Ballast Water Treatment Market estimated to grow at a CAGR of 26.19% to reach a value of US$73.048 billion by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Ballast Water Treatment Market – Forecasts from 2019 to 2024" to their offering.

 

Ballast water, which also referred to as saltwater is held in containers onboard ships, tankers, etc. in order to facilitate the proper transit to increase maneuverability. The treatment is used for protection from contamination of the marine environment.

 

According to the report, the ballast water treatment market is projected to increase at a CAGR of 26.19% over the forecast period 2018-2024. 

 

The increasing concerns in order to mitigate the threats untreated and discharged ballast water pose to the marine environment and aquatic life are encouraging the usage of ballast water treatment, which in turn is bolstering the market growth. In addition, the rising concerns will provide an opportunity for new market players to enter the market and contribute to the growth of the ballast water treatment market over the forecast period.

 

By Technology, physical disinfection is expected to hold a considerable market share, which is attributable to UV radiation, one of the methods under physical disinfection, is one of the most effective methods for the control and treatment of ballast water. 

 

Furthermore, the increasing steps being taken by the international organizations to effectively manage and treat ballast water is leading to a surge in the market growth further. For example, in 2017, the “Ballast Water Management Convention”, came into force, which is a maritime treaty, by the International Maritime Organization (IMO). According to the guidelines under this convention, all the ships that are involved in international traffic are required to effectively manage the ballast water being carried and sediments present to predefined standards, which vary according to the ships being used for the trade or transport. In conjunction, a ballast water record book must be in their possession coupled with an international certificate at all times among some other guidelines.

Some of the major players covered as part of the report are Wärtsilä, ALFA LAVAL, MITSUBISHI HEAVY INDUSTRIES, LTD., CalgonCarbon Corporation, Ecochlor, Inc.and Evoqua Water Technologies LLCamong others.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-ballast-water-treatment-market