According to a new report by Expert Market Research titled, “Global Ballast Water Management Market Share, Size, Report and Forecast 2024-2032″, the global ballast water management market size is projected to grow at a CAGR of 7.2% between 2024 and 2032. Aided by the increasing maritime trade, stricter regulations for preserving marine ecosystems, and heightened awareness about marine biodiversity, the market is expected to grow significantly by 2032.
Ballast water management primarily refers to the process of treating ballast water to remove, neutralise or avoid the transfer of invasive and harmful aquatic organisms and pathogens present in ballast tanks. These tanks are filled to maintain balance and stability for marine vessels. Without proper management, the ballast water released from these vessels can lead to ecological imbalances, affecting the biodiversity of the receiving marine environment.
Maritime trade’s continual expansion, especially with globalisation leading to an interconnected world market, results in an increasing number of ships traversing the seas. This has underscored the urgency for effective ballast water management, given the potential for ecological disruptions due to untreated ballast discharges.
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A significant factor propelling the ballast water management market growth is the stringent regulations imposed by maritime organisations worldwide. The International Maritime Organisation’s (IMO) Ballast Water Management Convention, which came into force in September 2017, mandates standardised ballast water treatment procedures and sets out clear stipulations for ships to manage their ballast water to protect marine environments. Such global initiatives are essential drivers for the market.
Furthermore, the technology and solutions segment in ballast water management has seen numerous advancements. Innovations like UV radiation treatment, electro chlorination, and chemical disinfectants are paving the way for more efficient and eco-friendly ballast water treatment solutions, fostering ballast water management market demand.
The detrimental impacts of invasive marine species have also been a topic of increasing concern. Not just ecological, these impacts also have socio-economic implications, affecting fisheries, aquaculture, and even coastal infrastructure. The increased awareness around these issues, championed by environmentalists and marine scientists, has boosted the demand for efficient ballast water management solutions.
Moreover, shipbuilders are now more inclined to incorporate advanced ballast water management systems (BWMS) in their vessel designs, pre-empting future regulations and ensuring the ship’s adherence to present ones. This ballast water management market trend is observed especially in regions with robust shipbuilding industries like Asia Pacific.
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Ballast Water Management Market Segmentation
The market can be divided based on technology, services, and region.
Market Breakup by Technology
- Physical Disinfection
- Chemical Method
- Mechanical Method
Market Breakup by Services
- Installation and Calibration
- Performance Measurement
- Recommissioning
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ballast water management market. Some of the major players explored in the report by Expert Market Research are as follows:
- Alfa Laval Inc.
- Headway Technology Group (Qingdao) Co., Ltd.
- Hitachi, Ltd.
- NK Co., Ltd.
- Wärtsilä
- Ecochlor
- Others
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