October 18, 2018 - Increasing seaborne trade activities and growing government focus on marine environmental protection can drive the market during the forecast period (2018 to 2025).
Ballast water management system is employed to reduce the negative effects of ballast water disposal. Thus, strict government regulations and guidelines by other agencies are expected to increase the demand for these systems. For instance, in 2004, the international maritime organization (IMO) implemented a resolution for the sedimentation, control, and management of ballast water. Other strict government regulations like oil and chemical spills, unauthorized ocean dumping, and introduction of aquatic invasive species are likely to support the market growth in the coming years. Moreover, growing offshore oil and gas exploration is considered as one of the major driving factors for the market. Growing demand for petroleum products is encouraging oil exploring and production. In addition, many companies are also concentrating on exploring their shallow waters and offshore reserves owing to limited investments.
Ballast water management system is employed to reduce the negative effects of ballast water disposal. Thus, strict government regulations and guidelines by other agencies are expected to increase the demand for these systems. For instance, in 2004, the international maritime organization (IMO) implemented a resolution for the sedimentation, control, and management of ballast water. Other strict government regulations like oil and chemical spills, unauthorized ocean dumping, and introduction of aquatic invasive species are likely to support the market growth in the coming years. Moreover, growing offshore oil and gas exploration is considered as one of the major driving factors for the market. Growing demand for petroleum products is encouraging oil exploring and production. In addition, many companies are also concentrating on exploring their shallow waters and offshore reserves owing to limited investments.
In-Depth research report on Ballast water management system Market :
https://www.radiantinsights.com/research/global-ballast-water-management-systems-market-research-report-2018
However, high implementation cost is expected to hinder the market growth to an extent.
Worldwide ballast water management systems market can be segmented on the basis of technology and region. Based on technology, the market can be split into container ships, general cargos, dry bulk carriers, and tankers.
Geographically, the market can be divided into North America, Europe, and Asia Pacific.
North America is considered as one of the attractive markets during the forecast period due to supportive regulatory framework. Asia Pacific is expected to grow swiftly during the forecast period. Factors such as implementation of IMO rules, increasing focus on conservation of the environment, and growing production and sales of ballast water treatment in this region will support the market growth in the coming years. Rise in trade of chemicals, food and beverages, automotive machinery and equipment, cosmetics, mining equipment, medical & healthcare, and building and infrastructure materials is likely to drive the market growth in this region. Emerging countries in this region including Japan, China, South Korea, and Singapore are expected to provide high growth in the coming years.
Europe is expected to show significant growth during the forecast period. This growth can be attributed to presence of strict regulations, and growth in large volume international trade. In addition, expansion in fleet size in several countries in this region and diminishing of old vessels are also expected to spur the market in this region.
Some of the leading players operating in the market include Xylem Inc.; Ecochlor, Inc.; Mitsubishi Heavy Industries, Ltd.; FE Engineering Corporation; and Qingdao Headway Technology Co., Ltd.
According to a report available on Radiant Insights, Inc.; the ballast water management systems market is likely to grow significantly by 2025. The market is competitive due to existence of several international and regional companies. The players are expected to compete on the basis of quality and price. The companies are concentrating on expanding their presence by improving their facilities. The vendors compete based on factors such as price, quality, and market presence and are focusing on expanding their market presence by enhancing their capabilities. The vendors are also following strategies including collaborations, acquisitions, contracts, and innovations to maintain their presence in the market.
For instance, Alfa Laval recently introduce PureBallast 3.1 Compact Flex, a new PureBallast system. It is available for flows of 32 to 1000 m3/h. It is built with a plug-and-play concept for quick and easy connection.
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