Security Services and Products Market in South Korea

A Hot Tip about Administration, Defense and Security in South Korea

Posted on: 5 Jan 2010

Overview

The Korean security market should continue to exceed USD 2 billion per annum in the foreseeable future as planned large-scale infrastructure projects move forward as part of Korea’s economic stimulus plan. The market is dominated by security guard services and leased and installed equipment that make up for over 45 percent of the total security market. CCTV/DVD Surveillance and Access Control equipment segments occupied 32 percent and 12 percent share of the total market respectively.

 

U.S. firms are the major suppliers of airport and port security equipment, which includes X-ray scanning systems, computerized tomography scanners, magnetometers, handheld detectors and explosive trace detectors. U.S. imports accounted for 30 percent of the port security market. With port expansion occurring at Busan, Incheon and Pyongtaek, market opportunity will remain strong.

 

Best Products/Services

Detection units for passenger baggage and cargo screening and their parts & components - Drug/explosive detect/analyzing systems - Security systems integration for ports and airports (C4ISR) - Container Screening systems

 

Opportunities

The local security equipment manufacturing industry’s technology level lags behind that of the major NATO member countries, especially in the area of providing high-end security solutions and C4ISR infrastructure to meet end-user requirements. As a result, the industry’s major Korean players, who are also systems integrators, are seeking opportunities to develop top-notch technology in cooperation with foreign companies.

 

Government agencies are end-users for integrated systems for security devices and command and control infrastructure. In particular, airports, ports, and customs offices are seeking advanced integrated security systems devices. U.S. companies have a larger share of the Korean market for X-ray detection systems and container inspection systems than European and Japanese firms. U.S. systems, certified by the Transportation Security Administration (TSA) and the Federal Aviation Administration (FAA), should have market opportunities in Korea due to confidence in the quality of systems. U.S. companies are encouraged to monitor government procurement plans and establish consortia with prime Korean contractors in systems integration.

 

 

Read the full market research report


Posted: 05 January 2010

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