Summary

South Korea is a developed country with a strong industrial base, and hence, there is a significant demand for generators to power various industries, commercial establishments, and residential areas. The market for generator sales in South Korea is primarily driven by factors such as increasing power demand, frequent power outages, and the need for backup power supply. There is a growing trend towards eco-friendly and sustainable generators in South Korea, driven by increasing environmental concerns and government regulations. As a result, there is a rising demand for gas generators, which emit lower levels of pollutants compared to diesel generators. The construction industry in South Korea is expanding, leading to a significant demand for generators to power construction sites. This trend is expected to continue, fueled by government initiatives to boost infrastructure development and urbanization. The rising infrastructure and residential sector is propelling the market growth of Generator sales in South Korea. The increasing population and economic growth in South Korea are leading to a rise in the demand for electricity. This is driving the growth of the generator sales market as generators are used as a backup power source during power outages. The growing residential and commercial sector in South Korea is propelling the market.

According to the research report "South Korea Generator Sales Market Overview, 2028," published by Bonafide Research, The South Korea Generator Sales market is anticipated to grow at above 6.32% CAGR from 2023 to 2028. New innovations are continually being developed in the generator sector. Variable-speed drives (VSDs), intelligent controls, and fuel cells are a few of the major technological advancements in the generator sector. While intelligent controls can help increase the dependability and performance of generators, VSDs can help increase their efficiency. A promising new technology that can be used to produce electricity without producing any pollutants is fuel cells. The South Korean government offers tax incentives for the purchase of generators. This makes them more affordable for businesses and consumers. The tax incentives vary depending on the size and type of generator. For example, businesses may be eligible for a tax credit of up to 30% of the purchase price of a generator. The South Korean government provides financial assistance for the installation of generators. This can help businesses and consumers to offset the cost of installation. The financial assistance is available through a number of programs, including the Korea Energy Efficiency Corporation (KEECO) and the Korea Rural Community Corporation (KRC). The South Korean government has regulations in place that require businesses to have backup power in case of a power outage. This is driving the demand for generators. The regulations require businesses with certain types of equipment, such as hospitals and data centers, to have backup power. The backup power must be able to provide power for a certain period of time, depending on the type of business.

According to the fuel type segment the market of South Korea is segmented into, Diesel, Gas, Others (LPG, biofuel, coal gas, producer gas, gasoline, and propane gas). The diesel fuel generators are leading the market with highest market share. In the forecast period it is anticipated that gas generators will grow with highest CAGR in the market of South Korea. South Korea has been actively promoting the use of clean energy sources and reducing reliance on fossil fuels for power generation. The government has implemented policies and incentives to encourage the adoption of clean energy technologies, including gas generators. Gas generators produce lower emissions compared to diesel or petrol generators, aligning with the country's sustainability goals. Furthermore, South Korea has access to abundant natural gas resources and a well-established infrastructure for its distribution. Natural gas is a relatively affordable and accessible fuel option compared to other fossil fuels. The availability and affordability of natural gas make gas generators an appealing choice for users in terms of fuel availability and cost-effectiveness. Gas generators offer reliable power supply with fewer disruptions. They have a quick start-up time and can provide power almost instantaneously when the main grid experiences an outage. This reliability makes gas generators suitable for critical applications where uninterrupted power supply is crucial, such as healthcare facilities, data centers, and telecommunications infrastructure.

According to application include, Standby, Peak shaving, Prime and continuous. The standby application is significantly dominating the market of generator sales in South Korea. In the future it is expected that prime and continuous application will grew at highest CAGR in the market of South Korea. South Korea has a strong industrial and commercial sector that requires a reliable and continuous power supply. Prime and continuous generators are designed to provide a consistent power output for extended periods, making them suitable for meeting the power demands of industrial facilities, manufacturing plants, commercial buildings, and large-scale operations. These generators ensure uninterrupted operations and help prevent production losses due to power outages. South Korea has been investing in infrastructure development projects, including construction, transportation, and energy facilities. These projects often require reliable and continuous power supply during the construction phase or for ongoing operations. Prime and continuous generators are capable of meeting the power demands of such infrastructure projects, providing a reliable source of electricity until a permanent power supply is established. In addition, South Korea's rapid urbanization and population growth have led to an increased demand for electricity in urban areas. Prime and continuous generators are well-suited to meet the power requirements of densely populated cities and urban centers. They provide a reliable backup power solution during peak demand periods, ensuring that essential services and critical infrastructure can operate smoothly.

Based on End user, the market is segmented into industrial, commercial and residential. The industrial is significantly leading the market of generator sales in South Korea. South Korea has a strong manufacturing sector, including industries such as automotive, electronics, shipbuilding, and petrochemicals. These industries have high power requirements to operate machinery, production lines, and critical systems. Industrial end users rely on generators to ensure uninterrupted power supply, minimize production downtime, and protect sensitive equipment from power fluctuations. With the growth of digitalization and information technology, the demand for data centers has increased. Data centers require a reliable and continuous power supply to ensure the availability and integrity of critical data and IT infrastructure. Industrial end users, including data center operators and cloud service providers, heavily rely on generators as backup power sources to protect against power outages and ensure uninterrupted data services. South Korea has remote areas and offshore installations where access to the electrical grid is limited. Industrial end users operating in remote locations, such as oil and gas exploration sites or remote mining operations, rely on generators as the primary source of power. These generators provide a reliable and independent power supply for the operation of equipment and facilities in isolated areas.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea Generator Sales market with its value and forecast along with its segments
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Fuel Type
• Diesel
• Gas
• Others (LPG, biofuel, coal gas, producer gas, gasoline, and propane gas)

By Application
• Standby
• Prime & Continuous
• Peak Shaving

By End User
• Industrial
• Commercial
• Residential

By Power Ratings
• Below 100 kVA
• 100–350 kVA
• 350–1,000 kVA
• 1,000–2,500 kVA
• 2,500–5,000 kVA
• Above 5,000 kVA

By Sales Channels
• Indirect
• Direct

By Design
• Stationary
• Portable

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Smart Lighting industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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