South Korea Equipment As A Service Market Size & Outlook
Global Market
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South Korea equipment as a service market highlights
- The South Korea equipment as a service market generated a revenue of USD 33.4 million in 2023 and is expected to reach USD 662.6 million by 2030.
- The South Korea market is expected to grow at a CAGR of 55.7% from 2024 to 2030.
- In terms of segment, cnc machines was the largest revenue generating equipment in 2023.
- CNC machines is the most lucrative equipment segment registering the fastest growth during the forecast period.
Equipment as a service market data book summary
| Market revenue in 2023 | USD 33.4 million |
| Market revenue in 2030 | USD 662.6 million |
| Growth rate | 55.7% (CAGR from 2024 to 2030) |
| Largest segment | Cnc machines |
| Fastest growing segment | CNC machines |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Compressor, Pump, Power Tools, Ground Power Units, Laser cutting machines, Printing Machines, CNC machines, Material handling system, Packaging Machine, Excavators, Cranes, Turning and milling machines |
| Key market players worldwide | Atlas Copco AB ADR, Heidelberger Druckmaschinen AG, Desktop Metal Inc Ordinary Shares - Class A, Siemens AG, Dmg Mori Co Ltd, Hilti Group, Metso Corp, TRUMPF, Kaeser Kompressoren, SMS Group, Arnold Machine Inc., Uteco Converting, Volvo AB Class B, Maschinenfabrik HEID, Sk Laser, Tamturbo |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.2% of the global equipment as a service market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China equipment as a service market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,491.2 million by 2030.
South Korea has experienced remarkable economic and industrial development with an increasing emphasis on export-oriented industrialization, technological advancements, innovation, and a highly skilled workforce.
According to the information published by the International Trade Administration in August 2022, the construction industry in South Korea registered a growth of 9.2% in 2021, and services overseas accounted for approximately 14% of Korean construction firms' total revenue in 2021.
The adoption of equipment as a service in the industry for various construction equipment, such as air compressors, cranes, and pumps, can further assist it in meeting its growing overseas demand at a lower cost.
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Equipment As A Service Market Scope
Equipment As A Service Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Siemens AG | View profile | 321,000 | Werner-von-Siemens-Strabe 1, Munich, BY, Germany, 80333 | www.siemens.com |
| Hilti Group | View profile | 10001+ | Schaan, Schaan, Liechtenstein, Europe | www.hilti.group/content/hilti/CP/XX/en.html |
| Atlas Copco AB ADR | View profile | 53,728 | Sickla Industrivag 19, Nacka, Stockholm, Sweden, SE-105 23 | www.atlascopcogroup.com |
| Heidelberger Druckmaschinen AG | View profile | 9,565 | Kurfursten-Anlage 52-60, Heidelberg, BW, Germany, 69115 | www.heidelberg.com |
| Metso Corp | View profile | 17,121 | Rauhalanpuisto 9, Helsinki, Finland, 02330 | www.metso.com |
| Desktop Metal Inc Ordinary Shares - Class A | View profile | 950 | 63 3rd Avenue, Burlington, MA, United States, 01803 | www.desktopmetal.com |
| Dmg Mori Co Ltd | View profile | 13,484 | 2-35-16 Meieki, Nakamura-ku, Aichi, Nagoya City, Japan, 450-0002 | www.dmgmori.co.jp |
| TRUMPF | View profile | 1001-5000 | Ditzingen, Baden-Wurttemberg, Germany, Europe | www.trumpf.com/de_DE/ |
| Kaeser Kompressoren | View profile | 5001-10000 | Coburg, Bayern, Germany, Europe | www.kaeser.com/ |
| SMS Group | View profile | 10001+ | Düsseldorf, Nordrhein-Westfalen, Germany, Europe | www.sms-group.com/ |
South Korea Equipment As A Service Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Equipment As A Service Market Outlook will help companies and investors design strategic landscapes.
Cnc Machines was the largest segment with a revenue share of 21.86% in 2023.
Horizon Databook has segmented the South Korea equipment as a service market based on air compressor, pump, power tools, ground power units, laser cutting machines, printing machines, cnc machines, material handling system, packaging machine, excavators, cranes, turning and milling machines covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea has experienced remarkable economic and industrial development with an increasing emphasis on export-oriented industrialization, technological advancements, innovation, and a highly skilled workforce.
According to the information published by the International Trade Administration in August 2022, the construction industry in South Korea registered a growth of 9.2% in 2021, and services overseas accounted for approximately 14% of Korean construction firms' total revenue in 2021.
The adoption of equipment as a service in the industry for various construction equipment, such as air compressors, cranes, and pumps, can further assist it in meeting its growing overseas demand at a lower cost.
- South Korea Equipment As A Service Market Equipment Outlook (Revenue, USD Million , 2018-2030)
- Air Compressor
- Pump
- Power Tools
- Ground Power Units
- laser cutting machines
- Printing Machines
- CNC machines
- Material handling system
- Packaging Machine
- Excavators
- Cranes
- Turning and milling machines
- South Korea Equipment As A Service Market End-use Outlook (Revenue, USD Million , 2018-2030)
- Construction
- Material Handling
- Mining
- Manufactruing
- Packaging
- South Korea Equipment As A Service Market Financing Models Outlook (Revenue, USD Million , 2018-2030)
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Equipment As A Service Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Equipment As A Service Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Equipment As A Service Market, 2018-2030 (US$M)
South Korea equipment as a service market statistics, by equipment, 2018-2030 (US$M)
