The commercial industrial gas market in South Korea was estimated to have generated revenues of $1.87bn in 2018. This was up from around $1.11bn in 2008, indicating an average annual growth rate of 5.4% p.a. for the decade.
Between 2008 and 2018 nominal GDP grew by an average of 5.5% p.a. South Korea has not experienced a period of recession over the course of the last decade. However, economic growth did slow during the worst year of the financial crisis to a rate of 4.3% in 2009.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 2.7% p.a. in a low scenario to 4.7% p.a. in a high scenario. Accordingly, the industry in South Korea is expected to achieve revenues of between $2.14bn to $2.35bn by 2023.
Published: 2020
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