PUNE, India, March 14, 2017 /PRNewswire/ --
According to the new market research report "Ballast Water Treatment Market by Technology (Physical Disinfection, Mechanical Method, Chemical Method), Capacity, Service, Ship Type (Container Ships, Dry Bulk Carriers, Tankers, General Cargos) and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to be worth USD 118.77 Billion by 2022, growing at a CAGR of 37.19% between 2017 and 2022.
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Browse 79 market Tables and 53 Figures spread through 163 Pages on "Ballast Water Treatment Market"
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The driving factors for the growth of this market include rise in volumes of seaborne trade and increasing government initiatives toward marine environmental protection.
Container ships accounted for the largest size of the ballast water treatment market in 2016
Container ships are a common means of commercial transport and are widely used to carry non-bulk cargo. They can be used to carry a wide variety of goods, such as commodities (coal, wheat), manufactured goods, cars, and refrigerated (perishable) goods. The growth of this segment is mainly attributed to the rising trade volumes in the APAC region. The number of containers handled at ports in APAC has increased drastically over the years. It is primarily due to the Asian economies such as China, Singapore, Hong Kong, Japan, and South Korea, which have become world's manufacturing powerhouses.
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Physical disinfection expected to dominate the ballast water treatment market during the forecast period
Physical disinfection is expected to lead the overall market during the forecast period. This method is used globally to treat ballast water, and it is most effective against a broad range of organisms. Physical disinfection also offers considerable advantages such as ease of operation and high level of efficiency.
The ballast water treatment market in APAC expected to grow at the highest rate during the forecast period
APAC is expected to hold the largest share of the ballast water treatment market by 2022. APAC comprises developing as well as various developed economies such as Japan, China, South Korea, and Singapore, which have a huge potential for ballast water treatment systems. Some of the major drivers for the growing demand for ballast water treatment systems in APAC include the rising adoption of IMO regulations and increasing trade of chemicals and other goods within this region.
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Major players in this industry include Wärtsilä Corporation (Finland), Xylem Inc. (U.S.), Evoqua Water Technologies LLC (U.S.), Calgon Carbon Corporation (U.S.), Ecochlor, Inc. (U.S.), Veolia Environnement S.A. (France), Alfa Laval AB (Sweden), Trojan Marinex (Canada), Mitsubishi Heavy Industries, Ltd. (Japan), atg UV Technology (U.K.), Qingdao Headway Technology Co., Ltd. (China), JFE Engineering Corporation (Japan), and Optimarin AS (Norway).
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