Posted On: 2020-01-06
Port equipment segment acquired the largest revenue share in the overall construction, port and mining equipment market of South Korea in 2018 -6Wresearch
Increasing infrastructural projects and upcoming emission regulations resulting in innovations in the product line are the key drivers for the growth of construction, mining and port equipment market in South Korea. However, high installation and maintenance costs serves as a possible restraint for the market of South Korea as the CMP equipment involves high cost for installing this equipment may prove to be relatively very high resulting in high capital investment to set up this equipment.
According to 6Wresearch, South Korea construction, port and mining equipment market is projected to grow at a CAGR of 2.8% during 2019-2025. In South Korea, the port equipment segment captured majority of the revenue share in 2018 for the overall construction, port and mining equipment market. This is on account of government funded infrastructural development plan of two new piers in Busan Port and redevelopment of other ports in the country. Further, among all the construction, port and mining equipment, port equipment are expected to rise in correspondence to increasing trans-shipment activity on South Korean ports over the coming years.
According to Navneet Aggarwal, Research Associate, Research and Consulting, 6Wresearch, “Excavators dominated the underground mining equipment market, as majority of the operations in the mining sector are driven by the utility of excavators for all types of mining operations and majorly across coal mining operations.”
“In the underground mining equipment market, the demand for dozers is expected to increase during the forecast period, due to vast industrial increment in the utility of the product”, Navneet further added.
According to Siddharth Saxena, Research Associate, Research and Consulting, 6Wresearch, “In 2018, the rotary segment acquired majority of the revenue share in the overall air compressor market followed by centrifugal air compressors and reciprocating air compressors, respectively. The rotary compressors are more prominent for the application of supply of air for larger industrial applications including mining, operating electrical machinery amongst others."
" The centrifugal air compressors acquired majority of the volume share in the overall air compressor market in 2018, as these air compressors provide higher airflow due to lower kinetic friction exerted between the equipment part, generating greater levels of efficiencies," Siddharth further added.
Some of the major companies in the South Korea construction mining and port equipment market include Doosan, ZPMC, Komatsu, Konecranes, Liebherr International, Epiroc, amongst others.
"South Korea Construction, Port and Mining Equipment Market (2019-2025)" provides an in-depth analysis with 113 figures and 8 tables covered in over 131 pages. The report estimates and forecast the overall South Korea construction, port and mining equipment market by equipment type and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers, which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.