Global BWM market to grow CAGR of 39.8% to reach $395.65 billion by 2026
The global ballast water management (BWM) market is expected to grow from $19.35 billion in 2017 to reach $395.65 billion by 2026 with a CAGR of 39.8%, according to Stratistics MRC. Factors such as government initiatives toward marine environmental protection, increasing demand for petroleum products, developing healthcare concerns in shipping sector are fueling the market growth. However, continuously changes in government rules and regulations and high costs associated are hindering the growth of the market. Ballast water has been an essential component of the ship's constancy. Ballast water is pumped in to maintain safe operating conditions throughout a voyage. It is an important for safe and efficient modern shipping operations, it may create serious environmental, economic and health issues attribute to the multitude of marine species carried in ships' ballast water. It have revolutionised the manner in which cargo supplies are ferried and transported across the global, by providing assurance of safety and security of the thus transported cargo supplies. Asia Pacific is anticipated to account for the biggest market share due to the presence of many emerging countries such as Japan, China, South Korea, and Singapore in the field of ballast water treatment systems. Additionally, factors such as the decommissioning of aging vessels, also contribute to the growth of the ballast water management market in this region. You can find out about the major technologies in the Ballast Water Treatment Guide.