Korean Marine Equipment Makers Seek Ways to Boost Their Global Presence amidst Fierce Competition

For the global marine equipment industry, the demand for developing newer technology is increasing with the rising demand for high-value vessels, coupled with the growing need for offshore drill ships and related facilities development.

In response to the changing global shipbuilding market and the marine equipment market, most of Korea’s small and medium-sized marine equipment manufacturers are seeking ways to develop stronger capability to develop advanced technology, escaping from their positions as manufacturers of simply producing marine equipment.

Korea’s marine equipment manufacturers were being significantly affected by the nation’s shipbuilders’ order performances from overseas markets, which saw their decreased growth in order quantities for a considerable time because of the sluggish global economy.

The recent signals in the global shipbuilding markets, including the increasing trend toward the manufacturing of multi-purpose vessels, the growing necessity of replacing the existing old ships, the growing demand for development of new concept vessels, and growing requirement for higher functionequipped ships, are growing into a positive aspect of challenges both for the nation’s shipbuilders and marine equipment makers.

Since 2010, the orders for marine plant-related vessels including drill ships, semi-rig, FPSO, fixed platform, etc. has increased. In line with this situation, development and production of various kinds of essential equipment for those vessels led by the nation’s advanced institutes is being carried out.

In order for the nation’s medium- and small-sized companies to effectively meet such big challenges through developing and manufacturing equipment deserved to be fully applied at the globally demanded high-profile vessels, insufficient but new attempts of the various levels of measures, including shifting their energy to the intensified R&D led by some leading equipment makers.

Korea has the world’s No.1 shipbuilding industry competitiveness in terms of design, manufacturing, and management, focused on high value-added vessels, but the corresponding capacity to design and manufacture technologies of quality marine equipment falls short of those of shipbuilding.

An observer familiar with the nation’s current marine equipment industry said “The dependency of South Korea’s marine equipment especially in the advanced technologies that are keys to the majority of the highly required highprofile vessels on the overseas markets is regrettably still almost 100%. In terms of the marine equipment’s quality that is connected to the performance of the certain vessels, raising strong marine equipment manufactures is of essential to the boosting not only of the marine equipment industry, but also the shipbuilding industry, as well.”

There are two main regions comprising the nation’s shipbuilding industry – South Jeolla Province(Yeongam County); and Busan& Gyeongnam Province. Including the world’s sixth large-scale shipbuilder, Hyundai Samho Heavy Industries, the nation’s two representative medium-sized shipbuilders, Daehan Shipbuilding and Shin Heavy Industries are located in the former region. More than 70percent of companies operating in the Daebul Industrial Complex in Yeongam are, in particular, engaged in manufacturing toplevel shipbuilding & marine equipment and leisure boats(yachts) forming a mega-sized shipbuilding cluster.

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