BCC Research has revealed that the global market for ballast water treatment equipment should grow from nearly USD 5.2 billion in 2015 to almost USD 36 billion by 2020, reflecting a five-year compound annual growth rate (CAGR) of 47.1%.
This growth leap is due to the fact that the shipping industry will have to install ballast water treatment systems in its entire vessel inventory between 2017 and 2021, which is spurring huge growth in the ballast water treatment market.
The research conducted found that in 2013, in advance of any binding legislation, nearly 200 ballast water treatment systems were installed on ocean-going vessels. In 2016, the market looks to have a rapid takeoff. The required numbers of states have ratified the IMO treaty leaving less than a percent of the world tonnage from various states to ratify the treaty for it to become international law. Market projections show almost flat growth between 2014 and 2015, but a huge spurt rise occurring between 2015 and 2020.
“Additionally, the ballast water treatment market consists of equipment to retrofit existing vessels and equipment for new ships,” says BCC Research analyst Lance Leverette. “These distinct market segments have some differences, but do share certain purchasing decision factors. Capital equipment expense is the most critical element for new ships, while total cost of ownership is the most important factor for retrofits.”
The Ballast Water Treatment: Technologies and Global Markets (MST061B) report reviews legislative and other drivers by region, and also discusses pending International Maritime Organization regulations. Global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided
Click here to access the report
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