LONDON--(BUSINESS WIRE)--The global ballast water management market size is expected to grow by USD 5.29 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 7%. Request Free Sample Report on COVID-19 Impacts
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The market is driven by the growing marine logistics business. In addition, the development of containerized ballast water management systems is anticipated to boost the growth of the ballast water management market.
Maritime transport is crucial in cross-border transport networks and the backbone of globalization that enable international trade and support supply chains. Maritime transport fosters industrial development by supporting manufacturing growth, bringing together consumers, intermediate and capital goods industries, and promoting regional economic and trade integration. In 2018, the global seaborne trade grew at the highest rate in several years. A volume of 11,005 million tons was loaded, and 11,002 million tons were unloaded globally. Moreover, growth in the availability of shipping data and application of big data analytics in the shipping industry has been providing greater visibility into the market as well as pricing trends, thereby allowing the shippers to choose optimal routes, fuel consumption patterns, gauge the weather conditions, and avoid piracy risks. Thus, the marine logistics business is growing, which has been resulting in the growth in ballast water use, thereby boosting the demand for ballast water management.
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Major Five Ballast Water Management Companies:
Alfa Laval AB
Alfa Laval AB has its business operations under various segments, such as energy, food and water, marine, greenhouse, and operations and other. The company offers PureBallast 3.1.
Evoqua Water Technologies LLC
Evoqua Water Technologies LLC operates its business through two segments, such as integrated solutions and services, and applied product technologies. The company offers SeaCURE Ballast Water Management System
Headway Technology Group (Qingdao) Co. Ltd.
Headway Technology Group (Qingdao) Co. Ltd. offers exhaust gas cleaning system, CR system, communication & navigation product, and other products. The company's key offerings in the ballast water management market includes OceanGuard BWMS.
Mitsubishi Heavy Industries Ltd.
Mitsubishi Heavy Industries Ltd. has its business operations under various segments, such as power systems; industry and infrastructure; and aircraft, defense, and space. The company offers ballast water treatment systems installation on oceangoing ships.
PANASIA Co. Ltd.
PANASIA Co. Ltd. offers Sulfur oxide reduction device, BWTS, Nitrogen oxide reduction device, retrofit service, marine satellite control system, ship water level control and measurement equipment. The company offers modular ballast water management system.
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Ballast Water Management Technology Outlook (Revenue, USD bn, 2019-2024)
- Physical disinfection - size and forecast 2019-2024
- Chemical method - size and forecast 2019-2024
- Mechanical method - size and forecast 2019-2024
Ballast Water Management Regional Outlook (Revenue, USD bn, 2019-2024)
- APAC - size and forecast 2019-2024
- Europe - size and forecast 2019-2024
- North America - size and forecast 2019-2024
- MEA - size and forecast 2019-2024
- South America - size and forecast 2019-2024
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