한국의 시그널
반도체와 바이오, 2차전지를 비롯한 한국 주요 산업의 최근 움직임을 NRG 서울 팀이 정리합니다.
A fifth of the wafers, a tenth of the bits.
High-bandwidth memory is the part every AI accelerator needs and almost nobody can make. In 2026 the world's three largest memory makers will spend about a fifth of their DRAM wafer starts on it and get back under a tenth of the world's DRAM bits — a product that destroys capacity in order to exist. That ratio, rather than demand, is what governs this market: it puts the allocation decision back on the table every quarter, and it makes 2027 a supply question before it is a demand one. This is a study of that market, read through the companies that hold its seven layers. No valuation and no price target.
Korea Market Series · N° 01 · 2026년 8월 12일
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Grid EquipmentWhat you buy here is a place in the queue.
A power transformer ordered today came back, on the most recent industry survey available, in 128 weeks. A generator step-up unit took 144. Switchgear took 44. In a market where six suppliers carry a forward book worth about five times the largest annual reading of the entire world market, the delivery date does more work than the price — it rations the product, it sets what a slot is worth, and it decides which numbers carry information. Seven layers stand between a coil of electrical steel and an energised substation, and the queue runs through all of them. No valuation and no price target.
Korea Market Series · N° 02 · 2026년 8월 14일
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Defense ExportA signature in 2025, a first delivery in 2030.
Korea signed US$15.4bn of defense export contracts in 2025, 60.4% more than the year before, and holds 820 pending export orders for tanks and fire-support vehicles — the largest such queue in the world. Neither figure is revenue. The fastest commitment on the record, Poland's first executive K9 contract of August 2022, delivered all 212 howitzers inside three years. The slowest, a Chunmoo contract signed at the end of December 2025, does not begin delivering until 2030. What this market actually is, is the distance between those two schedules. The orderbook is not the question. The conversion rate is. No valuation and no price target.
Korea Market Series · N° 04 · 2026년 8월 14일
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Payment InfrastructureThe invaders became tenants.
Korea is, by one common measure, the most thoroughly carded society on earth — roughly 84% of transactions are cashless, and card payments average KRW 3.5 trillion a day. Underneath every tap runs a piece of plumbing most countries never built: the VAN, an independent middleman that owns the terminal, relays the authorization message and never touches the money. The layer cleared 26.40 billion transactions in 2025, the fee that funds it is set by regulation rather than by markets, and the wallet platforms that were expected to replace it have ended up building their newest terminal networks on top of it instead. This is a study of that machine through its largest operator, Korea's NICE Information & Communication.
NICE I&C · 2026년 7월 6일
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Imaging & DetectorsIt ships more detectors every year — and earns less on each one.
Every year the world takes more X-ray images, and every year the panel that captures them sells for less. The merchant flat-panel-detector market is a textbook case of what one imaging-research house calls 'rising volumes, falling prices': unit demand compounds in the mid-single digits while the price of a detector erodes, and the value migrates up to the systems, software and AI wrapped around it. This is a study of that market — its commoditizing core, the faster machine-vision business detector makers run beside it, and the Chinese supply that is both its biggest demand engine and its sharpest margin threat — read through Korea's Vieworks, the one Korean merchant detector maker that stayed profitable while its peers went into the red.
Vieworks · 2026년 6월 17일
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Games & InteractiveA twenty-year-old game that won't stop paying — until it does.
Every year the world spends more on games, and every year a little less of that money flows to the genre Korea built its industry on. Korea's mobile-MMORPG market is in structural decline — its share of mobile-RPG revenue fell from 78.8 to 56.2 percent in four years as spending rotated to sub-culture and idle titles. Yet the two-decade-old trademarks underneath it keep paying: a legacy MMORPG IP does not decay, it re-platforms, resetting its revenue in a sawtooth with the richest royalties earned in China behind a political publishing gate. This is a study of that market, read through Korea's Webzen — the cohort's margin king, living off a single twenty-year-old trademark, MU.
Webzen · 2026년 6월 17일
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투자사와 컨설팅사, 기업의 리서치 팀이 한국 산업의 실무 경험을 찾습니다. 프로필을 등록해 두시면 맞는 프로젝트가 있을 때 연락드립니다.
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한국 기업과 산업, 규제 변화를 다룬 NRG 자체 리서치입니다.