Chicago, June 19, 2023 (GLOBE NEWSWIRE) -- According to a research report South Korea Industrial Robotics Market by Type (Traditional, Collaborative Robots), Component, Payload, Application (Handling, Processing), Industry (Automotive, Food & Beverages) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027", published by MarketsandMarkets, South Korea Industrial Robotics Industry to Grow at a CAGR 44.5% from 2022 to 2027.
Electrical & electronics industry likely to propel industrial robotics market share.
South Korea is one of the most technologically advanced countries in the world. It has been among the leading countries in industrial robot usage worldwide, with the industry officially supported and developed by the government. However, despite the significant demand from the country, South Korea does not account for any industrial robots industry companies.
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ith 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 robot industry. 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 and automated machines. The Smart Manufacturing Innovation Strategy announced the build-up of 50,000 smart factory workers by 2022. The Third Robot Basic Plan, with a runtime of five years, will support training 2,200 workers for small and medium-sized enterprises by 2023.
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 industrial robotics market size in the country. However, there may be new opportunities for manufacturing automotive electronics through joint ventures with electronic manufacturers such as Samsung. South Korea is the third-largest manufacturer of electronics (displays and computer chips); the growth of the electronics industry is expected to drive the demand for industrial robots. South Korea is expected to remain a significant market for industrial robots in APAC after China and Japan.
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Top Key Market Players in Industrial Robotics companies
- FANUC Corporation (FANUC (Japan)),
- ABB (Switzerland),
- Yaskawa Electric (Yaskawa (Japan)),
- KUKA (Germany),
- Mitsubishi Electric (Japan),
- Kawasaki Heavy Industries (Japan),
- DENSO (Japan),
- Nachi-Fujikoshi (Japan),among others
See Also :
China Industrial Robotics Market
Germany Industrial Robotics Market
UK Industrial Robotics Market
Japan Industrial Robotics Market
France Industrial Robotics Market
