South Korea is raked as the 12th biggest economy in the world, but to date it has invested little in the waste-to-energy sector, which could partly explain why the country ranks around 10th in the world in terms of CO2 emissions.
This situation is set to change however. Financial daily newspaper Børsen reports that in the period up to 2020, South Korea will increase its energy recovery from waste from the current 2% to virtually 100% by building a large number of waste incineration plants – in the next 3-5 years at least 20 are expected to be built. And this is an area where Denmark has many years of knowledge and expertise.
Two Danish companies in particular have substantial reputations in the waste-to-energy area: equipment and technology supplier Babcock & Wilcox Vølund, and consulting engineering firm Rambøll. Vølund has already been in the market for 15 years through Korean concern Halla Energy & Environment, and sees considerable potential to boost revenues. Managing Director John Veje Olesen told Børsen:
"When Halla builds a plant, their share is about DKK 200m (USD 34m) and we get around 10% of that figure We reckon that Halla can build 4 or 5 plants a year, so for us it can result in revenues of up to DKK 100m (USD 17m) annually.
Rambøll is also active on the Korean market, and is confident that the country's focus on waste-to-energy will produce orders. Rambøll's product is consultancy rather than technology, so they earn somewhat less per plant. But even so, the company reckons on revenues of DKK 25-50m (USD 4.3-8.5m) annually at a conservative estimate.