Chicago, July 06, 2023 (GLOBE NEWSWIRE) -- According to a research report South Korea Collaborative Robot Market by Component, Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Handling, Processing), Industry (Automotive, Electronics, Healthcare, Furniture & Equipment) and Geography - Global Forecast to 2028", published by MarketsandMarkets, South Korea Collaborative Robot Industry to Grow at a CAGR 44.5% from 2022 to 2028.
A significant number of cobots deployed in automotive and electronics industries
South Korea is one of the most technologically advanced countries in the world. It has been among the leading countries in collaborative robot (cobots) usage worldwide, with the industry officially supported and developed by the government. However, despite the country’s significant demand, South Korea has no cobot market leaders. With the advent of Industry 4.0 and the imminent adoption of disruptive technologies in smart factories, South Korean companies were pushing toward developing their competencies in the collaborative robot industry.
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The Workforce Development and Training Act, updated in 2019, is an important initiative in a series of government-driven programs. Under the Act, people can learn how to handle robots, cobots, and automated machines. The Smart Manufacturing Innovation Strategy announced the build-up of 50,000 smart factory workers by the end of 2022. According to the 2021 World Robotics Statistics released by the International Federation of Robotics, an average of 126 robots are used per 10,000 employees in manufacturing industries worldwide. The density level has nearly doubled from the previous figure of 66 robots five years ago. South Korea is ranked as having the world’s highest robot density in manufacturing industries, with 932 robots per 10,000 employees.
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South Korea is one of the world’s largest producers of motor vehicles. Some domestic brands, such as Kia Motors, have moved their production to other countries, which hampers the collaborative robot market in the country. However, there may be new opportunities for manufacturing automotive electronics through joint ventures with electronic manufacturers such as Samsung using cobots. South Korea is the third-largest electronics manufacturer (displays and computer chips); the growth of the electronics industry is expected to drive the demand for collaborative robots. South Korea is expected to remain a significant market for collaborative robots in the Asia Pacific after China and Japan.
Top Key Market Players in UK Collaborative Robot companies
- Universal Robots A/S (Denmark),
- FANUC Corporation (Japan),
- ABB (Switzerland),
- Techman Robot Inc (Taiwan),
- KUKA AG (Germany),
- Doosan Robotics Inc. (South Korea),
- Denso Corporation (Japan),
- Yaskawa Electric Corporation (Japan) among others
See Also :
China Collaborative Robot Market
Germany Collaborative Robot Market
UK Collaborative Robot Market
Japan Collaborative Robot Market
France Collaborative Robot Market
