Vessels use seawater onboard for stability, which has a distinct marine environment affect with indigenous marine life and aquatic microbes. Releasing of untreated ballast water in the vessels may disturb the indigenous ecosystem. Thus, ballast water management aims at reducing the destructive effects of ballast water disposal. In February 2004, the International Maritime Organization (IMO) adopted a convention for the management, sedimentation, and control of ballast water. Increase in the regulations of IMO and growth in the trade volume of the shipping industry are estimated to drive the global ballast water management market. Other stringent government regulations such as oil & chemical spills, introduction of aquatic invasive species, and unauthorized ocean dumping are anticipated to boost the usage of ballast water treatment systems. This is projected to fuel the global ballast water management market.
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International Maritime Organization has set a pact for ocean freight service providers for meeting the stringent water quality standards. It is essential to install ballast water management system in the vessels, as treatment of ballast water has not been planned or encouraged in the marine vessels. High cost of implementation is one of the restraints of the ballast water management market. However, the implementation of the essential guidelines of the ballast water management convention, 2017 and the certification and approval of upmost ballast water treatment technologies have mitigated the major barriers of indigenous marine life and aquatic microbes.
The ballast water management market for subsea vessels can be segmented based on technology, capacity, by services, and by ship type. Based on technology, the ballast water management market can be divided into physical disinfection, mechanical method, and chemical method. The physical disinfection segment is projected to lead the ballast water management market during the forecast period. Physical disinfection is more and is used to treat ballast water. Physical disinfection is a key technology due to its various advantages such as high level of efficiency and ease of operation.
Based on capacity, the ballast water management market can be classified into less than 1,500 m3, between 1,500m3 – 5,000 m3, and more than 5,000 m3. In terms of services, the ballast water management market can be bifurcated into installation and calibration, performance measurement, and re-commissioning. Based on the ship type, the ballast water management market can be segmented into dry bulk, container ships, carriers, general cargos, tankers, and others. Container ships are widely used for commercial transportation in order to carry non-bulk cargo. They are used to transport a variety of goods such as manufactured goods, commodities, and refrigerated goods.
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Expansion of the container ship segment can be primarily attributed to the increasing trade volumes in Asia Pacific. Developing economies of Asia Pacific such as Singapore, China, Hong Kong, South Korea, and Japan, which have become global manufacturing powerhouses, are projected to lead the container ship segment in the ballast water management market.
Based on region, the ballast water management market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific dominates the global ballast water management market due to the prevalence of stringent IMO regulations in the region and the rise in focus on conservation of the environment.
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