A new market study, titled “Discover Global Ballast Water Treatment Systems Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Ballast Water Treatment System (BWTS) is a system designed to remove and destroy biological organism’s plankton, bacteria, algae) from ballast water. It is still an evolving technology with an ever growing number of manufacturers. The ballast water treatment systems market is projected to grow from USD 19.9 billion in 2018 and is designed to reach USD 32.7 billion by 2023, at a CAGR of 10.41% during the forecast period. The ballast water treatment systems are growing due to increasing demand for clean water, people becoming aware of the benefits of water treatment, and technological changes and innovations in the water treatment industry.
Tabletop pitcher segments dominated the market in 2018 because it was easy to use and transportable. The residential segment had a larger share in 2018 and is projected to grow at a higher CAGR from 2018-2026. There was an increasing demand for clean water across the globe. Therefore, polluted water had to be treated using the Ballast Water Treatment System for residential and non-residential applications. The increased awareness for the conservation of marine life, regulations imposed by the IMO upon the spread of harmful organisms into the seas and oceans are the major factors boosting the growth of global Ballast Water Treatment Systems.
Based on technology, the market is segmented as physical dis-infection, chemical method, and mechanical method. The physical dis-infection method is very effective and convenient. Therefore, it rules the market. It uses processes like sterilization using sunlight, sterilization using Heat, radiation, filtration, and ultrasonic vibration methods have been proven to be effective in killing 99% of the germs and pathogen microorganisms. This method is preferred by many manufacturers because it does not need a huge amount of raw materials. So this is supposed to be ruling the market.
Based on ship type, the market is segmented as container ships, general cargos, tankers, carriers and others (dry bulk ships). There has been an increase in global trade activities. So the container ship segment has become the dominant section of the Global Ballast Water Treatment Systems segment. The operation of merchant ships contributes about US$380 billion in freight rates within the global economy that is equivalent to 5% of the total world trade. This is the estimation of the UNCTAD- United Nations Conference on Trade and Development. The world’s seaborne trade volumes expanded by 2.6%. This has spurred the demand for container ships and is a crucial factor as to why the container ship segment is dominating the market.
The Global Ballast Water Treatment Systems Market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa. The Asia-Pacific region is further segmented into countries such as China, Japan, India, South Korea, Australia and Rest of Asia Pacific. This region is the dominant segment because it is where most of the sea trades take place especially in countries of China, Hong Kong, Japan, and Singapore. According to the statistics published by UNCTAD, THE Asia-Pacific regions loaded these ballast water treatment systems which were transferred via sea increased from 3882.9 million tons to 3923 million tons. These increasing activities via sea brought in more desire for clean water on the ships and from her, the demand for the Global Ballast Water Treatment Systems increased.
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