South Korea Renewable Energy Market Insights Forecasts to 2032

• The Market Size is Growing at a CAGR of 4.9% from 2022 to 2032.
• The South Korea Renewable Energy Market Size is Expected to Hold a Significant Share by 2032.

The South Korea Renewable Energy Market Size is Expected to Hold a significant share by 2032, at a CAGR of 4.9% during the forecast period 2022 to 2032. 

Market Overview

Renewable energy is energy from a resource that is replaced by a natural process at the same or faster rate than the resource is consumed. Renewable energy is classified as a subset of sustainable energy. It captures energy from existing natural processes like wave power, flowing water, sunlight, wind, and biological processes like geothermal heat flow. The renewable energy industry has intentionally focused on solar and wind; however, a few supportive federal actions could aid in the advancement of new technologies such as green hydrogen technology, advanced batteries and other forms of storage, offshore wind, and others. Green hydrogen production and storage technologies are nearing commercialization. Renewable energy industries have helped countries achieve a better trade balance, lower consumer prices, new export markets, job opportunities, foreign exchange savings, more competitive industries, and a cleaner environment.

Report Coverage

This research report categorizes the market for the South Korea renewable energy market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea renewable energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea renewable energy market.

Driving Factors

Factors such as reduced reliance on imported fossil fuels, rising environmental awareness, and the government's push to align with the Paris Climate Accords are expected to boost demand for South Korea's renewable energy market during the forecast period. Concerns about climate change and global warming, combined with ongoing cost reductions in some renewable energy equipment, such as wind turbines and solar panels, are driving up renewable energy usage. New government spending, regulations, and policies helped the industry weather the South Korean financial crisis better than many others.

Restraining Factors

Improper resource location restrains market growth; most renewable energy installations that feed into the grid require a lot of space. Most renewable energy sources are limited, which can be discouraging to customers. To begin with, some renewable energy sources are just not available in all areas. Second, the distance between the renewable energy source and the grid is problematic in terms of cost and efficiency.

Market Segment

• In 2022, the solar energy segment accounted for the largest revenue share over the forecast period.

Based on the product, the South Korea renewable energy market is segmented into bioenergy, hydropower, wind power, and solar energy. Among these, the solar energy segment has the largest revenue share over the forecast period. It is inexpensive, provides a 'green label' for your home or business, and reduces power outages. Grid electricity experiences frequent power outages, and hydroelectric power is also susceptible to power outages during transmission; however, solar systems are more efficient in terms of transmission.

• In 2022, the industrial segment accounted for a significant revenue share over the forecast period.

Based on the application, the South Korea renewable energy market is segmented into industrial, residential, and commercial. Among these, the industrial segment has a significant revenue share over the forecast period. Growing demand for clean electricity is expected to increase the number of utility projects and fuel PV module market growth across the industrial sector; these factors are expected to drive demand for solar PV panels in the industrial application segment over the forecast period. The expansion of solar PV panel facilities in residential applications is expected to drive product demand over the forecast period, as is the rapid adoption of PV modules in corporate offices, hotels, and hospitals, as well as increased power demand in communication base stations and data centers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea renewable energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Korea Hydro and Nuclear Power Company Ltd.
• S-Energy Co. Ltd.
• Hanwha Corp.
• Korea Electric Power Corporation
• POSCO Energy Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• Canadian Solar Inc.
• Ocean Wind Energy Inc.
• Engie SA
• Gridwiz Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In July 2022, For South Korea's third-largest wind farm, SK D&D purchased 15 Siemens Gamesa SG 5.0-145 wind turbines. The Gunwi wind farm, when completed in 2024, will provide enough electricity for 64,000 local households, contributing to the country's efforts to reduce reliance on fossil fuels and increase renewable energy generation to 20% by 2030.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea Renewable Energy Market based on the below-mentioned segments:

South Korea Renewable Energy Market, By Product

• Bioenergy
• Hydropower
• Wind Power
• Solar Energy

South Korea Renewable Energy Market, By Application

• Industrial
• Residential
• Commercial