Global Ballast Water Treatment Market Gathers Steam with major contract in large vessel segment
Frost & Sullivan had earlier this year published a report on the Global Ballast Water Treatment market and indicated a sizeable market opportunity of more than $30 billion over the next 10 years.
The International Maritime Organisation (IMO) International Convention on for the Control and Management of Ships Ballast Water and Sediments adopted in 2004 is the key driving force of this high potential market. The convention is still in the ratification process and could soon gain the necessary numbers in terms of signatory nations and turn into binding legislation.
However, there appears to be a sign anticipation, especially in the large tankers/vessels segment of the shiping industry that is leading to ship owners taking the plunge and placing contracts to install ballast water treatment systems aboard the vessels. Oceansaver has proved to be highly successful in this segment by securing contracting of providing ballast water treatment systems for 17 vessels in the large tankers category.
With less than 5 countries neeeded to complete the ratification of the convention, it is the right time for ballast water treatment system suppliers to position themselves in the appropriate segments of the shipping industry. The certififying agencies of ballast water treatment systems have been kept very busy over the first half of this year and as we head into the autumn, we could see some of the established ballast water treatment systems suppliers launching new products and setting themselves with a good launchpad for growth in this market.