Market Size of Ballast Water Treatment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 32.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ballast Water Treatment System Market Analysis
The ballast water treatment market is expected to grow at a CAGR of greater than 32% during the forecast period.
The COVID-19 pandemic harmed the market for ballast water treatment. Worldwide lockdowns and strict regulations imposed by the governments caused a major setback as most of the production hubs were shut down. However, the industry recovered since 2021 and is anticipated to grow significantly over the next few years.
- The principal factor driving the ballast water treatment system is the growing focus on preserving and protecting the marine ecosystem from pollutants and other toxic species. The physical disinfection technology adopted for the treatment of ballast water dominated the ballast water treatment market in terms of market size.
- On the flip side, the massive installation and maintenance expense is hampering the market growth.
- The latest laws issued by the United States Coast Guard (USCG) and International Maritime Organization (IMO) concerning the obligatory usage of the system are likely to act as an opportunity for the global market during the forecast period.
- Asia-Pacific region is estimated to witness healthy growth over the assessment period in the ballast water treatment market due to the increasing usage of the system across the globe.
