Global Ballast Water Management Market 2017-2021
About Ballast Water Management
Marine vessels take seawater onboard for stability; this water has a distinct marine environment signature with indigenous aquatic microbes and marine life. This ballast water, if released untreated at the vessel's new destination, may disrupt the local ecosystem. Ballast water management aims at reducing the harmful effects of ballast water disposal. The International Maritime Organization (IMO) adopted a convention for the control, management, and sedimentation of ballast water on February 2004.
Technavio’s analysts forecast the global ballast water management market to grow at a CAGR of 31.43% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global ballast water management market for 2017-2021. To calculate the market size, the report considers new installations and retrofit market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ballast Water Management Market 2017-2021
Technavio recognizes the following companies as the key players in the global ballast water management market: ALFA LAVAL, GEA Group, Hitachi, Veolia Water Technologies, and Wärtsilä.
Other Prominent Vendors in the market are: atg UV Technology, Azienda Chimica Genovese, Calgon Carbon Corporation, Ecochlor, Evoqua Water Technologies, Headway Technology and Services, Hyde Marine, JFE ENGINEERING, Kadalneer Technologies, Kalf Engineering, NK, Optimarin, Panasonic Environmental Systems & Engineering, Samsung Heavy Industries, TECHCROSS, Trojan Technologies, and Xylem.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is business collaborations to streamline operations. The IMO and USCG regulations will come into full force in 2017; until these regulations become effective, ballast water management vendors must find locations to establish their production facilities and services for ballast systems to be installed on marine ships. In early 2017, Wärtsilä was engaged in sealing deals with major global shipyards for establishing co-operation and communication in relation to the International Maritime Organization (IMO) Convention for the ballast water management.”
According to the report, one driver in the market is growing popularity of leisure cruising. One of the latest trends in global outbound travel is leisure cruising. A large number of people are traveling abroad for holidays. The global number rose by 75% during 2007-2014. During the same period, a huge boom in leisure cruising resulted in an increase in the number of passengers by a staggering 250% globally. By the end of 2017, the leisure cruising market is expected to witness an influx of 26 million passengers. With a total of 184 river cruise ships operating globally in 2016 and another 13 new river cruise ships booked for order in early 2017, it is expected to increase the demand for river cruise voyages.
Further, the report states that one challenge in the market is high cost of implementation. Though the adoption of ballast water management systems has increased gradually over the years due to their environmental benefits, these systems still come at a premium. Their installation costs are high, which dissuade early adoption. A ballast water management system can cost anywhere from $50,000 to $5 million, depending on the features and technology integrated within, which may include ultraviolet water treatment systems and chemical disinfection among others.
ALFA LAVAL, GEA Group, Hitachi, Veolia Water Technologies, Wärtsilä, atg UV Technology, Azienda Chimica Genovese, Calgon Carbon Corporation, Ecochlor, Evoqua Water Technologies, Headway Technology and Services, Hyde Marine, JFE ENGINEERING, Kadalneer Technologies, Kalf Engineering, NK, Optimarin, Panasonic Environmental Systems & Engineering, Samsung Heavy Industries, TECHCROSS, Trojan Technologies, and Xylem.
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