Global Ballast Water Management Market: Industry Analysis & Outlook (2017-2021)
Ballast water has been an integral component of the ship’s stability since the steel hulled vessels have been introduced. Ballast water is pumped in to maintain safe operating conditions throughout a voyage. This practice reduces stress on the hull, provides transverse stability, improves propulsion and maneuverability, and compensates for weight changes in various cargo load levels and due to fuel and water consumption.
While ballast water is essential for safe and efficient modern shipping operations, it may pose serious ecological, economic and health problems due to the multitude of marine species carried in ships’ ballast water. Cruise ships, large tankers, and bulk cargo carriers use a huge amount of ballast water, which is often taken on in the coastal waters in one region after ships discharge wastewater or unload cargo, and discharged at the next port of call, wherever more cargo is loaded. The introduction of these harmful marine organisms and other similar pathogens has caused major damage to many of the worlds’ coastal regions and bio-diversities over the years.
There are a variety of technologies available in the market for treating ballast water on ships. In order to ensure that ships comply with the rules and regulations set by International Maritime Organization (IMO) regarding Ballast Water Management, several shipping operators have started implementing ballast water treatment systems on their ships.
The global ballast water management market is set to experience favorable growth driven by factors such as increasing sea borne trade, increasing number of merchant ships and accelerating economic development and growing healthcare concern. The major trends observed in this market include technological advancements, rising adoption of IMO regulations and new convention for ballast water. However, the growth of this budding market is constrained by challenges such as high costs associated, stringent approval process and complexities in the ballast water treatment system.
The report “Global Ballast Water Management Market: Industry Analysis & Outlook (2017-2021)” analyses the development of this market. The major trends, growth drivers as well as issues being faced by the market are discussed in detail in this report. The four major players: Alfa Laval AB, Veolia Environnement S.A., Wärtsilä Corporation and GEA group are being profiled along with their key financials and strategies for growth. The report contains a comprehensive analysis of the global ballast water management market.