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South Korea Desalination Plant Industry Analysis
The Seawater Desalination Plant industry in South Korea is currently experiencing a surge in growth due to the increasing demand for fresh water. The country is surrounded by the sea, making seawater desalination a viable solution to address the water scarcity issue. The industry is expected to grow at a CAGR of 9.2% from 221 to 226.
The construction of new Seawater Reverse Osmosis (SWRO) plants is on the rise in South Korea. The government has been actively promoting the development of desalination plants to ensure a stable supply of fresh water. The country has set a target to increase the capacity of desalination plants to 1.5 million tons per day by 23. This has led to an increase in the number of new projects being undertaken in the industry.
One of the major drivers of the Seawater Desalination Plant industry in South Korea is the increasing population and urbanization. The country's population is expected to reach 51 million by 225, and the urban population is expected to increase to 83% by 23. This will lead to an increase in demand for fresh water, which can be met through desalination plants.
Another driver of the industry is the increasing demand for water in the industrial sector. South Korea is a major industrial hub, and the demand for water in the manufacturing sector is expected to increase in the coming years. Desalination plants can provide a reliable source of water for industrial use.
The Seawater Desalination Plant industry in South Korea is also driven by the need to reduce the country's dependence on imported water. South Korea currently imports a significant amount of water from neighboring countries, which is expensive and not a sustainable solution in the long run. Desalination plants can provide a domestic source of fresh water, reducing the country's dependence on imports.
In conclusion, the Seawater Desalination Plant industry in South Korea is experiencing a period of growth due to the increasing demand for fresh water. The construction of new projects is on the rise, and the industry is expected to continue to grow in the coming years. The major drivers of the industry include population growth, urbanization, increasing demand for water in the industrial sector, and the need to reduce dependence on imported water.
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