AUSTIN, Texas — Due to the imminent ratification of global environmental legislation, a rise in the investment in ballast water treatment is forecast in 2015, according to a press release.
Over the next five years, more than 65,000 systems are set to account for $45.6 billion in investments, and the Global Water Intelligence (GWI) released a new report outlining the opportunities for water technologies, stated the release.
The report, “Ballast Water Treatment Market,” analyses how the global regulatory changes will drive the installation of ballast water treatment systems (BWTS) over the next five years and evaluates the approved technology suppliers within the industry, continued the release.
More than 10,000 marine species are estimated to be transported around the world in ballast water each day, reported the release, and the establishment of nonindigenous organisms in new environments is having substantial human health, ecological and economical consequences, costing around $100 billion per year.
To address this issue, continued the release, the International Maritime Organization (IMO) Ballast Water Management Convention was adopted in 2004.
The GWI report projects that the peak for capital expenditure for BWTS is anticipated to occur in 2009, when around $13.2 billion will be invested, noted the release, and the growth will largely come from the significant volume of retrofits that will need to take place in order to comply with the regulations.
Read the entire release here.