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

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

  • September 2022
  • 207 pages
  • ID: 6325589
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The South Korea Factory Automation and Industrial Controls Market is expected to register a CAGR of 7.1% during the forecast period 2022-2027. Due to the rising demand for PLC, SCADA, and industrial robots across a variety of end-user sectors, the South Korean automation and industrial control market is expanding.

Key Highlights
The market numbers for the South Korean FAICS market are derived by evaluating market contributions of various product types, such as presence sensing safety sensors, emergency stop devices, safety controller/modules, safety mats, programmable logic controller (PLC), human-machine interface (HMI), machine vision systems, industrial robotics, sensors and transmitters, switches, relays, and industrial power supplies.
Automation of manufacturing processes has shown various benefits, such as effortless monitoring, waste reduction, and production speed. This technology provides customers with improved quality with standardization and dependable products within time and at a much lower 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 the standards of a smart, efficient, and automated factory solutions.?
Furthermore, a huge capital expenditure 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 market growth.?
The COVID-19 pandemic complicated the situation of automation adoption in various sectors. It has 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. The social distancing measures, had a more significant impact as it led the manufacturers to restructure their operations to rely more on robotics in the region. Overall, the COVID-19 pandemic has slowed down the market but is improving and steadily growing after the post-pandemic era.

Key Market Trends

Increasing Adoption of Internet of Things (IoT) and Machine-to-Machine Technologies

Data generated from IoT helps businesses understand and utilize patterns incorporated into the decision-making cycle to enhance product design and development. Data management strategies allow these businesses to detect errors quickly, analyze performance, and access metrics. All of these offer insights into product use that, in turn, help to spot areas needing development and improve existing product versions.
Moreover, data management helps streamline and increase the effectiveness of operations in IoT-adopted infrastructure. While operating parts of a system, devices may deviate from established behavior patterns; data management techniques help recognize such deviation and alert the automation process handling team. ?
According to a study by Korea Herald in 2021, South Korea’s internet-of-things (IoT) device subscriptions hit over 10 million in 2020 due to the growing use of automation and remote control services. According to the Ministry of Science and ICT data of the end of 2020, the number of mobile connections to such devices stood at 10.05 million, up around 2 million from the previous year. Also, in 2021, there was approximately 1,335 Internet of Things service businesses in South Korea. This growing number of IoT subscriptions indicates a market boost in the region.
Further, many acquisitions are taking place globally, directly driving the studied region’s market. For instance, during the pandemic, Emerson announced the acquisition of the ProgeaGroup, a provider of the Industrial Internet of Things (IIoT), plant analytics, human-machine interface (HMI), and supervisory control technologies. The activity has justified offering solutions that increasingly optimize end-user energy and operating costs.

Food and Beverage Segment to Register Fastest Growth

Food and beverage companies increasingly use automated machine safety systems to reduce occupational injuries and improve production flexibility. Machine safety aids in increasing operational transparency across production lines and guaranteeing regulatory compliance.
The food and beverage business aspires to produce high-quality, consistent goods cheaply. This can be accomplished by executing an integrated approach of automated safety control systems, such as machine safety solutions, to make food and beverage operations more flexible, safer, and lucrative.
Various firms are engaged in automation and providing machine safety solutions that are correctly planned and implemented to boost productivity and profitability in the food and beverage industry. For instance, Rockwell Automation released the "iTRAK5730,"an automated track system. This solution is specifically intended to respond to these trends and assist in enhanced throughput in food and beverage businesses, which are continually under pressure to package an enormous variety of products in more forms of packaging without compromising productivity and safety.
For Instance, in January 2021, MFDSintroduced the automatic labeling system "Food Label Bot."This system is designed to assist enterprises in producing food labels efficiently. After inputting the essential information, the system will provide an example of the food label.

Competitive Landscape

The South Korea Factory Automation and Industrial Controls Market is highly competitive, with the presence of a few globally operating companies. Those companies have been continuously investing in making strategic partnerships and product developments to gain more market share.

August 2022 - Rockwell Automation, Inc., the global company dedicated to industrial automation and digital transformation, announces an unprecedented partnership with Bravo Motor Company, a California-based business offering applied innovation around decarbonization, with a focus on the production of batteries, vehicles, and energy-storage systems.

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