International Water Industry Exhibition held at KINTEX in Goyang, Gyeonggi Province (Yonhap)
SEOUL, April 1 (Korea Bizwire) — South Korea’s water industry has surpassed a significant milestone, with total revenue reaching ₩50.997 trillion in 2024, accounting for 2.1 percent of the nation’s gross domestic product, according to new government data released Sunday by the Ministry of Environment.
This marks the first time since data collection began in 2011 that the sector’s revenue has exceeded ₩50 trillion. Compared to 2023, the water industry saw a 2.6 percent increase in revenue, defying broader economic slowdowns that have affected other sectors.
The number of businesses operating in the industry rose to 18,075 in 2024, up 3 percent from the previous year. Over half (50.9 percent) of these firms were engaged in water-related construction, followed by manufacturers of water-related products (30.8 percent) and providers of scientific, design, and engineering services (9.8 percent).
Manufacturing accounted for the largest share of revenue at ₩27.157 trillion, while construction followed with ₩14.975 trillion.
The industry also saw moderate employment growth. The number of workers increased by 1.7 percent year-over-year to 211,385, continuing a five-year upward trend in job creation.
Abroad, 450 Korean water companies operated internationally in 2024, with nearly 90 percent involved in product manufacturing. Water-related exports totaled ₩2.068 trillion, a slight increase of 0.6 percent from the previous year.
However, only 19.8 percent of companies reported investing in research and development. Total R&D spending by these firms amounted to ₩854.5 billion.
“The growth of the water industry stands out amid declining revenues in other sectors,” the Environment Ministry noted. “This highlights its resilience during a challenging economic climate.”
Looking ahead, industry analysts expect continued momentum into 2026 as global demand for sustainable water technologies grows.
Ashley Song (ashley@koreabizwire.com)
