MOUNTAIN VIEW, Calif. — A new analysis from Frost & Sullivan, Global Ballast Water Treatment Systems (BWTS) Market, has found that the market earned revenues of $466.6 million in 2013 and is estimated to rise to $3.14 billion by 2023, at a compound annual growth rate of 21 percent, according to a press release.

The retrofit market is projected to account for much of this market growth, with its peak installation period in 2018, the release reported.

Key end users will be bulk carriers, oil and chemical tankers, noted the release.

According to the release, the key economic drivers for the BWTS market will be new legislations that address the problem of invasive species carried in ballast water.

Read the full report here.