Test & Measurement Equipment Market growth in South Korea at a CAGR of 5.6%

South Korea market to grow at 5.6% in test and measurement equipment market. South Korea is not only a hub for major automobile manufacturers but is also a prominent player in the semiconductor industry. The country conducts extensive testing of semiconductor devices and is a leading global producer of semiconductor products, including cutting-edge chips. The two largest manufacturers in South Korea, namely Samsung Electronics and SK Hynix, are pivotal in this industry.

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In 2021, the United States and South Korea collaboratively embarked on research and development initiatives and promoted financial investments in advanced manufacturing. Notably, Samsung Electronics pledged to invest USD 17 billion in constructing a second semiconductor production facility in the US. Subsequently, SK Hynix announced a USD 15 billion investment in the construction of an advanced chip packaging plant and research and development facilities in the US. Samsung is also contemplating a substantial USD 200 billion investment in eleven additional facilities in the US.

South Korea has enjoyed a positive economic outlook for roughly two decades, thanks to its strong technical foundation and evolving government policies. However, the landscape changed significantly with the outbreak of the Coronavirus. Post-pandemic, various measures were implemented to address the decline witnessed in South Korea's semiconductor and electronics market. For instance, on March 15, 2023, South Korea revealed plans to develop the world's largest semiconductor chip cluster in Yongin, Gyeonggi, with a whopping investment of USD 230 billion. Samsung, an electronics company, committed to investing approximately 300 trillion won (USD 230.8 billion) in establishing a massive semiconductor hub in South Korea. The South Korean government has also increased funding for universities as part of an ambitious strategy to bolster the semiconductor industry and maintain its global leadership in this critical sector.

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South Korea's Ministry of Science and ICT, through its K-Network 2030 policy, aims to enhance collaboration between the public and private sectors in the development of 6G technologies, software-based next-generation mobile networks, and the network supply chain. They are planning to introduce 6G network services by 2028.

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