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.
Medium- and low voltage equipment specifiers can adopt digital twin technology to adopt a circular economy approach for sustainable, low-carbon equipment design.
Medium- and low voltage equipment manufacturers can prepare for environmental regulations now by using innovative MV switchgear design that eliminates SF6 use.
Using digital tools and apps for nearby monitoring and control increases safety and reduces arc flash hazards since electrical equipment can be operated from a safer distance....
