[BizLeader] Hwang Jae-woo, CEO of Samyoung ENC: "No.1 Domestic Marine Electronic Equipment... Entering 1800 Trillion UAM Market"

Hwang Jae-woo, CEO of Samyoung ENC.

[Asia Economy Reporter Jang Hyowon] “Future mobility is a new growth engine. The collision avoidance AIS (Automatic Identification System) and communication systems used in ships share similar basic technologies with those used in drones and light aircraft. We are preparing to enter the Urban Air Mobility (UAM) market leveraging over 10 years of dedicated marine vessel technology.”

Hwang Jae-woo, CEO of Samyoung ENC, stated this in an interview with Asia Economy on the 14th.

Founded in 1978, Samyoung ENC is a marine digital specialized company focusing on maritime electronic communication equipment manufacturing. The company has succeeded in domestic production of over 30 types of ship electronic equipment that were previously imported, exporting products to about 60 countries.

The product lineup includes GPS plotters (ship navigation), AIS (Automatic Identification System), HF communication systems, AutoPilot (automatic steering equipment), and GMDSS (Global Maritime Distress and Safety System). Samyoung ENC is currently developing digital radar for large vessels as a government project.

CEO Hwang said, “The development of the only domestic ship digital radar integrated with marine navigation is nearing completion. This is the result of more than 10 years of research and refinement.”

He added, “UAM and autonomous ships are attracting attention as future mobility, and companies are rushing to enter the market. The Ministry of Land, Infrastructure and Transport is leading related projects with airlines, mobile carriers, and defense companies, but currently, ultralight aircraft operating domestically use automotive navigation systems installed individually.”

He continued, “Automotive navigation only provides current location information and does not offer essential data such as travel routes or destination information. We are reviewing the possibility of applying our marine navigation technology, communication technology, AutoPilot, and AIS technology to the UAM sector.”

He also expressed confidence, saying, “Through Samyoung ENC’s overseas agencies in about 60 countries and over 140 locations, we believe we can secure a sufficient advantage in capturing overseas markets.”

Recently, the Korea Research Institute of Ships and Ocean Engineering succeeded in outdoor demonstration tests of an autonomous ship. Earlier, HD Hyundai’s autonomous navigation specialist company Avikus, which achieved the world’s first autonomous ocean crossing, is reviewing investment attraction in the second half of this year and is reportedly aiming for a long-term IPO.

Samyoung ENC possesses products related to autonomous navigation such as AIS and automatic steering equipment. AIS automatically transmits and receives real-time navigation information including ship position, course, and speed to prevent collisions.

Currently, Samyoung ENC is upgrading core equipment, focusing on marine navigation and communication devices, and e-navigation ship terminals, planning to make them new cash cows in the next one to two years.

Meanwhile, according to industry sources, the digital marine traffic information market is expected to grow to 290 trillion KRW over the next 10 years, driven by the introduction of marine navigation. The autonomous ship and related equipment market is projected to reach about 280 trillion KRW by 2028, and the global UAM market size is forecasted to be approximately 1,800 trillion KRW by 2040.