PUBLISHER: The Business Research Company | PRODUCT CODE: 1425270
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425270
Ballast Water Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ballast water treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ballast water treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ballast water treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ballast water treatment involves the process of pumping water into a ship to ensure its safe operation throughout a voyage. This practice helps reduce stress on the hull, enhances propulsion and maneuverability, and compensates for weight fluctuations caused by varying cargo load levels, as well as fuel and water consumption. Ballast water treatment is essential for maintaining safe operating conditions during a voyage.
Key technologies employed in ballast water treatment include physical disinfection, mechanical methods, and chemical methods. Physical disinfection involves the use of filters to physically treat water, removing living organisms and particles with a size of 50 microns or larger. The treatment capacities are categorized into less than 1,500 m3, 1,500-5,000 m3, and more than 5,000 m3. Services offered in this field include installation and calibration, performance measurement and recommissioning. Different types of ships benefiting from ballast water treatment include container ships, dry bulk carriers, tankers, general cargoes, and other ship types.
The ballast water treatment market research report is one of a series of new reports from The Business Research Company that provides ballast water treatment market statistics, including ballast water treatment industry global market size, regional shares, competitors with a ballast water treatment market share, detailed ballast water treatment market segments, market trends and opportunities, and any further data you may need to thrive in the ballast water treatment industry. This ballast water treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed during the historical period can be attributed to factors such as invasive species management, the focus on biodiversity conservation, increased public awareness, industry standardization efforts, and concerns related to insurance and liability. These elements collectively contributed to the growth and adoption of ballast water treatment during the specified historical period.
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 anticipated growth in the forecast period can be attributed to the expansion of the global shipping fleet, increasing market competitiveness, government incentives, heightened public pressure and activism, and a growing focus on green shipping practices. Key trends expected in the forecast period encompass advancements in treatment technologies, both in retrofit installations and new builds, an increased scrutiny on the performance of ballast water treatment systems, ongoing research and development for next-generation systems, greater awareness of the impact of invasive species, a focus on cost-effective solutions, and the integration of monitoring and reporting technologies within the ballast water treatment industry.
The surge in attention towards preserving marine ecosystems from pollutants is a driving force behind the expansion of the ballast water treatment market. Marine ecosystems encompass diverse aquatic environments with high dissolved salt levels, including the open ocean, deep sea, and coastal habitats, each characterized by unique physical and biological traits. Pollution poses a significant threat across various sectors and is intricately linked with broader planetary concerns such as climate change and biodiversity loss. Combatting marine pollution is a global imperative, highlighted by the United Nations Environment Programme's June 2022 report, indicating a rapid increase in marine litter and plastic debris. Without substantial intervention, plastic emissions into aquatic environments are projected to nearly quadruple by 2040. Events like the United Nations Ocean Conference in Lisbon, Portugal, have amplified calls for a renewed international commitment to combat pollution, including addressing challenges in marine environments. Thus, the growing focus on preserving marine ecosystems from pollutants is expected to drive the growth of the ballast water treatment market.
The upward trajectory in shipping activities is anticipated to fuel the expansion of the ballast water treatment market. Shipping, a vital aspect of global trade involving the transportation of goods across water bodies, continues to experience growth with increasing international trade. The rise in the number of vessels traversing different regions amplifies the risk of introducing invasive species and aquatic organisms via ballast water. As reported by the United Nations Conference on Trade and Development in January 2022, there was a notable 13.7% increase in the median turnaround time for container ships between 2020 and 2021, indicating the rising movement of goods worldwide. Consequently, this growth in shipping activities drives the demand for effective ballast water treatment solutions, propelling the growth of the ballast water treatment market.
Technological advancements play a pivotal role in shaping the ballast water treatment market. Major industry players are investing efforts into developing innovative technologies such as ballast water management systems. For example, in September 2021, Langh Tech, a Finnish technology company, ventured into the ballast water treatment market by introducing a UV-C-based ballast water management system. This system, incorporating fine filtration and efficient UV-C irradiation treatment, boasts type-approved specifications suitable for retrofit vessels and challenging operational environments, signaling a significant leap in technological innovation within the industry.
Major players within the ballast water treatment market are spearheading innovation by introducing advanced technological solutions like Manta, aimed at bolstering their market profitability. Manta represents a groundbreaking development designed to swiftly and cost-effectively cleanse polluted water bodies, with the added capability to transform pollutants such as algae into renewable, carbon-neutral biofuel. For instance, in July 2023, Wartsila Oyj Abp, a Finland-based manufacturer of power sources and related equipment, unveiled Manta. This innovative filter integrates a state-of-the-art OneMotion scanner, effectively cleaning the screen in a single rotation, paired with a 25-micron smartweave screen to enhance ballast water filtration. Its design ensures no cake build-up across the screen, while the non-pleated screen prevents silt from getting trapped, contributing to more efficient and effective water filtration.
In a strategic move to expand its presence and offerings in the ballast water treatment sector, Xylem, a US-based technology company specializing in water treatment solutions, acquired Anadolu Flygt in October 2021 for an undisclosed sum. This strategic acquisition positions Xylem to extend its services across a broader spectrum of countries within the region, particularly bolstering its presence in the Middle East market. The acquisition enables Xylem to offer an expanded portfolio of digital water solutions and proven technologies dedicated to sustainable water usage. Anadolu Flygt, a Turkey-based company specializing in ballast water treatment systems, adds value to Xylem's suite of offerings and supports the company's ambitions for further growth and market expansion in the Middle Eastern region.
Major companies operating in the ballast water treatment market report are Wartsila 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 Jager GmbH, Hatenboer-Water BV, Headway Technology Group Co. Ltd.
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.
The countries covered in the ballast water treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The ballast water treatment market includes revenues earned by entities by separation and filtration, ozone, electrical currents, or UV radiation, and biocides or a form of chlorination. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.