Global Ballast Water Management Market to Grow by $5.29 Billion During 2020-2024 | Featuring Alfa Laval AB, Evoqua Water Technologies LLC, and Headway Technology Group (Qingdao) Co. Ltd. Among Others | Technavio
LONDON–(BUSINESS WIRE)–Technavio estimates the global ballast water management market to grow by USD 5.29 billion, progressing at a CAGR of about 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by the growing marine logistics business. However, the high cost of ballast water management might challenge growth.
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Ballast Water Management Market: Technology Landscape
Based on technology, the market saw maximum growth in the physical disinfection segment in 2019. The segment is driven by the introduction of technologically advanced UV light-based ballast water management systems by vendors. The market growth in the segment will be significant over the forecast period.
Ballast Water Management Market: Geography Landscape
59% of the market’s growth originated from APAC in 2019. Factors such as the rapid growth in the shipping industry, know more here: https://www.shiply.com/us/truck-loads enforcement of regulations by governments, initiatives for increasing the awareness and feasibility of ballast water management, and the availability of efficient solutions offered by vendors are driving the growth of the market in APAC.
Singapore and China are the key markets for ballast water management in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Ballast Water Management Market Vendors:
Alfa Laval AB
Alfa Laval AB operates its business through segments such as Energy, Food & Water, Marine, Greenhouse, and Operations & Other. PureBallast 3.1 is the key product offered by the company.
Evoqua Water Technologies LLC
Evoqua Water Technologies LLC operates its business through the Applied Product Technologies segment. The company offers SeaCURE Ballast Water Management System.
Headway Technology Group (Qingdao) Co. Ltd.
Headway Technology Group (Qingdao) Co. Ltd. operates its business through the Unified segment. OceanGuard BWMS is the key product offered by the company.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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