
Impact of Escalating Geopolitical Tensions on Global Ballast Water Treatment Systems Market
The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly the maritime industry and trade, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 7, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war. As of October 31, 2023, it was estimated that more than 10,000 people were killed in the war.
The intensifying war in the Middle East will affect industries across verticals and regions. Oil and gas is one of the industries adversely affected by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions. This disruption led to a significant decline in the cross-border trade of oil and petroleum products via sea, which directly led to a reduction in the demand for ballast water treatment systems, affecting its market growth.
Major players operating in the Global Ballast Water Treatment Systems Market include Wärtsilä Corporation, Damen Shipyards Group, ALFA LAVAL, atg Evoqua, GenSys GmbH, Evac, Coldharbour Marine Ltd, Ecochlor, and GEA Group.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Ballast Water Treatment Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Ballast Water Treatment Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Ballast Water Treatment Systems Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Technology (Chemical Treatment, Physical Disinfection Treatment, Mechanical Treatment); By Ship Type (Tankers, Container Ships, General Cargo, Bulk Carriers); By Service (Installation & Calibration, Performance Measurement, Recommissioning); By Application (Stationary, Portable); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: December 2023
Expanding trade volume via sea routes driven by rising global trade and growth in the shipping industry along with a spurring demand for clean drinking water are expected to boost the growth of Global Ballast Water Treatment Systems Market during the forecast period between 2023 and 2029.
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