Ballast Water Treatment Market 2024 - By Size, Drivers, Trends, Competitors

The Business Research Company recently released a comprehensive report on the Global Ballast Water Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to invasive species management, biodiversity conservation, public awareness, industry standardization, insurance and liability concerns.

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 growth in the forecast period can be attributed to growing global shipping fleet, market competitiveness, government incentives, public pressure and activism, focus on green shipping. Major trends in the forecast period include advancements in treatment technologies, retrofit installations and newbuilds, increased scrutiny on system performance, research and development for next-generation systems, increased awareness of invasive species impact, focus on cost-effective solutions, monitoring and reporting technologies.

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Market Drivers and Trends:

The increase in shipping is expected to propel the growth of the ballast water treatment market going forward. Shipping refers to the transportation of goods, commodities, or cargo from one place to another, typically over bodies of water. Shipping is an essential component of international trade, and it facilitates the movement of goods between countries and continents. As international trade continues to grow, the number of vessels navigating across different regions also increases. This, in turn, raises the risk of introducing invasive species and aquatic organisms through ballast water. For instance, in January 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, between 2020 and 2021, there was a 13.7% rise in the median turnaround time for container ships, which transport most of the produced products worldwide. Therefore, the increase in shipping is driving the growth of the ballast water treatment market.

Technological advancement is a key trend in the ballast water treatment market. Major market players are focusing their efforts on creating innovative technologies such as ballast water management systems. For instance, in September 2021, Langh Tech, a Finnish technology company, entered the ballast water treatment market with the introduction of a new UV-C-based ballast water management system. Langh Tech achieves these specifications with a type-approved ballast water management system that comprises fine filtration as well as effective UV-C irradiation treatment. The technology is designed for retrofit vessels, confined areas, and particularly difficult operating circumstances.

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Major Key Players of the Market:

Wärtsilä 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 Jäger GmbH, Hatenboer-Water BV, Headway Technology Group Co. Ltd.

Ballast Water Treatment Market 2024 Key Insights:

• 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%.
• Preserving Marine Ecosystems, The Driving Force Behind The Growing Ballast Water Treatment Market
• Innovative Technologies Transforming The Ballast Water Treatment Market
• 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

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