Future Market Insights
Given the demand to improve stability and balance in unfavorable weather conditions, ballast water in a ship’s ballast tank has been an essential component for the safe operations of ships. Other than just adjusting the overall weight of the vessel to distribute it evenly throughout the ship, ballast water management becomes all the more important during loading and unloading, thereby, providing more stability and maneuverability during transit.
Mandatory Implementation of Ballast Water Management Convention Fostering Market Growth
Tight regulations by International Maritime Organization (IMO) to prevent spreading of potentially harmful aquatic pathogens and organisms in the ballast water is a key factor driving the demand for ballast water treatment system in ships. Moreover, loading and unloading untreated ballast water is a major threat to the environment, public health, and overall economy considering the transfer of organisms from one ecosystem to another, stringency in regulations pushing owners to install or retrofit ballast water treatment system for ships would further drive up the sales of ballast water treatment system.
Optimarin, a key manufacturer of ballast water treatment system, stated a 50 percent growth in orders as owners take steps to adhere with the IMO convention, in an official statement. Goltens, another key company in the ballast water treatment system market, is identified as a chosen ballast water treatment system provider for a wide range of ship-owners who choose their systems for minimizing cost and asset downtime. The overall ballast water treatment system landscape is also witnessing an increase in collaborations to accelerate the distribution of ballast water treatment system. For instance, Kurita Water Industries and TeamTec signed an agreement for the distribution of ballast water management system by Kurita. These systems are a filter-free treatment system that disinfect the ballast water.
IMO’s Marine Environment Protection Committee, in its 72nd meeting 2018, emphasizing on the importance of mandatory ballast water sampling to check if the ballast water management system installed on ships complied with the IMO’s Ballast Water Management Convention D-2 standards.
However, the regulations are not just assigned for the ship owners, but also for the ballast water treatment system providers as these systems need to be approved by IMO. When used in the United States, ballast water treatment system also need a U.S. type approval. Companies providing ballast water treatment system, consequently seeking approvals both the governing bodies.
For instance, Ecochlor announced the complete harmonization of USGC Type Approval to their IMO Type Approval for their ballast water treatment system. Similarly, Hyundai Heavy Industries Co., Ltd., also received the USCG Type Approval for its ballast water treatment system. Techcross was another provider of ballast water treatment system who received the USCG Type Approval certificate.
Plans in Pipeline: Business Expansions in Emerging Regions
Focused expansion in emerging regions is projected to remain the most sough-after forward market strategy implemented by key companies in the ballast water treatment system market. Asia Pacific is predicted to be amongst the key regions for the ballast water treatment system market. For example, Coldharbour Marine, a ballast water treatment system market player based in UK have opened a new facility in Singapore to expand its footprint in Asia—with a focus on establishing business ties with Chinese shipyards.
Furthermore, the Middle East and Africa region has been showcasing major opportunities for ballast water treatment system market players as the inspectors from Environment Protection Department of Saudi Aramco receive training in ballast water testing for testing the ships that enter the ports of the Kingdom.
Increasing Contracts with clients to Remain Key Strategy for Market Players
Strategic trade agreements between key players in the ballast water treatment system market have risen in number and reach in the last few years to strengthen the market for ballast water management technology and its widespread adoption. Market players are seen drawing major profits from the increasing agreements with clients for providing efficient ballast water treatment system.
Other players in the ballast water treatment system market include Marenco Technology Group Inc, OceanSaver, Mitsui Engineering & Shipbuilding Co., MITSUBISHI HEAVY INDUSTRIES, Hyde Marine Inc, LTD., NEI Treatment Systems, MH Systems Inc, and Hitachi, Ltd.
Understanding the Ballast Water Treatment System Market by Analyzing Key Market Segments
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