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The ballast water management market size is estimated to grow at a CAGR of 31.86% between 2022 and 2027. The market size is forecast to increase by USD 101,986.12 million. The growth of the market depends on several factors, such as the adverse impact of untreated ballast water on the marine environment, the growing marine logistics business, and stringent government regulations to avoid the transfer of invasive marine species.
This report extensively covers market segmentation by end-user (container ships, bulk carriers, oil tankers, and general cargo), technology (physical disinfection, chemical method, and mechanical method), and geography (APAC, Europe, North America, Middle East, and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Ballast Water Management Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Maritime transport is important in cross-border transport networks and the key pillar of globalization that facilitates international trade and supports supply chains. Additionally, maritime transport enables industrial development by facilitating manufacturing growth, bringing together consumers, intermediate and capital goods industries, and promoting regional economic and trade integration.
Moreover, some of the countries which are significant contributors to the seaborne trade include developing countries such as Asia, Oceania, and Africa. Furthermore, several application of big data analytics in the shipping industry has been offering enhanced visibility into the market as well as pricing trends, thereby enabling the shippers to select optimal routes, and fuel consumption patterns, gauge the weather conditions, and avoid piracy risks. Hence, such factors are expected to drive the growth of the market during the forecast period.
Several market players are launching technologically advanced solutions to overcome the drawbacks of traditional ballast water management systems and fuel the demand in the market. For example, Flow Water Technologies Ltd. offers a carbon-neutral ballast water management system called FlowSafe. The main advantage of this system is that it is extremely compact and constitutes one machine and multiple ballast lines hence making it the best option for pump rooms or tankers that are hard to fit.
Additionally, Atlantium Technologies' proprietary One-pass approach requires the operation of the technology only during ballasting and thus minimizes the total energy consumption by half when compared with traditional ballast water treatment. Thus, such developments are expected to increase the efficiency of ballast water treatment plants which in turn will drive market growth during the forecast period.
There has been an increase in the development of systems based on different physical and/or chemical technologies for onboard installation. Combinations of high-performance filters with oxidizing chemicals or UV radiation are some of the commonly used systems. But the oxidative water treatment lead to the formation of disinfection by-products, which impart characteristics including genotoxicity, carcinogenicity, or other long-term toxicity.
Furthermore, in natural biota, genetic damage might affect reproduction which in turn impacts biodiversity. Trihalomethanes, halo-acetic acids, and bromate are some of the most common disinfection by-products formed during the oxidative treatment of ballast water. Hence, such disinfectant can negatively impact the market which in turn will hinder the market growth during the forecast period.
The container ships segment is estimated to witness significant growth during the forecast period. Containerization is the technique by which a cargo ship carries all its load in truck-size intermodal containers. There is increasing adoption of container ships across large-scale industries due to its several advantages such as cargo can be loaded and discharged much faster than for general cargo ships. Additionally, the networks are well-connected in container ships and offer a wide variety of shipping options.
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The container ships segment was the largest segment and was valued at USD 3,923.09 million in 2017. Several market players such as Alfa Laval Corp AB in the ballast water management market offer container ships. Furthermore, the demand for this segment came to a halt during COVID-19, and the demand started to slightly increase post the pandemic. As per the Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years. The bank raised its forecast by 1.5 points to 5.6% for global growth in 2021 with China touching 8.5% and the US at 6.8%. Hence, such factors are expected to drive the growth of this segment which in turn will fuel the market growth during the forecast period.
Based on technology, the segment is classified into physical disinfection, chemical method, and mechanical method. Physical disinfection comprises UV light, ultrasound, heat, deoxygenation, coagulation, cavitation, and pressure or vacuum-based systems for ballast water management. The cavitation process of ballast water management is a type of process in this segment that is induced by ultrasonic energy or gas injection that disrupts the cell wall of microorganisms present in the ballast water. This is widely used as a pre-treatment method to supplement the overall ballast water management process. Furthermore, several market players are developing technologically advanced systems to overcome the shortcomings of existing systems. Hence, such developments are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 44% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors which is significantly contributing to the growth of the ballast water management market in APAC is the rapid growth in the shipping industry for the economic development of the region. For instance, China is expected to control more than 50% of the overall financing market for the shipping industry by 2025.
Additionally, as shipowners are working on making their vessels compliant with the BWM Convention regulations that came into force in September 2017 for all the new build vessels, there is an increasing demand for ballast water management systems in the region. Hence, such factors are expected to drive the ballast water management market in the APAC region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global ballast water management market witnessed a significant slowdown due to the slowdown in trade, which led to a delay in the shipment arrival, resulting in a disruption in the supply chain. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions and the enforcement of stringent regulations by governments, initiatives for spreading the awareness and feasibility of ballast water management, and the availability of efficient solutions offered by market players. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF: The company offers ballast water management which helps to prevent invasive species such as microbes being transferred from one shipping region to another.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ALFA LAVAL, BioMicrobics Inc., Bio-Uv, Calgon Carbon Corp., Ecochlor Inc., Evoqua Water Technologies LLC, GEA Group AG, Headway Technology Group (Qingdao) Co. Ltd., Industrie De Nora Spa, JFE Holdings Inc., KURARAY Co. Ltd., Mitsubishi Heavy Industries Ltd., Optimarin AS, PANASIA Co. Ltd., Samsung Electronics Co. Ltd., TECHCROSS, Veolia Environnement SA, Wartsila Corp., and Xylem Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The ballast water management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Ballast Water Management Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 31.86% |
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Market growth 2023-2027 |
USD 101,986.12 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
30.67 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, Singapore, China, UK, and Norway |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB SKF, ALFA LAVAL, BioMicrobics Inc., Bio-Uv, Calgon Carbon Corp., Ecochlor Inc., Evoqua Water Technologies LLC, GEA Group AG, Headway Technology Group (Qingdao) Co. Ltd., Industrie De Nora Spa, JFE Holdings Inc., KURARAY Co. Ltd., Mitsubishi Heavy Industries Ltd., Optimarin AS, PANASIA Co. Ltd., Samsung Electronics Co. Ltd., TECHCROSS, Veolia Environnement SA, Wartsila Corp., and Xylem Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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