Ballast Water Treatment System Market Size to Exceed $72.22 Billion By 2032
2024-12-09
Ballast Water Treatment System Market By Technology (Physical Disinfection, Mechanical Method and Chemical Method), By Capacity (<1500 cubic meters, 1500-5000 cubic meters, >5000 cubic meters), by Ship Type (Container Ships, Dry Bulk Carriers, Tankers, General Cargos and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032
Ballast Water Treatment System Market Insights
Zion Market Research has published a report on the global Ballast Water Treatment System Market, estimating its value at USD 26.98 Billion in 2023, with projections indicating that it will reach USD 72.22 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 11.56% over the forecast period 2024-2032.
The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Ballast Water Treatment System Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Global Ballast Water Treatment System Market Overview
The Ballast Water Treatment System (BWTS) is a system for removing and destroying biological organisms (zooplankton, algae, and bacteria) from ballast water. The type of ballast water treatment system will be determined by its size, available space, budget, and other factors.
The need to reduce ship instability and anomalous movement as the amount of seaborne trade grows, as well as a growing focus on protecting the marine ecology from pollution, is driving the ballast water treatment industry forward. Strategic trade partnerships between major players and undertaking new product launches are flourishing in the ballast water treatment system market.
COVID-19 Impact Analysis
The COVID-19 Pandemic disrupted the logistics and supply chain segments severely. Trade via marine routes was also restricted as there were restrictions for travel and transportation across controls to curb the spread of the virus. These factors hampered the demand for ballast water treatment systems.
Factory closures and a lack of workers also contributed to a drop in overall revenue in the ballast water treatment market. Due to the temporary closure of operations, the COVID-19 pandemic affected the regular dry-dock work and ballast treatment retrofits.
Ballast Water Treatment System Market: Growth Factors
Due to the inadvertent transmission of harmful pathogens and marine organisms, allowed ocean dumping, and oil and chemical accidents, ballast water treatment has become a requirement for efficient maritime operations. The worldwide ballast water treatment market is expected to be driven by government authorities' increased attention on protecting the maritime environment by regulating ballast water discharge.
The worldwide ballast water treatment industry is predicted to grow as the volume of seaborne trade increases. The worldwide ballast water treatment market is also being driven by the growing trade volume of the worldwide maritime sector and expanding government efforts in accordance with IMO regulations.
Technology Segment Analysis Preview
This is attributable to the fact that physical disinfection assists in the removal or deactivation of microorganisms from ballast water without the addition of any toxic substance.
Physical disinfection also provides important advantages, such as improved operational efficiency and smoother operations. Owing to these factors, the physical disinfection technology adopted for the treatment of ballast water has dominated the ballast water treatment market in terms of market size.
End Use Industry Segment Analysis Preview
This is attributable to it allows for easy installation and provides relatively more space. During the projection period, the tankers category is predicted to grow quickly. Tankers aid in the transportation of vast amounts of crude oil, chemicals, petroleum, and LNG across oceans and seas. The expansion of the global crude oil business has a significant impact on world trade. As a result, ballast water treatment system is mostly utilized in tankers to treat water.
Ballast Water Treatment System Market: Regional Analysis Preview
This is attributable to the fact that there is a presence of the large number of oil exporters in this region. Furthermore, majority of the European trade takes place via the marine routes. These factors, have propelled the growth of the ballast water treatment system market in this region.
During the forecast period, APAC is expected to have the highest share of the ballast water treatment system market.
The APAC region's market expansion is aided by the existence of a large number of ports and harbors for the commerce of oil and chemicals, automotive components, electronic components, and devices, among other products. With increased maritime freight volumes from several nations such as China, India, and South Korea to other areas of the world, this area remains a significant growth market for Ballast Water Treatment.
Growth in maritime freight is expected to result in greater adoption of the Marine Environmental Protection program in the next years, which will spur market expansion.
