Market Insight-Global Ballast Water Treatment System Market Overview 2022
Global Ballast Water Treatment System Market Size is Projected to Reach US$ 9842.20 Million by 2024, from US$ 4593.41 million in 2021, at a CAGR of 28.92% during 2022-2024.– Bossonresearch.com
Ballast Water Treatment System (BWTS) is a system designed to remove and destroy/inactive biological organisms (zooplankton, algae, bacteria) from ballast water. Ballast water treatment is still evolving technology with an ever-growing number of manufacturers. Most Ballast Water Treatment Systems use a two-stage approach, involving a form of mechanical separation (1st stage) followed by physical or chemical treatment (2nd stage). The two most common technologies are Ultra-Violet (UV) based systems and Electro-Chlorination (EC) systems. UV systems use physical UV radiation as secondary treatment, where electro-chlorination makes use of a chemical ‘active substance’ to inactivate biological organisms. Both systems typically employ filtration as mechanical first phase treatment.
According to Bosson Research, The global Ballast Water Treatment System market size is projected to reach US$ 9842.20 Million by 2024, from US$ 4593.41 million in 2021, at a CAGR of 28.92% during 2022-2024. However, it is estimated that there will be overcapacity after 2024, and the market demand will only depend on the new shipbuilding market. It is estimated that the market size will be stable at about US$ 750 million per year after 2024. In 2004, the Ballast Water Management Convention or BWM Convention was promulgated. The convention requires ships built after 2016 to have ballast water treatment systems installed at the time of construction. It is estimated that by 2024, there will still be 15,000-20,000 ships in the world with the installation demand for ballast water treatment systems, and will usher in the installation peak in 2022. After 2024, the market demand for the entire Ballast Water Treatment Systems industry will be cleared, leaving only the market demand for new ships. This will bring about a huge drop in demand.
Other than just adjusting the overall weight of the vessel to distribute it evenly throughout the ship, ballast water management becomes all the more important during loading and unloading, thereby, providing more stability and maneuverability during transit. In addition, the need for ecological protection, wash contaminants, etc. will also bring impetus to the sustainable development of the Ballast Water Treatment Systems market.
Figure Global Retinal Surgery Devices Market Size
Source: Bossonresearch.com, 2022
Driving Factors
Mandatory Implementation of Ballast Water Management Convention Fostering Market Growth
Tight regulations by International Maritime Organization (IMO) to prevent spreading of potentially harmful aquatic pathogens and organisms in the ballast water is a key factor driving the demand for ballast water treatment system in ships. Moreover, loading and unloading untreated ballast water is a major threat to the environment, public health, and overall economy considering the transfer of organisms from one ecosystem to another, stringency in regulations pushing owners to install or retrofit ballast water treatment system for ships would further drive up the sales of ballast water treatment system.
The need for ecological protection
Ballast water treatment has become required for effective shipping operations, due to inadvertent transfer of harmful pathogens and marine organisms, authorized ocean dumping, and oil and chemical spills. The USDA reports that ballast water is “the main source of introduction of non-native marine species. one of the ways". When ships discharge ballast water at new ports of call, they can introduce alien species, from small fish to microbes, into the waters surrounding the new area. This can lead to a variety of detrimental effects; the European Maritime Safety Agency blames invasive marine species on microbial exposure, lower habitat quality and other dangers that could ultimately damage fisheries and even protected species in the region.
The need to wash contaminants
Vessel scrubbers are employed to remove nitrogen oxides (NOx), sulfur oxides (SOx), and other air pollutants from exhaust gases generated by engines. According to UNCTAD, in 2019, about 3.71% of container ships in the worldwide fleet were fitted with scrubbing systems. The penetration rate of scrubbing systems is expected to increase following the global cap on sulfur emissions coming into force from January 1, 2020, which will consequently fuel the growth of the market.
The growing volume of the shipping industry
Rising volume of seaborne trade is expected to boost the global ballast water treatment market between 2019 and 2027. In Europe, more than 90% of the external freight trade is seaborne. This factor is anticipated to fuel the demand for ballast water treatment during the forecast period.
Global Retinal Surgery Devices Market: Competitive Landscape
Overall, the market concentration of Ballast Water Treatment Systems is low and competition is fierce. In 2021, Ballast Water Treatment Systems' market concentration measure CR5 is 37.34% (including JFE Engineering, Alfa Laval, Qingdao Headway Technology, Panasia, Qingdao Sunrui,) and HHI is 2.79%. Other key market players of Ballast Water Treatment Systems include Techcross, Wartsila Industrie De Nora, Mitsubishi Heavy Industries, Desmi, NEI Treatment Systems, Ecochlor, Hyde Marine, Bright Sky, Optimarin, Erma First, NK Co., Ltd, and TeamTec AS.
Key players in the Retinal Surgery Devices Market include:
JFE Engineering
Alfa Laval
Qingdao Headway Technology
Panasia
Qingdao Sunrui
Techcross
Wartsila
Industrie De Nora
Mitsubishi Heavy Industries
Desmi
NEI Treatment Systems
Ecochlor
Hyde Marine
Bright Sky
Optimarin
Erma First
NK Co., Ltd
TeamTec AS
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