Demand for Ballast Water Treatment Systems Market to Surge at a CAGR of 10% Through 2030
Emergence of low-cost, ecofriendly ballast water treatment systems is generating new market potential and opportunities, according to Fact.MR. Rising environmental concerns are expected to propel ecofriendly systems across the world. Conservation of the marine ecosystem is becoming imperative, as pollution levels are rising across the globe in a multitude of ways. Hence, systems that can save the marine ecosystem from harmful microorganisms and pollutants are expected to be the most sought-after, fueling the growth of the ballast water treatment systems (BWTS) market.
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Furthermore, governments and regulatory bodies across the world are bringing in regulatory measures and policies to ensure environmental safety and sustainability. For instance, the International Maritime organization (IMO) has issued guidelines to be followed by owners and manufacturers of water treatment systems to ensure minimal harm to the environment. Moreover, manufacturers are coming up with innovative technologies to develop equipment with compact designs to save space as well as ensure safety. Companies are also developing filter-less systems that do not need generators to operate, thus making them cost-efficient and environment-friendly.
Fact.MR predicts that the global ballast water treatment systems market will progress at an impressive CAGR of 10% over the forecast period of 2020 to 2030.
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Key Takeaways from Ballast Water Treatment Systems Market Report
- The global market for ballast water treatment systems is expected to reach a market evaluation of nearly US$ 9 Bn by the end of 2030.
- Chemical treatment systems lead the market; however, physical treatment systems are expected to grow significantly over the next decade.
- North America and Europe dominate the BWTS market currently. Asia Pacific is projected to be the most lucrative BWTS market during the forecast period.
- Ballast water treatment systems with tank a capacity of 1500 – 5000 m3 are expected to dominate demand in the near future.
- Demand for ecofriendly water treatment systems is driving the market, and is anticipated to fuel growth in the near future too.
- The COVID-19 pandemic crisis has hit international trade and transport, which has led to decreased demand for ballast water treatment systems.
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Some of the key players operating in the global ballast water treatment systems market are Wärtsilä Corporation, Damen Shipyards Group, ALFA LAVAL, atg Evoqua (Evoqua Water Technologies), GenSys GmbH, Evac, Coldharbour Marine Ltd., Ecochlor, GEA Group Aktiengesellschaft, ERMA FIRST ESK Engineering S.A., Ferrate Treatment Technologies, LLC, Veolia Water Technologies, Hitachi, Auramarine Ltd., and Bawat a/s.
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