Published on : Dec 02, 2019
A recent market research report published by ResearchMoz gives insights about the global ballast water treatment solutions market and its overall working dynamics. This report of the ballast water treatment solutions market offers comprehensive analysis, market shares, key trends, opportunities, and driving and restraining factors that are influencing the growth of the market. Along with in-detail market segmentation, the research report offers key insights and information that are imperative for devising decisive marketing strategies.
Ballast water have organisms that are not native or local to the environment where they are released. This water is usually found on ships and marine vessels for maintaining the stability of these vessels. Such non-native organisms can then begin to compete with the local species in the water and at times completely win over the local species. This has an adverse effect on the marine environment and local water-based and coastal communities. This has led to the rise in demand for more efficient management of ballast water. Naturally, this has helped in driving the growth of the market over the mentioned forecast period.
The global ballast water treatment solutions market is expected to grow at a significant pace over the course of the given forecast period of 2019 to 2025. The market is expected to exhibit a double digit CAGR during the given period. The growth of the market can be primarily attributed to the growing concerns about the threat of Invasive Alien Species or IAS that may serious affect the local biodiversity. In addition to this, the issuing and implementation of the strict guidelines by the International Maritime Organization coupled with the mandates issued by the Ballast Water Management Convention (BMW) have helped in the development of the market. These institutes have issued strict mandates over the treatment of the ballast water.
A prime example of the such non-local organisms that affect the local environment can be given of zebra mussels and Asian shore crabs. The Asian shore crabs have their origins in the coastlines of China and Japan. These crabs have been carried over the shores of the US Atlantic coasts through ballast waters. These crabs have a high reproductive power and feed on the local organisms in the ocean. Thus, they may out-compete the many native species of crabs and lead to the degradation of the local marine environment. Such incidences are thus calling out for better management of ballast water and thus helping in the growth of the ballast water treatment solutions market.
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There are however, some factors that are hampering the market growth. At the time of emergency, the water needs to be discharged even if the ballast water treatment solutions fail. During such times, these vessels need to conduct international maritime organization ballast water management. The vessel needs be around 200 nautical miles away from the coast. Such solutions are highly costly and incurs extra time on the voyage. However, the leading players in the global market for ballast water treatment solutions are now developing solutions that will help in cutting down such costs.
The global ballast water treatment solutions market is divided into five key regions as per their geographical segmentation. These regions are Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these, the global market is currently dominated by the Asia Pacific region and is expected continue its dominance over the given forecast period.
Some of the leading players in the global ballast water treatment solutions market include names such as Trojan Marinex, Bright Sky, Demis, Alfa Laval, Panasia, De Nora, Techcross, Seimens, Hyde Marine, and NK among others.