Republic of Korea: Market for Instruments for Measuring Electrical Quantities 2024

Market Size for Instruments for Measuring Electrical Quantities in Republic of Korea

In 2021, the South Korean market for instruments for measuring electrical quantities increased by 44% to $X, rising for the second year in a row after three years of decline. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Instruments for Measuring Electrical Quantities in Republic of Korea

In value terms, instruments for measuring electrical quantities production dropped slightly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 56%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Exports of Instruments for Measuring Electrical Quantities

Exports from Republic of Korea

In 2021, approx. X units of instruments for measuring electrical quantities were exported from South Korea; with a decrease of -2.4% on 2020 figures. In general, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 44% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, instruments for measuring electrical quantities exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 76% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

India (X units), the United States (X units) and China (X units) were the main destinations of instruments for measuring electrical quantities exports from South Korea, together accounting for 42% of total exports. These countries were followed by Poland, Vietnam, Hungary, the Czech Republic, Mexico, Turkey, Brazil, the United Arab Emirates, Slovakia and Russia, which together accounted for a further 49%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +95.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for instruments for measuring electrical quantities exported from South Korea were Poland ($X), the United States ($X) and China ($X), together comprising 58% of total exports.

Poland, with a CAGR of +126.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for instruments for measuring electrical quantities stood at $X per unit in 2021, increasing by 18% against the previous year. In general, the export price recorded a remarkable increase. The pace of growth was the most pronounced in 2020 an increase of 76% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Poland ($X per unit), while the average price for exports to Hungary ($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 China (+15.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Instruments for Measuring Electrical Quantities

Imports into Republic of Korea

In 2021, overseas purchases of instruments for measuring electrical quantities decreased by -9.4% to X units, falling for the third consecutive year after two years of growth. Overall, imports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2015 when imports increased by 50%. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, instruments for measuring electrical quantities imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 37% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of instruments for measuring electrical quantities to South Korea, with a 72% share of total imports. Moreover, instruments for measuring electrical quantities imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. The third position in this ranking was taken by Japan (X units), with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.5% per year) and Japan (-7.9% per year).

In value terms, China ($X) constituted the largest supplier of instruments for measuring electrical quantities to South Korea, comprising 42% of total imports. The second position in the ranking was held by the United States ($X), with a 20% share of total imports. It was followed by Japan, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +30.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.5% per year) and Japan (+2.5% per year).

Import Prices by Country

In 2021, the average import price for instruments for measuring electrical quantities amounted to $X per unit, rising by 29% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, instruments for measuring electrical quantities import price increased by +68.8% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+15.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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