The new report by Expert Market Research titled, ‘Global Ballast Water Management Market Growth, Analysis, Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global ballast water management market, assessing the market based on its segments like technology and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7%
- Forecast Market Size (2026): USD 3.4 billion
The market for ballast water management has seen substantial growth due to factors such as the technological advances in the installation procedure of ballast water management systems on ships. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the ballast water management market. The growing popularity of containerized ballast water management systems is propelling the market forward.
Physical disinfection technology is expected to have the largest market share in the future due to rising demand for ballast water management systems, which has resulted in advancements in physical disinfection systems. As a result of increased initiatives to use this system in the region, Asia-Pacific is the emerging market.
Ballast Water Management Industry Definition and Major Segments
Ballast water is stored in ships to ensure structural integrity and stability, but its discharge into a non-native environment could be toxic and have negative consequences. Ballast water management involves executing mechanical, physical, and chemical techniques separately or in combination to prevent aquatic organisms and pathogens from one location from entering the maritime environment of another.
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Based on the technology, the industry is divided into:
- Physical Disinfection
- Chemical Method
- Mechanical Method
The regional markets for ballast water management include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Ballast Water Management Market Trends
Geographically, during the forecast period, APAC is expected to hold the highest share of the ballast water management market. The APAC region’s market expansion is aided by the presence of a large number of ports and harbours for the commerce of oil and chemicals, automotive components, electronic components, and devices, among other things.
With increased ocean freight volumes from several nations such as China, India, and South Korea to other areas of the world, this region remains a significant growth market for Ballast Water management. Growth in ocean freight is likely to result in higher adoption of the Marine Environmental Protection programme in the next years, which will drive market expansion.
Key Market Players
The major players in the market are Alfa Laval, Headway Technology Group (Qingdao) Co. Ltd., Panasia Co. Ltd., Samsung Heavy Industries Co. Ltd., Wärtsilä Corp. s, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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