Ballast Water Treatment Market to Hit $3.14B in Revenues by 2023
Revenues for the global ballast water treatment system market will skyrocket from $466.6 million in 2013 to $3.14 billion by 2023 at a compound annual growth rate of 21 percent, as new regulations drive sales of the technology, according an analysis by Frost & Sullivan.
The Global Ballast Water Treatment Systems Market report says retrofits are expected to account for a substantial share of the global market during peak installation in 2018. Bulk carriers as well as oil and chemical tankers will be key users, generating cumulative revenues of $17.76 billion and $12.68 billion respectively over the 10-year forecast period, the report says.
Shipowners face a string of impending ballast water regulations that will require a number of expensive upgrades and training. Once ratified, the Ballast Water Management Convention 2004 will require shipowners to understand compliance standards, develop a ballast water management plan, select and install a treatment system and train personnel to operate it. Ships also will be subject to survey, certification and inspection.
The convention must be ratified by 30 states representing 35 percent of the world’s merchant shipping tonnage before the regulations can go into effect. To date, signatures amounting to 30.38 percent of the world’s merchant shipping tonnage have been obtained. Should Singapore be the next to ratify the convention, the fleet size target could be reached, the Frost & Sullivan report says.
In the interim, the US Coast Guard will require vessels using US waters to be equipped with ballast water management systems beginning in 2014.
These regulations will push sales of treatment systems, particularly in Europe, which will dominate market revenues from 2017 to 2019, the report says. The European shipyard industry also support major retrofit opportunities, creating a fertile market for the treatment systems.
The Asia-Pacific region, a center of ship building and the base for the majority of ship owners and yards, also presents an opportunity for ballast water treatment system manufacturers, the report says.
The EPA issued a final vessel general permit in March 2013 regulating discharges from commercial vessels, including ballast water. The permit tightens the discharge standard on invasive species, protects the nation’s waters from ship-borne pollutants and eliminates duplicative reporting requirements, the EPA says.
Energy Manager News
- Efficiency Project Complete in Meriden, CT
- BuildingIQ Makes 2 Moves
- Constellation Acquiring Retail Electricity, Natural Gas Businesses from ConEdison Solutions
- Peninsula Clean Energy Authority Chooses Direct Energy as Supplier
- Energy Efficiency is Growing on Farms
- DC Pushes Renewables
- Stockton Tabs Ygrene for PACE Financing
- ERC Price Benchmark Trends Week Ending: July 22, 2016