Republic of Korea: Gas Supply Meter Market 2024

Gas Supply Meter Market Size in Republic of Korea

The South Korean gas supply meter market declined to $X in 2021, falling by -14.5% against the previous year. In general, consumption, however, posted a prominent expansion. Gas supply meter consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Gas Supply Meter Production in Republic of Korea

In value terms, gas supply meter production declined to $X in 2021 estimated in export price. In general, production, however, saw a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 51% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Gas Supply Meter Exports

Exports from Republic of Korea

In 2021, gas supply meter exports from South Korea surged to X units, with an increase of 37% on the previous year. Overall, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +48.0% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 51%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, gas supply meter exports skyrocketed to $X in 2021. In general, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +51.3% against 2018 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 40% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X units) was the main destination for gas supply meter exports from South Korea, accounting for a 52% share of total exports. Moreover, gas supply meter exports to Colombia exceeded the volume sent to the second major destination, Brazil (X units), twofold. The third position in this ranking was held by Indonesia (X units), with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia amounted to +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+15.7% per year) and Indonesia (+24.3% per year).

In value terms, the largest markets for gas supply meter exported from South Korea were Brazil ($X), Colombia ($X) and Indonesia ($X), together comprising 65% of total exports. Lithuania, Mexico, Israel, Chile, Bangladesh, Taiwan (Chinese) and India lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, Bangladesh, with a CAGR of +172.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gas supply meter export price stood at $X per unit in 2021, reducing by -10.8% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 20%. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to Colombia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Gas Supply Meter Imports

Imports into Republic of Korea

In 2021, supplies from abroad of gas supply or production meters decreased by -33.1% to X units, falling for the fourth consecutive year after two years of growth. Over the period under review, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 26%. Over the period under review, imports reached the maximum at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, gas supply meter imports dropped modestly to $X in 2021. In general, imports showed a perceptible setback. The pace of growth was the most pronounced in 2016 when imports increased by 25% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X units), Poland (X units) and the Netherlands (X units) were the main suppliers of gas supply meter imports to South Korea, with a combined 82% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +15.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X) constituted the largest supplier of gas supply or production meters to South Korea, comprising 51% of total imports. The second position in the ranking was held by Poland ($X), with a 19% share of total imports. It was followed by the Netherlands, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+10.5% per year) and the Netherlands (+20.6% per year).

Import Prices by Country

In 2021, the average gas supply meter import price amounted to $X per unit, picking up by 47% against the previous year. Overall, the import price showed resilient growth. The pace of growth appeared the most rapid in 2020 an increase of 72% against the previous year. The import price peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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