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.
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