By 2028, the construction equipment market in South Korea is expected to reach $2.5 billion. Green Hydrogen Fuel-Based Construction Equipment Driving Growth - Arizton

According to Arizton's latest research report, the South Korea construction equipment market is expected to grow at a CAGR of 4.13% during 2022-2027. South Korea intends to achieve Net Zero-emission by 2050, hence industrial companies have started to invest in Green Hydrogen Projects. Green hydrogen fuel-based construction equipment is being developed by construction equipment manufacturers such as Hyundai, Liebherr, and Caterpillar.

Click Here to Download the Free Sample Report: https://www.arizton.com/request-sample/3386

KEY HIGHLIGHTS
• The material handling equipment was the largest segment amongst others in 2021. Increasing manufacturing sites, investment in the logistics industry such as the expansion of fulfillment centers, the opening of new logistics centers, etc. and port development projects are driving demand for the material-handling equipment. The material handling equipment segment in South Korea is estimated to grow at a CAGR of 4.39% by 2028.
• The Ninth Basic Plan for Power Supply and Demand in South Korea is expected to expand renewable energy's proportion of installed capacity to 40% by 2034, up from 15.1% in 2020. To build the infrastructure to reform the electricity market in South Korea, high demand for construction equipment is expected over the forecast period. Infrastructure projects such as power plants and greenhouses will boost demand for material handling equipment as well as the overall construction equipment market in South Korea.
• Additionally, the government's efforts to promote investment will enhance the demand for construction equipment over the forecast period. To promote the public investment, the government is focusing to improve transportation and logistics systems and build smart buildings, zero energy buildings, smart cities, etc. for which the government has announced a $20 billion budget in 2021. The government is also promoting private investment, for which the government has announced a $31.2 billion worth of budget for 2021. The South Korean government is strengthening major manufacturing industries (such as machinery and equipment, mobile phones, cars, machinery including computers, household electronics, machine tools, etc.) and services by building digital, and upgrading smart factories. This will enhance the demand for construction equipment in all the major industries (Construction, Manufacturing, Mining, etc.) in South Korea.
• South Korea is experiencing severe labor shortages in industries such as construction, manufacturing, mining, etc. Due to a labor crisis, new technologies in construction equipment are in high demand to improve worker efficiency and reduce labor dependency. Hitachi, for instance, has introduced wheel loaders and excavators with automation, smart operating technology, and the Consite Hitachi Comprehensive Machine Management support system. Other major construction equipment manufacturers, such as Hyundai and Volvo, are following similar patterns and introducing new technologies such as 5G, AI, advanced analytics (IoT), etc. into their equipment to address labor shortages in the construction, manufacturing, and mining industries.

MARKET SEGMENTATION ANALYSIS
Earthmoving Equipment:
• Excavator
• Backhoe Loaders
• Motor Graders
• Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Road Construction Equipment
• Road Rollers
• Asphalt Pavers
Material Handling Equipment
• Crane
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
End Users
• Construction
• Manufacturing
• Mining
• Others

Key Vendors
• Hyundai Construction Equipment
• Komatsu
• Caterpillar
• Hitachi
• Volvo Construction Equipment
• XCMG
• SANY
• John Deere
• Kubota
Other Prominent Vendors
• Liebherr
• Kobelco Construction Machinery
• Yanmar
• Zoomlion
• JCB
Distributors Profile
• SOOSAN CSM
• HAEIN Corporation
• Daijeon Machinery

ABOUT ARIZTON:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Arizton Advisory and Intelligence
Call: +1-312-235-2040
+1 302 469 0707

This release was published on openPR.