South Korea Factory Automation and Industrial Controls Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The South Korean factory automation and industrial control systems (ICS) market is expected to register a CAGR of 7.1% during the forecast period. Due to the rising demand for PLC, SCADA, and industrial robots across various end-user sectors, the market is expanding.
The numbers for the South Korean FAICS market are derived by evaluating contributions of various product types, such as presence sensing safety sensors, emergency stop devices, safety controllers/modules, safety mats, programmable logic controllers (PLC), human-machine interface (HMI), machine vision systems, industrial robotics, sensors and transmitters, switches, relays, and industrial power supplies.
Automation of manufacturing processes has various benefits, such as effortless monitoring, waste reduction, and production speed. This technology provides customers with improved quality with standardization and dependable products in less time and cost.
Moreover, the introduction of always-on-e-commerce fueled the demand for faster responses and the need to manage a more significant number of stock-keeping units (SKUs) with fewer errors; warehouses and fulfillment centers need to scale up and meet standards of a smart, efficient, and automated factory solutions.
Furthermore, huge capital is required to set up and install industrial robots in the factory. The average cost of a fixed robot ranges between USD 60,000-140,000, whereas the average cost of a mobile robot varies between USD 25,000-40,000. These high costs discourage factory operators from choosing high-end industrial robots, which challenges the market’s growth.
The COVID-19 pandemic complicated the situation of automation adoption in various sectors. It changed the standard operating procedure by bringing in unique challenges of social distancing and contactless operation. Organizations were forced to limit their workforce and deal with the increasing demand. Social distancing measures had a more significant impact as they led manufacturers to restructure operations to rely more on robotics in the region. Overall, the COVID-19 pandemic slowed down the market but improved and steadily expanded in the post-pandemic era.
South Korea Factory Automation & Industrial Controls Market TrendsIncreasing Adoption of Internet of Things (IoT) and Machine-to-Machine Technologies to Drive the MarketThe South Korean factory automation and industrial controls market is highly competitive, with the presence of a few globally operating companies, like Denso Korea Corporation, ABB Korea Co. Ltd, Epson Korea Co. Ltd, Fuji Electric FA Korea Co. Ltd, Emerson Electric Korea Ltd. These companies have continuously invested in strategic partnerships and product developments to gain market share.
In August 2022, Yokogawa Electric Corporation announced the release of the OpreXTM IT/OT Security Operations Center (IT/OT SOC) service. This new addition to the OpreX safety and security family is a centrally managed service based on people (service organization), processes, and technology. Targeted primarily at industrial enterprises, Yokogawa developed this service to improve the security of IT and OT networks by detecting, analyzing, and enabling a quick and effective response to cybersecurity incidents from anywhere in the world.
In May 2022, OMRON Corporation announced the release of a new high-voltage DC relay, "G9KB," for global high-capacity household electricity storage systems. G9KB safely cuts off the current in household storage systems that have been increasing in capacity. Moreover, G9KB could play a role in encouraging renewable energy by downsizing products.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook