Around 60,000 international shipping vessels operating for about 90% of global economic trade have installation obligation ahead for ballast water treatment system and it is suggested that annual growth rate of revenue in BWTS market will reach 21% by 2023.

According to Global Ballast Water Treatment Systems Market released by Frost & Sullivan based in London, the UK, revenue the BWTS market earned in 2013 is estimated to total $466.60m and is expected to skyrocket to $3.14bn in 2023 with annual growth rate reaching to nearly 21%.

In 2018 where BWTS market is anticipated to show the most active installation constructions, its retrofit market is expected to account for a considerable weight of entire market and, of which, bulker and tanker are projected to make the largest BWTS installation demands by vessel type. By 2023, the demands are estimated to record $17.76bn and $12.68bn in accumulated revenues over the next ten years, respectively.

The report forecasted that Europe would dominate market revenue during 2017-2019 while Asia-Pacific region would display consistent revenues over the next decade.

Amid European shipbuilding industry backing major retrofit market, the Asia-Pacific region (especially Japan, China and Korea), hub for global shipbuilding industry and the base for the majority of shipowners and shipbuilders, is expected to become a key revenue generating market. Particularly, for North America, the report found that it would show a bright prospect as there are a number of BWTS suppliers with strict USCG regulations and so on, despite weak bases of shipowners and builders.

Frost & Sullivan said that BWTS incorporating filtration and UV process are currently dominating the market and newer upgraded versions are anticipated to appear, saying “While an upsurge of new competitors is unlikely due to the high entry barriers and consolidated nature of the global BWTS market, acquisitions and alliances with key partners will shape the prospects of BWTS suppliers."