The ballast water treatment market earned revenues of $466.6 million in 2013, and that number is projected to be at $3.14 billion by 2023, according to Global Ballast Water Treatment Systems Market, new analysis from Frost & Sullivan.

The retrofit market is expected to account for a substantial share of the global market during its peak installation period in 2018. The report says bulk carriers and oil and chemical tankers will be key end users, generating cumulative revenues of $17.76 billion and $12.68 billion, respectively, over the forecast period.

The report says Europe will dominate market revenues from 2017 to 2019, while Asia-Pacific will display consistent performance throughout the study period. Europe shipyard industry also supports major retrofit opportunities, creating a fertile market for BWTS.

Asia-Pacific, being a hub for shipbuilding and the base for the majority of ship owners and yards, is a key revenue generating market, particularly in the countries of Japan, China, and South Korea.

READ ALSO: U.S. Water Treatment Market Equipment to Grow 5.9% Annually Through 2017

The research also reveals that North America, though low in terms of ship owners and yards, presents attractive prospects for BWTS manufacturers owing to the sizeable number of suppliers and the implementation of the USCG regulations on ballast water treatment.

“Current market leaders will establish a stronghold with upgraded versions of existing ballast water treatment systems, thus preparing themselves for the much anticipated explosive market growth in the coming years,” said Vandhana Ravi, Environment & Building Technologies research analyst at Frost & Sullivan. “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.”

An estimated 60,000 shipping vessels account for about 90 percent of the global economic trade. These ships require ballast water to maintain balance and stability. The ballast water taken onboard at the port of embarking consists of a variety of biological organisms that can be harmful to new environments.