South Korea Industrial Process Automation Market by Component (Manufacturing Execution System (MES), Distributed Control System (DCS), Programmable Logic Control (PLC), Supervisory Control & Data Acquisition (SCADA), Field Instruments, Industrial Robots, and Process Analyzers and Drives), and by End-User (Oil & Gas, Chemical & Refining, Energy & Power, Pulp & Paper, Metals & Mining, Pharmaceutical, Cement & Glass, and Others) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Semiconductor & Electronics | Publish Date: 21-Oct-2024 | No of Pages: 123 | No. of Tables: 89 | No. of Figures: 54 | Format: PDF | Report Code : SE1002
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South Korea Industrial Process Automation Market Overview
South Korea Industrial Process Automation Market size was valued at USD 1.00 billion in 2023, and is predicted to reach USD 1.80 billion by 2030, at a CAGR of 8.1% from 2024 to 2030.
The industrial process automation market refers to the industry that provides technologies and systems designed to monitor, control, and optimize industrial operations. It involves the integration of advanced computer technology, hardware, and software solutions to automate key processes such as inventory management, manufacturing, production, and quality control. The key technologies include sensors, programmable logic controllers (PLCs), human-machine interfaces (HMIs), and supervisory control and data acquisition (SCADA) systems.
This market serves industries such as oil and gas, chemical processing, food and beverage, and pharmaceuticals, where automation is crucial for improving operational efficiency, product quality, and workplace safety. By reducing costs and minimizing human error, industrial process automation enables companies to streamline their production processes, ensuring higher output with greater precision. The demand for industrial process automation solutions continues to grow as businesses seek to enhance productivity and remain competitive in an increasingly automated global manufacturing environment.
Technological Advancements and Automation Adoption Boost Industrial Process Automation Market Growth
South Korea has established itself as a global leader in innovation and automation, becoming one of the most technologically advanced economies worldwide. The nation's manufacturing sector, featuring major global players such as Samsung, LG, and Hyundai, is a key driver of this advancement. To remain competitive globally, South Korean companies are increasingly adopting industrial process automation solutions, including PLCs (Programmable Logic Controllers), DCS (Distributed Control Systems), and industrial robots.
This shift addresses challenges such as an aging population, the need for high-quality products, and the desire for enhanced operational efficiency. As a result, South Korea boasts a remarkable robot density in manufacturing, with 932 robots per 10,000 employees as of 2022, according to Next rends Asia. This high level of automation underscores the country's dedication to industrial process automation, significantly contributing to its technological and economic development.
Government Initiatives in South Korea Drive Demand for Industrial Process Automation
The South Korean government has launched initiatives to advance Industry 4.0 and smart factory technologies, particularly targeting support for small and medium-sized enterprises. These efforts are expected to increase the South Korea industrial process automation market demand for industrial process automation solutions, as smart factories rely on technologies such as industrial robots, sensors, and machine vision systems to enhance production efficiency, reduce downtime, and improve product quality. The government's plan to establish 4,500 smart factories across ten major sectors by 2025 underscores the growing emphasis on automation in the country. This support for technology adoption is a key factor driving the expansion of industrial process automation in South Korea.
Lack of Standardization Hinders the Growth of Industrial Process Automation Market
The lack of standardization is a major challenge that can limit the growth of the industrial process automation market. Without common standards, vendors may develop proprietary systems that are hard to replace or upgrade. This can result in vendor lock-in, where companies become dependent on a specific vendor’s technology, restricting their ability to switch to other vendors. Vendor lock-in often leads to increased costs, reduced flexibility, and less innovation, that negatively affect South Korea industrial process automation market growth. Companies might hesitate to invest in automation systems if they are worried about being tied to one vendor’s technology, further slowing market expansion.
Industry 4.0 Technologies Paving the Way for Future Automation Opportunities
The progress in industry 4.0 technologies, including the internet of things (IoT), cloud computing, and artificial intelligence (AI), is generating considerable opportunities for the industrial process automation market. These advancements enable companies to gather and analyze vast amounts of data in real time, offering critical insights into their operations and identifying areas for improvement. As technology continues to advance, industry participants are partnering with tech-focused firms to create new solutions based on established technologies.
Competitive Landscape
Several players key operating in South Korea industrial process automation industry include Siemens AG, Honeywell International, Schneider Electric, Mitsubishi Electric, Rockwell Automation, Emerson Electric Co., ABB Ltd., Omron Corp., Fanuc Corp., Toshiba Corp., and others.
South Korea Industrial Process Automation Market Key Segments
By Component
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Manufacturing Execution Systems
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Hardware
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Software
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Services
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Distributed Control Systems
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Hardware
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Software
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Services
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Programmable Logic Control
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Hardware
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Software
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Services
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Supervisory Control and Data Acquisition (SCADA)
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Hardware
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Software
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Services
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Field Instruments
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Industrial Robots
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Process Analyzers & Drives
By End-User
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Oil & Gas
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Chemical & Refining
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Energy & Power
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Pulp & Paper
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Metals & Mining
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Pharmaceutical
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Cement & Glass
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Others
Key Players
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Siemens AG
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Honeywell International
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Schneider Electric
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Mitsubishi Electric
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Rockwell Automation
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Emerson Electric Co.
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ABB Ltd.
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Omron Corp.
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Fanuc Corp.
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Toshiba Corp.
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 1.00 Billion |
|
Revenue Forecast in 2030 |
USD 1.80 Billion |
|
Growth Rate |
CAGR of 8.1% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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