Latest News- Ballast Water Management Market: Container ships is expected to lead the End-user segment during 2024-2028

The Ballast Water Management Market is being driven by Adverse impact of untreated ballast water on marine environment

The Ballast Water Management Market is expected to grow at a CAGR of 41.75% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 210781.1 million. In the context of globalized trade and manufacturing supply chains, marine transport plays a pivotal role, as it facilitates the transportation of over 70% of the world's merchandise by volume. This proportion has witnessed a steady growth of approximately 10% over the last decade. The surge in consumer demand in developing countries has led to a substantial increase in import volumes. Furthermore, the demand for maritime transport has been on the rise for the past five years, resulting in a significant uptick in global imports and exports. Adhering to international regulations, such as those pertaining to Ballast Water Management, is crucial for maintaining the ecological balance and ensuring the sustainability of this vital mode of transportation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Container ships
  • Bulk carriers
  • Oil tankers
  • General cargo
• Technology
  • Physical disinfection
  • Chemical method
  • Mechanical method
• Geography
  • APAC
    • China
    • Singapore
  • Europe
    • Norway
    • UK
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Adverse impact of untreated ballast water on marine environment
• Growing marine logistics business
• Stringent government regulations to avoid transfer of invasive marine species

However, the market also witnesses some limitations, which are as follows:

• High cost of ballast water management
• Space constraints in the ships
• Toxic by-products of ballast water management

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Market Scope in Ballast Water Management Market Research Report

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Research Analysis Overview

The Ballast Water Management (BWM) market is witnessing significant growth due to increasing regulations aimed at preserving the ecological balance of the marine environment. Key players in the market include Hapag Lloyd, which has implemented BlueSonic BWMS, an innovative ballast water treatment solution using mechanical and physical disinfection techniques, including ultrasound cleaning systems and UV systems. SKF, a leading supplier of bearings, is also entering the BWM market with its FlowSafe system, designed to ensure the efficient and reliable operation of ballast water pumps. Vessel operators are investing in advanced BWM systems to comply with strict regulations and prevent the transfer of aquatic pathogens and toxic species between ships and different production hubs. The market is driven by the need to manage saltwater and freshwater ballast in ocean freight volumes, particularly in bulk carriers. Physical disinfection technology, including UV systems and mechanical and physical methods, is gaining popularity due to its effectiveness in eliminating pollutants and maintaining the health of the marine ecosystem. However, the use of chemical processes remains a contentious issue due to potential harm to the environment. Overall, the BWM market is expected to continue growing as ships adapt to stricter regulations and the importance of protecting the marine environment becomes increasingly apparent.

Market Research Overview

The global environmental and facilities services market encompasses businesses offering solutions for waste management, facilities maintenance, and pollution control. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by these service providers. Key growth drivers include the increasing prioritization of sustainability and environmental stewardship, which necessitates the demand for comprehensive environmental and facilities services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/