Samyoung M-Tech "Expecting Benefits from Increased Renewable Energy Plants Starting Second Half of This Year"
[Asia Economy Reporter Hyunseok Yoo] Samyoung M-Tech announced on the 5th that it is expected to benefit from the increase in renewable energy (hydropower) plants.
Samyoung M-Tech conducts business with EPC (Engineering, Procurement, and Construction) companies such as 'ANDRITZ' and 'HM HYDRO,' which hold the majority share of the global hydropower market. Samyoung M-Tech's materials division produces and supplies essential materials for hydropower turbine plants and has extensive experience in executing large-scale domestic and international projects. Additionally, it has a production system capable of injection, processing, inspection, assembly, and installation of materials.
A representative from Samyoung M-Tech stated, “This year, new installations and major equipment replacements in plants are expected in the Americas, Japan, and domestically. New hydropower turbine installations and major equipment replacement projects are also predicted in the United States (approximately 200 billion KRW), Japan (approximately 80 billion KRW), and domestically (approximately 30 billion KRW). We are currently in discussions with global EPC companies and aim to secure more than 50% of the projects.”
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Meanwhile, thanks to the 'Paris Climate Change' agreement, unanimously adopted by 195 countries on December 12, 2015, the development of renewable energy is expected to be activated. Not only developed countries but also 195 countries including developing nations plan to implement eco-friendly policies to reduce greenhouse gas emissions. Accordingly, hydropower, wind power, and solar power generation are expected to increase significantly to secure carbon emission rights. In the case of hydropower, the market size for hydropower facilities is predicted to reach approximately 1 trillion USD (1,187 trillion KRW) by 2026, and the market size for facility modernization is also expected to exceed about 8 trillion KRW annually.
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