The global ballast water management market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
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Technavio has announced its latest market research report titled global ballast water management market 2019-2023. (Graphic: Business Wire)
Ballast water contains organisms that are not native to the environment in which they are released. Such non-native species begin to out-compete the local species leading to an adverse impact on the marine environment and coastal or water-based communities. This increases the need for efficient management of ballast water, which is expected to fuel the growth of the ballast water management market during the forecast period.
As per Technavio, the development of containerized ballast water management system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ballast water management market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Ballast Water Management Market: Development of Containerized Ballast Water Management System
The ballast water management market has witnessed significant technological advancements in recent times. The containerized ballast water management system is one of the latest developments that will serve as a viable way of overcoming space constraints in crowded engine rooms. These systems also provide the advantage of convenient and short installation time, even when the vessel is in service. Such developments will enable the installation of ballast water management solutions onboard ships with less space availability. This will boost the ballast water management market growth during the forecast period.
“Apart from the development of containerized ballast water management system, other factors such as the technological advances, and the advent of ballast-free vessels will have a significant impact on the ballast water management market growth during the forecast period,” says a senior analyst at Technavio.
Global Ballast Water Management Market: Segmentation Analysis
This market research report segments the global ballast water management market size by technology (physical disinfection, chemical method, and mechanical method) and geographic regions (APAC, EMEA, and the Americas).
The APAC region led the ballast water management market in 2018, followed by EMEA, and the Americas, respectively. The ballast water management market report identifies the rapid growth in the shipping industry and, growing initiatives being undertaken to boost the adoption of ballast water management as factors that will fuel further growth of the market during the forecast period.
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Five Forces Analysis
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