Market Research Report
Global Ballast Water Management Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||531750|
|Published||Content info||128 Pages
Delivery time: 1-2 business days
|Global Ballast Water Management Market 2019-2023|
|Published: July 16, 2019||Content info: 128 Pages||
Ballast water is carried in the ballast tanks of ships to improve stability trim and balance. Ballast water management involves the control of harmful invasive species contained in the ship's ballast water. Technavio's ballast water management market analysis considers sales from physical disinfection, chemical method, and mechanical method. Our analysis also considers the sales of ballast water management in the Americas, APAC, and EMEA. In 2018, the physical disinfection segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as significant technological advances and approvals from the international maritime organization (IMO) will play a significant role in the physical disinfection segment to maintain its market position. Also, our global ballast water management market report also looks at factors such as the adverse impact of untreated ballast water on the marine environment, growing marine logistics business, and stringent government regulations. However, the high cost of ballast water management, space constraints, and toxic by-products of ballast water management may hamper the growth of the ballast water management industry over the forecast period.
The ballast water might contain organisms that are not native to the environment in which they are released. Hence, such non-native species begin to out-compete the local species, which is supposed invasive. Invasive species can be extremely dangerous, particularly in the water systems that can easily spread to other water sources, thus adversely affecting the entire marine ecosystem, as well as human resources and economy. Hence, such adverse impact of ballast water on the marine environment as well as the ballast tank coatings creates the need for efficient management of ballast water, thereby boosting the growth of the market at a CAGR of almost 5% during the forecast period.
The mandatory transition from ballast exchange to ballast treatment, the capital expenditure involved will be much higher due to the necessary installation of treatment systems. The high cost involved includes delay in shipping, higher ship capital and running costs, exchange costs, treatment costs, and enforcement cost. Also, ballast water management requires high power for the operation which adds to the costs. These high costs involved are expected to have a negative impact on the overall market growth.
For the detailed list of factors that will drive the global ballast water management market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global ballast water management market is highly fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading ballast water management companies, that include Alfa Laval AB, Headway Technology Group (Qingdao) Co. Ltd., Panasia Co. Ltd., Samsung Heavy Industries Co. Ltd., and Wartsila Corp.
Also, the ballast water management market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.