Desalination Technology Markets - Navigant Research
EXECUTIVE SUMMARY: Desalination Technology Markets Global Demand Drivers, Technology Issues, Competitive Landscape, and Market Forecasts NOTE: This document is a free excerpt of a larger research report. If you are interested in purchasing the full report, please contact Pike Research at [email protected] Published 2Q 2010
Philippe Tob Industry Analyst Clint Wheelock Managing Director
Desalination Technology Markets
Section 1 EXECUTIVE SUMMARY 1.1
Introduction Desalination refers to the conversion of brackish water and seawater into freshwater. Once an expensive technological curiosity, the separation of salt and water is now at the heart of a thriving global industry. The market for desalination technologies has expanded from the arid regions of fossil fuel-rich countries and the touristic heavens of the Caribbean to other countries where water-strapped communities have turned to the sea to supplement their dwindling water resources. Water scarcity, population and economic growth, pollution, and urbanization are all placing increased pressure on freshwater resources. The gap between the supply of freshwater and demand for water for industrial, agricultural, and domestic use is growing at an alarming pace – from California to Australia. At the same time, the cost of desalination has come down steadily. Desalination is becoming more affordable; thus, an increased number of people can benefit from an almost unlimited resource – seawater. Affordability and widespread benefits are the key drivers within desalination technology markets. Commercial desalination processes are based on two types of technologies: Membranes are very efficient barriers to salts that are dissolved in seawater and brackish water. Desalted water permeates through the membranes. The single most applied membrane technology is reverse osmosis (RO). Thermal processes
Multi-stage flash distillation
Multiple effect distillation
Vapor compression
The feasibility of each method depends upon project-specific conditions related to energy prices, water quality, and local technical resources. In short, the desalination market brings together engineering, procurement, and construction (EPC) companies, desalination plant suppliers, construction companies, operation and maintenance service providers, financial institutions, consulting engineers, and suppliers of pumps, valves, membranes, pressure vessels, and chemicals.
1.2
Opportunities The desalination market offers a wealth of opportunities along the value chain and in different key segments, including: Clean technology Key process equipment (e.g., high-pressure pumps and energy recovery devices) Key components (e.g., membranes and pressure vessels)
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
1
Desalination Technology Markets New environmental regulations and a growing public preoccupation with the potential environmental impact of desalination have changed the desalination landscape. Opportunities have emerged in the market via efforts to adopt sustainable desalination approaches. The key themes are: Wind energy: Consulting and equipment Intake and outfalls: Consulting engineering and construction Green construction of desalination facilities
1.3
Market Forces The conditions that are generating opportunities in the market include drought, limited freshwater resources, population growth, and sufficient economic and political strength to roll out nationwide desalination programs.
1.3.1
Fossil Fuels The main fault line that divides the desalination market is fossil fuel. The fossil fuel-rich countries of the Middle East and North Africa (MENA) region account for 60% of the market in terms of value. Specifically, thermal desalination dominates in this region, as 95% of thermal desalination investments are concentrated in MENA. The desalination divide shifts according to the market prices of fossil fuels.
1.3.2
Population Growth Recent studies have revealed a strong correlation between oil prices, population growth, and desalination capacity growth. Population growth fuels the demand for water needed to produce agricultural and industrial goods, as well as energy. In addition, more water is needed to provide drinking water to cities. Freshwater resources are finite and account for only 1% of the available water on the globe. As a result, population growth decreases the available water resource per capita.
1.3.3
Environment While desalination has brought valuable services to humanity, the environmental impacts of desalination are being scrutinized by governments and the public. Desalination produces a life-saving resource: drinking water. However, desalination generates side streams that may potentially harm the environment. The process consumes large amounts of fossil fuels and has a positive carbon footprint. Moreover, desalination plants discharge concentrated brine to the environment. Environmental regulations, public opposition, and a growing awareness in the industry are stimulating the adoption of sustainable desalination approaches and opening new markets.
1.3.4
Other Forces Pike Research has identified other market forces, including: Privatization and financing Desalination costs Industrial growth and tourism Water tariffs
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
2
Desalination Technology Markets 1.4
Competitive Landscape
1.4.1
Fragmented Market for Plant Suppliers The mergers and acquisitions activity of the last decade has not made the market significantly more concentrated. In fact, the desalination market is still quite fragmented. As RO is increasingly adopted as the major desalination technology, the barriers to entry are being lowered. The key market players are concentrating on the very large projects. Meanwhile, new entrants are seizing smaller-scale opportunities and ascending the ladder within the market. Of note, the top five suppliers (Veolia, Doosan, Fisia Italimpianti, Suez Environnement, and GE), captured a mere 25% of the market from 2007 to 2009.
1.4.2
Concentrated Market for Key Component Suppliers In contrast, the market for key desalination components is more concentrated. For example, more than 65% of the market for RO membranes is controlled by three players: Dow, Nitto Denko, and Torray. The markets for high-pressure pumps and energy recovery devices are also concentrated.
1.4.3
Key Market Players The scale and scope of the desalination market is large. Plant suppliers are playing at the front line of the market. Companies like Veolia, IDE Technologies, Suez-GDF, Hyflux, and Doosan Heavy Industries are capable of providing integrated desalination solutions, including financing. The integrators source key components and equipment from focused suppliers. References, sustainable solutions, reliability, and local presence are the key success factors in the market. These factors serve to entrench the leaders in their competitive positions.
1.5
Market Outlook The desalination market is set to grow in both the mature and emerging regions. This market is concentrated in the United States, the United Arab Emirates (UAE), and the Kingdom of Saudi Arabia (KSA). The focus is on brackish water reverse osmosis (BWRO) in the United States, and it is gradually shifting from thermal desalination to seawater reverse osmosis (SWRO) in the Gulf Cooperation Council (GCC). Emerging markets are choosing SWRO over thermal desalination and RO will take the lead for the new wave of desalination programs outside of the GCC.
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
3
Desalination Technology Markets Chart 1.1 provides a summary of global market growth during the period from 2010 to 2016. The global installed capacity is expected to grow by about 55 million m³/d over the period at a compound annual growth rate (CAGR) of more than 9%. Pike Research forecasts that this will represent a cumulative market value of $87.8 billion during the period from 2010 to 2016. The MENA region accounts for 54% of the growth in terms of capacity. Meanwhile, the KSA and UAE combined will comprise about 14 million m³/d of desalination capacity over the same period. Chart 1.1
Cumulative Installed Desalination Capacity, Top Growth Markets: 2010-2016 140,000 CAGR = 8.9%
ROW
120,000
Algeria Spain
(000 m 3/d)
100,000
India 80,000
Australia Kuwait
60,000
Israel 40,000
China USA
20,000
UAE KSA
0 2010
2011
2012
2013
2014
2015
2016
(Sources: IDA, World Bank, Pike Research)
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
4
Desalination Technology Markets
Section 8 TABLE OF CONTENTS Section 1 ...................................................................................................................................................... 1 Executive Summary .................................................................................................................................... 1 1.1 Introduction.................................................................................................................................... 1 1.2 Opportunities ................................................................................................................................. 1 1.3 Market Forces ............................................................................................................................... 2 1.3.1 Fossil Fuels ............................................................................................................................. 2 1.3.2 Population Growth ................................................................................................................... 2 1.3.3 Environment ............................................................................................................................ 2 1.3.4 Other Forces............................................................................................................................ 2 1.4 Competitive Landscape................................................................................................................. 3 1.4.1 Fragmented Market for Plant Suppliers .................................................................................. 3 1.4.2 Concentrated Market for Key Component Suppliers............................................................... 3 1.4.3 Key Market Players ................................................................................................................. 3 1.5 Market Outlook .............................................................................................................................. 3 Section 2 ...................................................................................................................................................... 5 Market Issues .............................................................................................................................................. 5 2.1 The Fossil Fuel Divide ................................................................................................................... 5 2.2 Population ..................................................................................................................................... 6 2.2.1 Population Growth ................................................................................................................... 6 2.2.2 Population in Coastal Regions ................................................................................................ 7 2.3 The Cost of Desalted Water .......................................................................................................... 7 2.3.1 Cost Comparison with a Pinch of Salt ..................................................................................... 7 2.3.2 Affordable Desalination ........................................................................................................... 8 2.3.3 Cost Breakdown and Reduction .............................................................................................. 8 2.3.4 Cost Trends Analysis ............................................................................................................ 10 2.3.4.1 Cost Trend in Israel ...................................................................................................... 10 2.3.4.2 Cost Trend in Algeria .................................................................................................... 10 2.3.5 Costs of Desalination Plants across the Globe ..................................................................... 11 2.4 Desalination and Energy ............................................................................................................. 11 2.4.1 The Law of Thermodynamics Sets the Minimum .................................................................. 11 2.4.2 The Race to Save Energy ..................................................................................................... 12 2.4.3 Energy Prices ........................................................................................................................ 12 2.4.4 Carbon Footprint ................................................................................................................... 12 2.4.5 Prospects............................................................................................................................... 12 2.5 The Price of Water ...................................................................................................................... 13 2.6 Unequally Distributed Freshwater ............................................................................................... 13 2.7 Water Availability ......................................................................................................................... 14 2.8 Economic Activity ........................................................................................................................ 15 2.8.1 Industrial Growth ................................................................................................................... 15 2.8.2 Tourism.................................................................................................................................. 15 2.9 Environmental Footprint of Desalination ..................................................................................... 15 2.9.1 Brine Discharge ..................................................................................................................... 16 2.9.2 Carbon Footprint ................................................................................................................... 16 2.9.3 Land Footprint ....................................................................................................................... 16 2.10 Public Opposition ........................................................................................................................ 17 2.11 Privatization and Financing ......................................................................................................... 17 Section 3 .................................................................................................................................................... 19 Technology Issues .................................................................................................................................... 19
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
65
Desalination Technology Markets 3.1 Definition ..................................................................................................................................... 19 3.1.1 Desalination ........................................................................................................................... 19 3.1.2 Unconventional Water Resources ......................................................................................... 19 3.1.2.1 Seawater ....................................................................................................................... 19 3.1.2.2 Brackish Water ............................................................................................................. 19 3.1.2.3 Waste Water ................................................................................................................. 20 3.2 Desalination Technologies .......................................................................................................... 20 3.2.1 Reverse Osmosis .................................................................................................................. 21 3.2.1.1 Pre-Treatment ............................................................................................................... 22 3.2.1.2 RO Membranes ............................................................................................................ 22 3.2.1.2.1. RO Membrane Material and Configuration .............................................................. 22 3.2.1.2.2. Performance ............................................................................................................. 22 3.2.1.3 Pumps ........................................................................................................................... 22 3.2.1.4 Energy Recovery Devices ............................................................................................ 23 3.2.1.5 Intake and Outfall.......................................................................................................... 23 3.2.2 Electrodialysis........................................................................................................................ 23 3.3 Thermal Desalination .................................................................................................................. 23 3.3.1 Multiple Effect Distillation ...................................................................................................... 23 3.3.2 Multi-Stage Flash Distillation ................................................................................................. 24 3.4 Comparison: Thermal and Membrane Desalination Processes ................................................. 24 3.4.1 Costs ..................................................................................................................................... 24 3.4.1.1 Capital Expenditure ...................................................................................................... 24 3.4.1.2 Operational Expenditure ............................................................................................... 24 3.4.2 Features ................................................................................................................................ 24 3.5 Hybrid Systems ........................................................................................................................... 25 3.6 Desalination and Renewable Energy .......................................................................................... 25 3.6.1 Solar ...................................................................................................................................... 25 3.6.1.1 Solar-Driven Humidification and Dehumidification ....................................................... 26 3.6.1.2 Solar-Driven Reverse Osmosis .................................................................................... 26 3.6.1.3 Solar-Driven Membrane Distillation .............................................................................. 26 3.6.2 Wind ...................................................................................................................................... 26 3.7 Selected Clean Technologies ..................................................................................................... 26 3.7.1 Aquastill ................................................................................................................................. 26 3.7.2 Saltworks Technologies ........................................................................................................ 27 3.7.3 NanoH2O............................................................................................................................... 27 3.7.4 Clean Membranes ................................................................................................................. 27 3.7.5 Siemens Water ...................................................................................................................... 28 3.7.6 Forward Osmosis .................................................................................................................. 28 Section 4 .................................................................................................................................................... 29 Key Industry Players................................................................................................................................. 29 4.1 Market Consolidation and Fragmentation ................................................................................... 29 4.1.1 Desalination Plant Suppliers – Fragmentation ...................................................................... 29 4.1.2 Key Component Suppliers – Concentration .......................................................................... 30 4.1.2.1 RO Membrane Manufacturers ...................................................................................... 30 4.1.2.2 High-Pressure Pumps Manufacturers .......................................................................... 31 4.1.2.3 Energy Recovery Devices ............................................................................................ 31 4.2 Value Chain ................................................................................................................................. 32 4.3 Opportunities for New Entrants ................................................................................................... 33 4.3.1 EPC Companies .................................................................................................................... 33 4.3.2 Construction Companies ....................................................................................................... 33 4.3.3 Submarine Works Specialists................................................................................................ 34 4.3.4 Acquisitions ........................................................................................................................... 34 4.4 Selected Company Profiles ......................................................................................................... 34
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
66
Desalination Technology Markets 4.4.1 Desalination Plant Suppliers ................................................................................................. 34 4.4.1.1 Acciona ......................................................................................................................... 34 4.4.1.2 Aqualyng ....................................................................................................................... 34 4.4.1.3 Doosan Heavy Industries & Construction ..................................................................... 35 4.4.1.4 Fisia Italimpianti ............................................................................................................ 35 4.4.1.5 GHD .............................................................................................................................. 35 4.4.1.6 H2O Innovation ............................................................................................................. 36 4.4.1.7 Hyflux ............................................................................................................................ 36 4.4.1.8 IDE Technologies ......................................................................................................... 37 4.4.1.9 Sadyt ............................................................................................................................. 37 4.4.1.10 Suez Environnement .................................................................................................... 37 4.4.1.11 Veolia ............................................................................................................................ 38 4.4.2 Key Component Suppliers..................................................................................................... 38 4.4.2.1 Bekaert Progressive Composites ................................................................................. 38 4.4.2.2 Inge ............................................................................................................................... 39 4.4.2.3 MTS Valves .................................................................................................................. 39 4.4.2.4 Torishima Pump............................................................................................................ 40 4.4.2.5 Victaulic ........................................................................................................................ 40 4.4.2.6 Woongjin Chemical ....................................................................................................... 40 Section 5 .................................................................................................................................................... 42 Market Forecasts....................................................................................................................................... 42 5.1 Key Assumptions ........................................................................................................................ 42 5.2 Market Overview ......................................................................................................................... 42 5.3 Outlook by Country ..................................................................................................................... 44 5.3.1 Middle East and North Africa................................................................................................. 44 5.3.1.1 Gulf Cooperation Council.............................................................................................. 45 5.3.1.1.1. General .................................................................................................................... 45 5.3.1.1.2. Kingdom of Saudi Arabia ......................................................................................... 45 5.3.1.1.3. United Arab Emirates ............................................................................................... 46 5.3.1.1.4. Kuwait....................................................................................................................... 47 5.3.1.1.5. Qatar ........................................................................................................................ 47 5.3.1.1.6. Bahrain ..................................................................................................................... 48 5.3.1.2 North Africa ................................................................................................................... 48 5.3.1.2.1. Algeria ...................................................................................................................... 48 5.3.1.2.2. Tunisia ...................................................................................................................... 49 5.3.1.3 Israel ............................................................................................................................. 50 5.3.2 United States ......................................................................................................................... 50 5.3.3 Asia Pacific ............................................................................................................................ 52 5.3.3.1 China............................................................................................................................. 52 5.3.3.2 India .............................................................................................................................. 53 5.3.3.3 Australia ........................................................................................................................ 54 5.3.3.4 The Maldives ................................................................................................................ 55 5.3.4 Europe ................................................................................................................................... 56 5.3.4.1 Spain ............................................................................................................................. 56 5.3.4.2 Italy ............................................................................................................................... 56 5.3.4.3 Cyprus........................................................................................................................... 57 5.3.5 Caribbean Basin .................................................................................................................... 57 5.3.6 Rest of World ......................................................................................................................... 58 5.3.6.1 Namibia ......................................................................................................................... 58 5.3.6.2 Chile .............................................................................................................................. 59 Section 6 .................................................................................................................................................... 60 Company Directory ................................................................................................................................... 60 Section 7 .................................................................................................................................................... 62
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
67
Desalination Technology Markets Acronym and Abbreviation List ............................................................................................................... 62 Section 8 .................................................................................................................................................... 65 Table of Contents ...................................................................................................................................... 65 Section 9 .................................................................................................................................................... 69 Table of Charts and Figures..................................................................................................................... 69 Section 10 .................................................................................................................................................. 70 Scope of Study .......................................................................................................................................... 70 Sources and Methodology ....................................................................................................................... 70 Notes .......................................................................................................................................................... 70
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
68
Desalination Technology Markets
Section 9 TABLE OF CHARTS AND FIGURES Chart 1.1 Chart 2.1 Chart 2.2 Chart 2.3 Chart 2.4 Chart 2.5 Chart 2.6 Chart 3.1 Chart 3.2 Chart 4.1 Chart 4.2 Chart 4.3 Chart 5.1 Chart 5.2 Chart 5.3 Chart 5.4 Chart 5.5 Chart 5.6 Chart 5.7 Chart 5.8 Chart 5.9 Chart 5.10 Chart 5.11 Chart 5.12 Chart 5.13
Cumulative Installed Desalination Capacity, Top Growth Markets: 2010-2016 ..................... 4 Total Primary Energy Supply for Desalination by Source: 2005-2009 ................................... 5 Cumulative Installed Capacity, MENA and ROW: 2010-2016 ............................................... 6 Population Growth Rate, Major Desalination Countries: 1950-2050 ..................................... 7 Typical Capital Cost Breakdown for an SWRO Plant: 2009 .................................................. 9 Typical Total Water Cost Breakdown for an SWRO Plant: 2009 ........................................... 9 Specific CAPEX for Single-Purpose Seawater Desalination Plants by Country: 2008-2010 ........................................................................................................ 11 Market Segmentation by Desalination Process: 2010 ......................................................... 20 Market Segmentation for Thermal Desalination Plants by Region: 2010 ............................ 21 Cumulative Installed Capacity, Top 10 Plant Suppliers: 2005-2008 .................................... 29 Market Share by Desalination Capacity, RO Membrane Suppliers: 2009 ........................... 31 Segmentation of Market Value by Category: 2009 .............................................................. 33 Cumulative Installed Desalination Capacity, Top Growth Markets: 2010-2016 ................... 43 RO Desalination Plant Market Segmentation by Region: 2010-2016 .................................. 43 Market Segmentation by Desalination Process: 2010-2016 ................................................ 44 Cumulative Installed Desalination Capacity, Saudi Arabia: 2010-2016 ............................... 46 Cumulative Installed Desalination Capacity, United Arab Emirates: 2010-2016 ................. 46 Cumulative Installed Desalination Capacity, Kuwait: 2010-2016 ......................................... 47 Cumulative Installed Desalination Capacity, Algeria: 2010-2016 ........................................ 49 Cumulative Installed Desalination Capacity, United States: 2010-2016 .............................. 51 Cumulative Installed Desalination Capacity, China: 2010-2016 .......................................... 53 Cumulative Installed Desalination Capacity, India: 2010-2016 ............................................ 54 Cumulative Installed Desalination Capacity, Australia: 2010-2016...................................... 55 Cumulative Installed Desalination Capacity, Caribbean Basin: 2010-2016 ......................... 58 Cumulative Installed Desalination Capacity, Chile: 2010-2016 ........................................... 59
Figure 2.1 Figure 2.2 Figure 3.1 Figure 4.1
Water Stress Indicator in Major Basins: 2004 ...................................................................... 14 Water Availability per Capita (1950 = 100): 1950-2025 ....................................................... 15 View of a Reverse Osmosis Seawater Desalination Plant in Melbourne .............................. 21 Hyflux Water Treatment and Desalination Projects by Country: 2001-2008 ....................... 36
Table 2.1 Table 2.2 Table 3.1 Table 3.2 Table 4.1 Table 4.2 Table 5.1 Table 5.2 Table 5.3
Total Desalted Water Costs for SWRO Plants, Israel: 2005-2012....................................... 10 Capital Expenses of Desalination Plants, Algeria: 2008-2011 ............................................. 10 CAPEX Comparison Between Desalination Processes: 1998-2008.................................... 24 Comparison: Features of Thermal and Membrane Desalination Processes ........................ 25 Overview of the Key Market Players in the Value Chain ...................................................... 32 Suez Environnement Major Desalination Projects ................................................................ 38 Installed and Planned Capacity by Project, Algeria: 2010 ................................................... 48 Key Seawater Desalination Projects by Supplier, Israel: 2007-2012 ................................... 50 Key Sea and Brackish Water Desalination Projects by Supplier, Spain: 2008-2010........... 56
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
69
Desalination Technology Markets
Section 10 SCOPE OF STUDY The objective of Pike Research’s Desalination Technology Markets report is to identify emerging prospects in the desalination space. Market growth is being driven by a combination of dwindling water resources, population growth, and lower desalination costs. Other factors are also playing a role in shaping the future of the related technologies. Pike Research examines the challenges and opportunities within the desalination technology markets and provides market forecasts for the period from 2010 through 2016.
SOURCES AND METHODOLOGY Pike Research’s industry analysts utilize a variety of research sources in preparing Research Reports. The key component of Pike Research’s analysis is primary research gained from phone and in-person interviews with industry leaders, including executives, engineers, and marketing professionals. Analysts are diligent in ensuring that they speak with representatives from every part of the value chain, including but not limited to technology companies, utilities and other service providers, industry associations, government agencies, and the investment community. Additional analysis includes secondary research conducted by Pike Research’s analysts and the firm’s staff of research assistants. Where applicable, all secondary research sources are appropriately cited within this report. These primary and secondary research sources, combined with the analyst’s industry expertise, are synthesized into the qualitative and quantitative analysis presented in Pike Research’s reports. Great care is taken in making sure that all analysis is well supported by facts, but where the facts are unknown and assumptions must be made, analysts document their assumptions and are prepared to explain their methodology, both within the body of a report and in direct conversations with clients. Pike Research is an independent market research firm whose goal is to present an objective, unbiased view of market opportunities within its coverage areas. The firm is not beholden to any special interests and is thus able to offer clear, actionable advice to help clients succeed in the industry, unfettered by technology hype, political agendas, or emotional factors that are inherent in cleantech markets.
NOTES CAGR refers to compound average annual growth rate, using the formula: CAGR = (End Year Value ÷ Start Year Value)(1/steps) – 1. CAGRs presented in the tables are for the entire timeframe in the title. Where data for fewer years are given, the CAGR is for the range presented. Where relevant, CAGRs for shorter timeframes may be given as well. Figures are based on the best estimates available at the time of calculation. Annual revenues, shipments, and sales are based on end-of-year figures unless otherwise noted. All values are expressed in year 2010 U.S. dollars unless otherwise noted. Percentages may not add up to 100 due to rounding.
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
70
Desalination Technology Markets
Published 2Q 2010 ©2010 Pike Research LLC 1320 Pearl Street, Suite 300 Boulder, CO 80302 USA Tel: +1 303.997.7609 http://www.pikeresearch.com
This publication is provided by Pike Research LLC (“Pike”). This publication may be used only as expressly permitted by license from Pike and may not otherwise be reproduced, recorded, photocopied, distributed, displayed, modified, extracted, accessed or used without the express written permission of Pike. Notwithstanding the foregoing, Pike makes no claim to any Government data and other data obtained from public sources found in this publication (whether or not the owners of such data are noted in this publication). If you do not have a license from Pike covering this publication, please refrain from accessing or using this publication. Please contact Pike to obtain a license to this publication.
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
71
Philippe Tob Industry Analyst Clint Wheelock Managing Director
Desalination Technology Markets
Section 1 EXECUTIVE SUMMARY 1.1
Introduction Desalination refers to the conversion of brackish water and seawater into freshwater. Once an expensive technological curiosity, the separation of salt and water is now at the heart of a thriving global industry. The market for desalination technologies has expanded from the arid regions of fossil fuel-rich countries and the touristic heavens of the Caribbean to other countries where water-strapped communities have turned to the sea to supplement their dwindling water resources. Water scarcity, population and economic growth, pollution, and urbanization are all placing increased pressure on freshwater resources. The gap between the supply of freshwater and demand for water for industrial, agricultural, and domestic use is growing at an alarming pace – from California to Australia. At the same time, the cost of desalination has come down steadily. Desalination is becoming more affordable; thus, an increased number of people can benefit from an almost unlimited resource – seawater. Affordability and widespread benefits are the key drivers within desalination technology markets. Commercial desalination processes are based on two types of technologies: Membranes are very efficient barriers to salts that are dissolved in seawater and brackish water. Desalted water permeates through the membranes. The single most applied membrane technology is reverse osmosis (RO). Thermal processes
Multi-stage flash distillation
Multiple effect distillation
Vapor compression
The feasibility of each method depends upon project-specific conditions related to energy prices, water quality, and local technical resources. In short, the desalination market brings together engineering, procurement, and construction (EPC) companies, desalination plant suppliers, construction companies, operation and maintenance service providers, financial institutions, consulting engineers, and suppliers of pumps, valves, membranes, pressure vessels, and chemicals.
1.2
Opportunities The desalination market offers a wealth of opportunities along the value chain and in different key segments, including: Clean technology Key process equipment (e.g., high-pressure pumps and energy recovery devices) Key components (e.g., membranes and pressure vessels)
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
1
Desalination Technology Markets New environmental regulations and a growing public preoccupation with the potential environmental impact of desalination have changed the desalination landscape. Opportunities have emerged in the market via efforts to adopt sustainable desalination approaches. The key themes are: Wind energy: Consulting and equipment Intake and outfalls: Consulting engineering and construction Green construction of desalination facilities
1.3
Market Forces The conditions that are generating opportunities in the market include drought, limited freshwater resources, population growth, and sufficient economic and political strength to roll out nationwide desalination programs.
1.3.1
Fossil Fuels The main fault line that divides the desalination market is fossil fuel. The fossil fuel-rich countries of the Middle East and North Africa (MENA) region account for 60% of the market in terms of value. Specifically, thermal desalination dominates in this region, as 95% of thermal desalination investments are concentrated in MENA. The desalination divide shifts according to the market prices of fossil fuels.
1.3.2
Population Growth Recent studies have revealed a strong correlation between oil prices, population growth, and desalination capacity growth. Population growth fuels the demand for water needed to produce agricultural and industrial goods, as well as energy. In addition, more water is needed to provide drinking water to cities. Freshwater resources are finite and account for only 1% of the available water on the globe. As a result, population growth decreases the available water resource per capita.
1.3.3
Environment While desalination has brought valuable services to humanity, the environmental impacts of desalination are being scrutinized by governments and the public. Desalination produces a life-saving resource: drinking water. However, desalination generates side streams that may potentially harm the environment. The process consumes large amounts of fossil fuels and has a positive carbon footprint. Moreover, desalination plants discharge concentrated brine to the environment. Environmental regulations, public opposition, and a growing awareness in the industry are stimulating the adoption of sustainable desalination approaches and opening new markets.
1.3.4
Other Forces Pike Research has identified other market forces, including: Privatization and financing Desalination costs Industrial growth and tourism Water tariffs
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
2
Desalination Technology Markets 1.4
Competitive Landscape
1.4.1
Fragmented Market for Plant Suppliers The mergers and acquisitions activity of the last decade has not made the market significantly more concentrated. In fact, the desalination market is still quite fragmented. As RO is increasingly adopted as the major desalination technology, the barriers to entry are being lowered. The key market players are concentrating on the very large projects. Meanwhile, new entrants are seizing smaller-scale opportunities and ascending the ladder within the market. Of note, the top five suppliers (Veolia, Doosan, Fisia Italimpianti, Suez Environnement, and GE), captured a mere 25% of the market from 2007 to 2009.
1.4.2
Concentrated Market for Key Component Suppliers In contrast, the market for key desalination components is more concentrated. For example, more than 65% of the market for RO membranes is controlled by three players: Dow, Nitto Denko, and Torray. The markets for high-pressure pumps and energy recovery devices are also concentrated.
1.4.3
Key Market Players The scale and scope of the desalination market is large. Plant suppliers are playing at the front line of the market. Companies like Veolia, IDE Technologies, Suez-GDF, Hyflux, and Doosan Heavy Industries are capable of providing integrated desalination solutions, including financing. The integrators source key components and equipment from focused suppliers. References, sustainable solutions, reliability, and local presence are the key success factors in the market. These factors serve to entrench the leaders in their competitive positions.
1.5
Market Outlook The desalination market is set to grow in both the mature and emerging regions. This market is concentrated in the United States, the United Arab Emirates (UAE), and the Kingdom of Saudi Arabia (KSA). The focus is on brackish water reverse osmosis (BWRO) in the United States, and it is gradually shifting from thermal desalination to seawater reverse osmosis (SWRO) in the Gulf Cooperation Council (GCC). Emerging markets are choosing SWRO over thermal desalination and RO will take the lead for the new wave of desalination programs outside of the GCC.
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
3
Desalination Technology Markets Chart 1.1 provides a summary of global market growth during the period from 2010 to 2016. The global installed capacity is expected to grow by about 55 million m³/d over the period at a compound annual growth rate (CAGR) of more than 9%. Pike Research forecasts that this will represent a cumulative market value of $87.8 billion during the period from 2010 to 2016. The MENA region accounts for 54% of the growth in terms of capacity. Meanwhile, the KSA and UAE combined will comprise about 14 million m³/d of desalination capacity over the same period. Chart 1.1
Cumulative Installed Desalination Capacity, Top Growth Markets: 2010-2016 140,000 CAGR = 8.9%
ROW
120,000
Algeria Spain
(000 m 3/d)
100,000
India 80,000
Australia Kuwait
60,000
Israel 40,000
China USA
20,000
UAE KSA
0 2010
2011
2012
2013
2014
2015
2016
(Sources: IDA, World Bank, Pike Research)
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
4
Desalination Technology Markets
Section 8 TABLE OF CONTENTS Section 1 ...................................................................................................................................................... 1 Executive Summary .................................................................................................................................... 1 1.1 Introduction.................................................................................................................................... 1 1.2 Opportunities ................................................................................................................................. 1 1.3 Market Forces ............................................................................................................................... 2 1.3.1 Fossil Fuels ............................................................................................................................. 2 1.3.2 Population Growth ................................................................................................................... 2 1.3.3 Environment ............................................................................................................................ 2 1.3.4 Other Forces............................................................................................................................ 2 1.4 Competitive Landscape................................................................................................................. 3 1.4.1 Fragmented Market for Plant Suppliers .................................................................................. 3 1.4.2 Concentrated Market for Key Component Suppliers............................................................... 3 1.4.3 Key Market Players ................................................................................................................. 3 1.5 Market Outlook .............................................................................................................................. 3 Section 2 ...................................................................................................................................................... 5 Market Issues .............................................................................................................................................. 5 2.1 The Fossil Fuel Divide ................................................................................................................... 5 2.2 Population ..................................................................................................................................... 6 2.2.1 Population Growth ................................................................................................................... 6 2.2.2 Population in Coastal Regions ................................................................................................ 7 2.3 The Cost of Desalted Water .......................................................................................................... 7 2.3.1 Cost Comparison with a Pinch of Salt ..................................................................................... 7 2.3.2 Affordable Desalination ........................................................................................................... 8 2.3.3 Cost Breakdown and Reduction .............................................................................................. 8 2.3.4 Cost Trends Analysis ............................................................................................................ 10 2.3.4.1 Cost Trend in Israel ...................................................................................................... 10 2.3.4.2 Cost Trend in Algeria .................................................................................................... 10 2.3.5 Costs of Desalination Plants across the Globe ..................................................................... 11 2.4 Desalination and Energy ............................................................................................................. 11 2.4.1 The Law of Thermodynamics Sets the Minimum .................................................................. 11 2.4.2 The Race to Save Energy ..................................................................................................... 12 2.4.3 Energy Prices ........................................................................................................................ 12 2.4.4 Carbon Footprint ................................................................................................................... 12 2.4.5 Prospects............................................................................................................................... 12 2.5 The Price of Water ...................................................................................................................... 13 2.6 Unequally Distributed Freshwater ............................................................................................... 13 2.7 Water Availability ......................................................................................................................... 14 2.8 Economic Activity ........................................................................................................................ 15 2.8.1 Industrial Growth ................................................................................................................... 15 2.8.2 Tourism.................................................................................................................................. 15 2.9 Environmental Footprint of Desalination ..................................................................................... 15 2.9.1 Brine Discharge ..................................................................................................................... 16 2.9.2 Carbon Footprint ................................................................................................................... 16 2.9.3 Land Footprint ....................................................................................................................... 16 2.10 Public Opposition ........................................................................................................................ 17 2.11 Privatization and Financing ......................................................................................................... 17 Section 3 .................................................................................................................................................... 19 Technology Issues .................................................................................................................................... 19
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
65
Desalination Technology Markets 3.1 Definition ..................................................................................................................................... 19 3.1.1 Desalination ........................................................................................................................... 19 3.1.2 Unconventional Water Resources ......................................................................................... 19 3.1.2.1 Seawater ....................................................................................................................... 19 3.1.2.2 Brackish Water ............................................................................................................. 19 3.1.2.3 Waste Water ................................................................................................................. 20 3.2 Desalination Technologies .......................................................................................................... 20 3.2.1 Reverse Osmosis .................................................................................................................. 21 3.2.1.1 Pre-Treatment ............................................................................................................... 22 3.2.1.2 RO Membranes ............................................................................................................ 22 3.2.1.2.1. RO Membrane Material and Configuration .............................................................. 22 3.2.1.2.2. Performance ............................................................................................................. 22 3.2.1.3 Pumps ........................................................................................................................... 22 3.2.1.4 Energy Recovery Devices ............................................................................................ 23 3.2.1.5 Intake and Outfall.......................................................................................................... 23 3.2.2 Electrodialysis........................................................................................................................ 23 3.3 Thermal Desalination .................................................................................................................. 23 3.3.1 Multiple Effect Distillation ...................................................................................................... 23 3.3.2 Multi-Stage Flash Distillation ................................................................................................. 24 3.4 Comparison: Thermal and Membrane Desalination Processes ................................................. 24 3.4.1 Costs ..................................................................................................................................... 24 3.4.1.1 Capital Expenditure ...................................................................................................... 24 3.4.1.2 Operational Expenditure ............................................................................................... 24 3.4.2 Features ................................................................................................................................ 24 3.5 Hybrid Systems ........................................................................................................................... 25 3.6 Desalination and Renewable Energy .......................................................................................... 25 3.6.1 Solar ...................................................................................................................................... 25 3.6.1.1 Solar-Driven Humidification and Dehumidification ....................................................... 26 3.6.1.2 Solar-Driven Reverse Osmosis .................................................................................... 26 3.6.1.3 Solar-Driven Membrane Distillation .............................................................................. 26 3.6.2 Wind ...................................................................................................................................... 26 3.7 Selected Clean Technologies ..................................................................................................... 26 3.7.1 Aquastill ................................................................................................................................. 26 3.7.2 Saltworks Technologies ........................................................................................................ 27 3.7.3 NanoH2O............................................................................................................................... 27 3.7.4 Clean Membranes ................................................................................................................. 27 3.7.5 Siemens Water ...................................................................................................................... 28 3.7.6 Forward Osmosis .................................................................................................................. 28 Section 4 .................................................................................................................................................... 29 Key Industry Players................................................................................................................................. 29 4.1 Market Consolidation and Fragmentation ................................................................................... 29 4.1.1 Desalination Plant Suppliers – Fragmentation ...................................................................... 29 4.1.2 Key Component Suppliers – Concentration .......................................................................... 30 4.1.2.1 RO Membrane Manufacturers ...................................................................................... 30 4.1.2.2 High-Pressure Pumps Manufacturers .......................................................................... 31 4.1.2.3 Energy Recovery Devices ............................................................................................ 31 4.2 Value Chain ................................................................................................................................. 32 4.3 Opportunities for New Entrants ................................................................................................... 33 4.3.1 EPC Companies .................................................................................................................... 33 4.3.2 Construction Companies ....................................................................................................... 33 4.3.3 Submarine Works Specialists................................................................................................ 34 4.3.4 Acquisitions ........................................................................................................................... 34 4.4 Selected Company Profiles ......................................................................................................... 34
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
66
Desalination Technology Markets 4.4.1 Desalination Plant Suppliers ................................................................................................. 34 4.4.1.1 Acciona ......................................................................................................................... 34 4.4.1.2 Aqualyng ....................................................................................................................... 34 4.4.1.3 Doosan Heavy Industries & Construction ..................................................................... 35 4.4.1.4 Fisia Italimpianti ............................................................................................................ 35 4.4.1.5 GHD .............................................................................................................................. 35 4.4.1.6 H2O Innovation ............................................................................................................. 36 4.4.1.7 Hyflux ............................................................................................................................ 36 4.4.1.8 IDE Technologies ......................................................................................................... 37 4.4.1.9 Sadyt ............................................................................................................................. 37 4.4.1.10 Suez Environnement .................................................................................................... 37 4.4.1.11 Veolia ............................................................................................................................ 38 4.4.2 Key Component Suppliers..................................................................................................... 38 4.4.2.1 Bekaert Progressive Composites ................................................................................. 38 4.4.2.2 Inge ............................................................................................................................... 39 4.4.2.3 MTS Valves .................................................................................................................. 39 4.4.2.4 Torishima Pump............................................................................................................ 40 4.4.2.5 Victaulic ........................................................................................................................ 40 4.4.2.6 Woongjin Chemical ....................................................................................................... 40 Section 5 .................................................................................................................................................... 42 Market Forecasts....................................................................................................................................... 42 5.1 Key Assumptions ........................................................................................................................ 42 5.2 Market Overview ......................................................................................................................... 42 5.3 Outlook by Country ..................................................................................................................... 44 5.3.1 Middle East and North Africa................................................................................................. 44 5.3.1.1 Gulf Cooperation Council.............................................................................................. 45 5.3.1.1.1. General .................................................................................................................... 45 5.3.1.1.2. Kingdom of Saudi Arabia ......................................................................................... 45 5.3.1.1.3. United Arab Emirates ............................................................................................... 46 5.3.1.1.4. Kuwait....................................................................................................................... 47 5.3.1.1.5. Qatar ........................................................................................................................ 47 5.3.1.1.6. Bahrain ..................................................................................................................... 48 5.3.1.2 North Africa ................................................................................................................... 48 5.3.1.2.1. Algeria ...................................................................................................................... 48 5.3.1.2.2. Tunisia ...................................................................................................................... 49 5.3.1.3 Israel ............................................................................................................................. 50 5.3.2 United States ......................................................................................................................... 50 5.3.3 Asia Pacific ............................................................................................................................ 52 5.3.3.1 China............................................................................................................................. 52 5.3.3.2 India .............................................................................................................................. 53 5.3.3.3 Australia ........................................................................................................................ 54 5.3.3.4 The Maldives ................................................................................................................ 55 5.3.4 Europe ................................................................................................................................... 56 5.3.4.1 Spain ............................................................................................................................. 56 5.3.4.2 Italy ............................................................................................................................... 56 5.3.4.3 Cyprus........................................................................................................................... 57 5.3.5 Caribbean Basin .................................................................................................................... 57 5.3.6 Rest of World ......................................................................................................................... 58 5.3.6.1 Namibia ......................................................................................................................... 58 5.3.6.2 Chile .............................................................................................................................. 59 Section 6 .................................................................................................................................................... 60 Company Directory ................................................................................................................................... 60 Section 7 .................................................................................................................................................... 62
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
67
Desalination Technology Markets Acronym and Abbreviation List ............................................................................................................... 62 Section 8 .................................................................................................................................................... 65 Table of Contents ...................................................................................................................................... 65 Section 9 .................................................................................................................................................... 69 Table of Charts and Figures..................................................................................................................... 69 Section 10 .................................................................................................................................................. 70 Scope of Study .......................................................................................................................................... 70 Sources and Methodology ....................................................................................................................... 70 Notes .......................................................................................................................................................... 70
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
68
Desalination Technology Markets
Section 9 TABLE OF CHARTS AND FIGURES Chart 1.1 Chart 2.1 Chart 2.2 Chart 2.3 Chart 2.4 Chart 2.5 Chart 2.6 Chart 3.1 Chart 3.2 Chart 4.1 Chart 4.2 Chart 4.3 Chart 5.1 Chart 5.2 Chart 5.3 Chart 5.4 Chart 5.5 Chart 5.6 Chart 5.7 Chart 5.8 Chart 5.9 Chart 5.10 Chart 5.11 Chart 5.12 Chart 5.13
Cumulative Installed Desalination Capacity, Top Growth Markets: 2010-2016 ..................... 4 Total Primary Energy Supply for Desalination by Source: 2005-2009 ................................... 5 Cumulative Installed Capacity, MENA and ROW: 2010-2016 ............................................... 6 Population Growth Rate, Major Desalination Countries: 1950-2050 ..................................... 7 Typical Capital Cost Breakdown for an SWRO Plant: 2009 .................................................. 9 Typical Total Water Cost Breakdown for an SWRO Plant: 2009 ........................................... 9 Specific CAPEX for Single-Purpose Seawater Desalination Plants by Country: 2008-2010 ........................................................................................................ 11 Market Segmentation by Desalination Process: 2010 ......................................................... 20 Market Segmentation for Thermal Desalination Plants by Region: 2010 ............................ 21 Cumulative Installed Capacity, Top 10 Plant Suppliers: 2005-2008 .................................... 29 Market Share by Desalination Capacity, RO Membrane Suppliers: 2009 ........................... 31 Segmentation of Market Value by Category: 2009 .............................................................. 33 Cumulative Installed Desalination Capacity, Top Growth Markets: 2010-2016 ................... 43 RO Desalination Plant Market Segmentation by Region: 2010-2016 .................................. 43 Market Segmentation by Desalination Process: 2010-2016 ................................................ 44 Cumulative Installed Desalination Capacity, Saudi Arabia: 2010-2016 ............................... 46 Cumulative Installed Desalination Capacity, United Arab Emirates: 2010-2016 ................. 46 Cumulative Installed Desalination Capacity, Kuwait: 2010-2016 ......................................... 47 Cumulative Installed Desalination Capacity, Algeria: 2010-2016 ........................................ 49 Cumulative Installed Desalination Capacity, United States: 2010-2016 .............................. 51 Cumulative Installed Desalination Capacity, China: 2010-2016 .......................................... 53 Cumulative Installed Desalination Capacity, India: 2010-2016 ............................................ 54 Cumulative Installed Desalination Capacity, Australia: 2010-2016...................................... 55 Cumulative Installed Desalination Capacity, Caribbean Basin: 2010-2016 ......................... 58 Cumulative Installed Desalination Capacity, Chile: 2010-2016 ........................................... 59
Figure 2.1 Figure 2.2 Figure 3.1 Figure 4.1
Water Stress Indicator in Major Basins: 2004 ...................................................................... 14 Water Availability per Capita (1950 = 100): 1950-2025 ....................................................... 15 View of a Reverse Osmosis Seawater Desalination Plant in Melbourne .............................. 21 Hyflux Water Treatment and Desalination Projects by Country: 2001-2008 ....................... 36
Table 2.1 Table 2.2 Table 3.1 Table 3.2 Table 4.1 Table 4.2 Table 5.1 Table 5.2 Table 5.3
Total Desalted Water Costs for SWRO Plants, Israel: 2005-2012....................................... 10 Capital Expenses of Desalination Plants, Algeria: 2008-2011 ............................................. 10 CAPEX Comparison Between Desalination Processes: 1998-2008.................................... 24 Comparison: Features of Thermal and Membrane Desalination Processes ........................ 25 Overview of the Key Market Players in the Value Chain ...................................................... 32 Suez Environnement Major Desalination Projects ................................................................ 38 Installed and Planned Capacity by Project, Algeria: 2010 ................................................... 48 Key Seawater Desalination Projects by Supplier, Israel: 2007-2012 ................................... 50 Key Sea and Brackish Water Desalination Projects by Supplier, Spain: 2008-2010........... 56
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
69
Desalination Technology Markets
Section 10 SCOPE OF STUDY The objective of Pike Research’s Desalination Technology Markets report is to identify emerging prospects in the desalination space. Market growth is being driven by a combination of dwindling water resources, population growth, and lower desalination costs. Other factors are also playing a role in shaping the future of the related technologies. Pike Research examines the challenges and opportunities within the desalination technology markets and provides market forecasts for the period from 2010 through 2016.
SOURCES AND METHODOLOGY Pike Research’s industry analysts utilize a variety of research sources in preparing Research Reports. The key component of Pike Research’s analysis is primary research gained from phone and in-person interviews with industry leaders, including executives, engineers, and marketing professionals. Analysts are diligent in ensuring that they speak with representatives from every part of the value chain, including but not limited to technology companies, utilities and other service providers, industry associations, government agencies, and the investment community. Additional analysis includes secondary research conducted by Pike Research’s analysts and the firm’s staff of research assistants. Where applicable, all secondary research sources are appropriately cited within this report. These primary and secondary research sources, combined with the analyst’s industry expertise, are synthesized into the qualitative and quantitative analysis presented in Pike Research’s reports. Great care is taken in making sure that all analysis is well supported by facts, but where the facts are unknown and assumptions must be made, analysts document their assumptions and are prepared to explain their methodology, both within the body of a report and in direct conversations with clients. Pike Research is an independent market research firm whose goal is to present an objective, unbiased view of market opportunities within its coverage areas. The firm is not beholden to any special interests and is thus able to offer clear, actionable advice to help clients succeed in the industry, unfettered by technology hype, political agendas, or emotional factors that are inherent in cleantech markets.
NOTES CAGR refers to compound average annual growth rate, using the formula: CAGR = (End Year Value ÷ Start Year Value)(1/steps) – 1. CAGRs presented in the tables are for the entire timeframe in the title. Where data for fewer years are given, the CAGR is for the range presented. Where relevant, CAGRs for shorter timeframes may be given as well. Figures are based on the best estimates available at the time of calculation. Annual revenues, shipments, and sales are based on end-of-year figures unless otherwise noted. All values are expressed in year 2010 U.S. dollars unless otherwise noted. Percentages may not add up to 100 due to rounding.
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
70
Desalination Technology Markets
Published 2Q 2010 ©2010 Pike Research LLC 1320 Pearl Street, Suite 300 Boulder, CO 80302 USA Tel: +1 303.997.7609 http://www.pikeresearch.com
This publication is provided by Pike Research LLC (“Pike”). This publication may be used only as expressly permitted by license from Pike and may not otherwise be reproduced, recorded, photocopied, distributed, displayed, modified, extracted, accessed or used without the express written permission of Pike. Notwithstanding the foregoing, Pike makes no claim to any Government data and other data obtained from public sources found in this publication (whether or not the owners of such data are noted in this publication). If you do not have a license from Pike covering this publication, please refrain from accessing or using this publication. Please contact Pike to obtain a license to this publication.
© 2010 Pike Research LLC. All Rights Reserved. This publication may be used only as expressly permitted by license from Pike Research LLC and may not otherwise be accessed or used, without the express written permission of Pike Research LLC.
71
