South Korea Automation and Industrial Control Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Automation and Industrial Control Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• South Koreas Automation and Industrial Control Market is expected to grow at a CAGR of 9.75% during the forecast period 2021 - 2026. South Korea Automation and Industrial Control Market are growing due to the increasing demand for PLC, SCADA, and industrial robots in different end-user industries. The advent of new technologies, over the past few years, has resulted in industries with mechanical devices and computer-based systems that can operate and control any production line.
• The aging population is a significant market driver for the growth of this market. According to the OECD data, it is one of the oldest populated countries in the Asia Pacific region and is just behind Japan, Italy, and Greece. However, OECD estimates that in 2050 around half of all workers will be aged 50 and over. Hence this aging population is fueling the growth of Industrial controls and the Automation market across different industries.
• Moreover, different government initiatives are also supporting the growth of Automation and Industrial market in this region. For instance, according to the Smart Manufacturing Innovation Strategy, the government is looking to transform 50,000 smart factory workers by 2022.

Key Market TrendsIndustrial Robotics is estimated to hold Largest Market Share

• South Korea is a renowned hub of industrial robotics in all over the world and is influencling the growth of Automation and Industrial control market. Most of the manufacturers in this industry are increasing investment in infrastructure and business outsourcing to drive the growth of this market.
• According to the International Federation of Robotics, this country boasts 631 robots per 10,000 employees, which is eight times the global average. Moreover, the government is also investing hundreds of millions of dollars each year to help automate and upgrade its industries. For instance, Soth Korean government completed an agreement with Samsung Electronics Co. to create a 100 billion won fund that would help 2,500 companies of this region to transform into the smart factories.
• Major Vendors in this region are also investing in innovating new features of industrial robotics. For instance, ABB launched a set of new standards for its collaborative YuMi robot. Moreover, the company introduced a set of rules for safety purposes where robots and manual workers need to work side by side.

Power Generation is one of the Fastest Growing Segment

• The huge demand for renewable energy sources is supporting the need for Automation and Industrial control for power generation industries. The energy sector in this region is an early adopter of digital technologies, which has resulted in improved process automation and control. The power plant automation system consists of input and output modules that meet strict standards for isolation, surge-withstand capability, and environmental specifications.
• Major Power plants in this market are also investing in automation technologies to improve the efficiency of their systems. Emerson already installed an oviation control system in two power plants in this region. Recently in 2019, Valmet completed a strategic partnership with GS EPS Co Ltd to provide a repeat automation technology. As per the agreement, Valmet will deliver an automation system, plant performance system, fuel management system, etc.
• Moreover, The South Korean Government is also supporting the growth of renewable energy sources and plans to increase the share of its energy output generated from renewable sources to 35% by 2040. For instance, in 2020Hyundai Energy Solutions Co. completed its solar module factory with a capacity of 250 megawatts in Eumseong, South Korea. The company also equipped with cutting-edge automation system and industrial robotics technology, which can increases not only its efficiency but also its automated logistics system can enhance the production efficiency by 20%.

Competitive Landscape

The South Korea Automation and Industrial Control Market is moderately competitive and consists of different major vendors for this market. The major players in this market are continuously investing a massive amount in their R&D section to gain some competitive advantage from its other competitors. The major players of this market are Rockwell Automation Inc, Honeywell International Inc, ABB Limited​, Emerson Electric Co, Schneider Electric SE​ , etc.

• April 2020: Yaskawa Electric Corporation launched a New Multipurpose Robot, MOTOMAN-GP300R, which is capable of applying in different voltages and various safety standards across the world. This product can not only effectively use installation space on the floor but also reduces the facility cost through weight reduction.
• March 2020: B&R introduced a new Compact-S PLC for its customers. Moreover, this product provides twice the RAM capacity of its previous models and is suitable for applications of higher memory requirements and performance. This product also consists of 512 MB of RAM and 2 GB internal flash memory.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Yokogawa Electric Corporation
Rockwell Automation Inc.
Honeywell International Inc.
ABB Limited
Schneider Electric SE
Emerson Electric Co.
Mitsubishi Electric Corporation
Siemens AG
Yaskawa Electric Corporation
Omron Corporation
CIMON Inc.
B&R Industrial Automation GmbH
Autonics Corporation
SICK AG
Renesas Electronics Corporation

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.