Lucrative membrane market targeted by South Korean electronics giant

Sponsored by

SEOUL, South Korea, Nov. 11, 2010 -- Electronics company LG Electronics (LG) will be investing more than USD400 million over the next decade to enter the water treatment market and develop an advanced membrane filtration system.

The company hopes to generate USD 7 billion in revenue by 2020 and in the process become a top 10 global water treatment company.

LG will begin with industrial water treatment and expand its coverage into sewage and drinking water treatment. The company eventually plans to enter the business of water treatment engineering and procurement as well as operation and maintenance across the municipal sector.

As part of the move, the company said it will be hiring membrane filtration experts and process engineers as well as pursuing various types of partnerships, mergers and acquisitions as part of its strategy to expand quickly.

The total membrane market is expected to grow from $1.5 billion in 2009 to $2.8 billion in 2020, according to analysts Lux Research.

A report - Filtering Out Growth Prospects in the $1.5 Billion Membrane Market - showed that reverse osmosis (RO) membranes are the largest technology, but ultrafiltration is set for fast growth.

The RO membrane market is expected to reach $1.3 billion by 2020 while ultrafiltration membranes are expected to witness a healthy 6.5% compound annual growth rate, expanding from $400 million in 2009 to nearly $700 million in 2020.

“The global water crisis isn’t going to go away by itself – governments, citizens and corporations will all have to work closely together,” said Young-ha Lee, president and CEO of the LG Electronics Home Appliance Company. “The water business has been growing by an annual rate of 15% so there’s an incentive for companies to invest in finding solutions."

###

Sponsored by

Did You Like this Article? Get All the Water Industry News Delivered to Your Inbox or Mailbox

Subscribe to one of our magazines or email newsletters today at no cost and receive the latest information.

TODAY'S HEADLINES

AWWA provides free tools in new online Cyanotoxins Resource Community website

Through a collaborative effort with Hazen and Sawyer and Utah State University, the American Water Works Association has provided several free tools in its new online Cyanotoxins Resource Community. 

North Las Vegas wastewater treatment plant upgraded with MBR technology

As part of an upgrade to its wastewater treatment plant, the city of North Las Vegas, Nev., has implemented a high-performance membrane bioreactor technology from GE.

Reclamation awards $1.49M for nine desalination, water purification research projects

The Bureau of Reclamation recently announced that it has selected nine projects across the United States to receive $1.49 million under its Desalination and Water Purification Research Program. The funding will support almost $13.5 million in research.

Xylem providing dewatering pumps for Panama Canal Expansion Program

The Panama Canal Expansion Program is receiving heavy-duty dewatering pumps from Xylem to fill the third set of basin locks on the Pacific Ocean sector with 1.7 billion gallons of water, as part of performance trials for the system prior to its commissioning.

FOLLOW US ON SOCIAL MEDIA

  

 


© 2015. PennWell Corporation. All Rights Reserved. PRIVACY POLICY | TERMS AND CONDITIONS