(MENAFN- Ameliorate Digital Consultancy)
Expanding at a prolific CAGR of 10%, the global ballast water treatment systems (BWTS) market is anticipated to increase from a valuation of US$ 5.8 billion in 2023 to US$ 15 billion by the end of 2033.
The International Maritime Organization (IMO) has adopted regulations that require all ships to install BWTS by 2024. These regulations are aimed at preventing the introduction of invasive species into new water bodies through ballast water discharge. The growing demand for international trade is also driving the growth of the BWTS market. The increasing number of ships carrying goods between different countries is increasing the need for BWTS to prevent the spread of invasive species.
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Key Market Trends:
The market for BWTS systems is seeing increasing consolidation as larger players acquire smaller companies, creating economies of scale and expanding their product portfolios. Hybrid BWTS systems that combine different technologies such as filtration, UV, and electro-chlorination are becoming increasingly popular as they offer a higher level of treatment and greater flexibility. Moreover, the use of UV-C technology for ballast water treatment is becoming more widespread due to its effectiveness in disinfecting water without the use of chemicals. Mobile BWTS systems that can be deployed on ships temporarily are becoming more common as they offer a solution for vessels that may only require treatment for a short period of time. With growing awareness of the impact of ballast water on the environment, there is a trend towards more sustainable BWTS systems that use less energy and produce fewer emissions.
Competitive Landscape:
Key companies in the market are focusing on supply chain management and good quality products to gain an edge over the competition. Also, the companies are focusing on various mergers and acquisitions to sustain a stable market share.
For instance, South Korean company Techcross announced the acquisition of Norwegian provider Optimarin, a leading supplier of BWTS systems. This acquisition strengthened Techcross's position in the market and expanded its global reach. Evoqua Water Technologies announced the acquisition of ATG UV Technology, a UK-based provider of UV disinfection systems for the marine industry. This acquisition further expanded Evoqua's portfolio of BWTS systems, and strengthened the company's position in the market. Alfa Laval, a leading provider of marine equipment, launched an upgraded version of its PureBallast 2.0 BWTS system in 2021. The new system is designed to provide a higher level of treatment and can be installed on a wider range of vessels.
Key Segments of Ballast Water Treatment Systems Industry Research
By Technology: Chemical Treatment Physical Disinfection Treatment Mechanical Treatment
By Ship Type: Tankers Container Ships General Cargo Bulk Carriers
By Service: Installation & Calibration Performance Measurement Recommissioning
By Application: By Region: North America Europe Asia Pacific Latin America Middle East & Africa
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Key Questions Covered in the Ballast Water Treatment Systems (BWTS) Market Report:
What will be the estimated size of the Market in 2023? At what rate will the global Ballast Water Treatment Systems (BWTS) sales grow until 2033? Which are the factors hampering the Ballast Water Treatment Systems (BWTS) demand? Which region will spearhead the growth in the global industry by 2033? Which are the factors driving sales in the Ballast Water Treatment Systems (BWTS) Market during the forecast period?
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