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Maritime Policies Create Huge Opportunities for the Asia Pacific Ballast Water Management Market, Finds Frost & Sullivan

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Maritime Policies Create Huge Opportunities for the Asia Pacific Ballast Water Management Market, Finds Frost & Sullivan PR Newswire KUALA LUMPUR, Malaysia, Oct. 2, 2012 - Participants need to sensitize ship owners on the importance of ballast water treatment KUALA LUMPUR, Malaysia, Oct. 2, 2012 /PRNewswire/ -- The ballast water management (BWM) guidelines set by the International Marine Organization (IMO) has kick-started a fresh industry within the shipping sector, as ship owners look to adopt ballast water systems within their vessels. Water treatment companies have found a whole new market ready for penetration and are eager to carve their place in it. New analysis from Frost & Sullivan (http://www.environmental.frost.com), Ballast Water Treatment Market in Asia- Pacific, finds that the market earned revenues of over US$214.6 million in 2011 and estimates this to reach US$3.63 billion in 2017. The IMO guidelines drive this nascent market, as they set compliance targets and timelines for existing and new vessels until 2020. The highest demand for BWM systems is expected from the construction of new vessels, as these will be the least costly to incorporate, although existing vessels are likely to generate revenue in the long term. "The number of countries endorsing BWM is growing, as member nations of the IMO understand the impact cross-ocean contamination has on local marine biodiversity," said Frost & Sullivan Research Associate Prashanth Kay.
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Maritime Policies Create Huge Opportunities for the Asia Pacific Ballast Water Management Market, Finds Frost & Sullivan
PR Newswire KUALA LUMPUR, Malaysia, Oct. 2, 2012
- Participants need to sensitize ship owners on the importance of ballast water treatment KUALA LUMPUR, Malaysia,Oct. 2, 2012/PRNewswire/ -- The ballast water management (BWM) guidelines set by the International Marine Organization (IMO) has kick-started a fresh industry within the shipping sector, as ship owners look to adopt ballast water systems within their vessels. Water treatment companies have found a whole new market ready for penetration and are eager to carve their place in it. New analysis from Frost & Sullivan (http://www.environmental.frost.com), Ballast Water Treatment Market inAsia-Pacific, finds that the market earned revenues of overUS$214.6 millionin 2011 and estimates this to reach US$3.63 billionin 2017. The IMO guidelines drive this nascent market, as they set compliance targets and timelines for existing and new vessels until 2020. The highest demand for BWM systems is expected from the construction of new vessels, as these will be the least costly to incorporate, although existing vessels are likely to generate revenue in the long term. "The number of countries endorsing BWM is growing, as member nations of the IMO understand the impact cross-ocean contamination has on local marine biodiversity," saidFrost & Sullivan Research Associate Prashanth Kay. "International and local compliance requirements, which are on the verge of being enforced globally, will result in the rapid rise of ballast water treatment." The shipping industry is aware of this, and is looking to incorporate these systems in new ships and retrofit the old ones to settle compliance issues early. However, the key challenge is the high costs involved, especially since there is no return-on-investment. The shipping industry has to embrace BWT as a form of corporate social responsibility, and the challenge is to get ship owners to shoulder it. It is imperative that ship owners be educated on how untreated ballast water can impact the environment around the ports that they embark from and disembark at. They need to recognize that continuing with the status quo is unsustainable. Shipbuilders and ship owners are also struggling to understand what their specific needs are, and the types of technology available to them in terms of ballast water treatment. "There is a diverse selection of water treatment technology available, and the costs vary just as much," noted Kay. "Ballast water treatment systems manufacturers need to expand their capabilities to create the right packages for the needs of different ships that ply different routes around the globe." This strategic approach by ballast water treatment companies in not only building the right combination of technology, but also educating clients on their