Air pollution control equipment (APCE) in South Korea has seen rapid deployment into various industries, such as power plants and steel mills. The growth of the market was expected to be limited between 2% and 3% for the next five years until 2016. But new analysis from Frost & Sullivan found that the market earned revenues of US$190.5mil in 2010 and estimates this to reach US$221.3mil in 2016. According to Frost’s Consultant Chukiat Wongtaveerat, the market is likely to register a stable growth in 2010-2016, at a compound annual growth rate (CAGR) of 2.4%. The market growth rate is expected to further increase with strong support from the Korean government.
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