South Korea Renewable Energy Market Research Report, 2030

South Korea's renewable energy sector has experienced notable advancements recently as the nation progresses toward a more sustainable energy future. South Korea stands out as one of the prominent economies in Asia, increasingly dedicated to lessening its dependence on fossil fuels and nuclear power. The renewable energy industry in the country is fueled by government strategies, technological advancements, and collaborations between the public and private sectors, aiming for carbon neutrality by 2050. Traditionally, South Korea has relied heavily on coal, nuclear energy, and oil for electricity generation. The nation’s emphasis on economic growth and industrial development resulted in an energy mix that was largely composed of non-renewable resources. Nevertheless, acknowledging the environmental and security hazards linked to fossil fuels and nuclear power, South Korea began investigating renewable options in the late 20th century. A significant turning point occurred in 2008 when South Korea launched the "Green Growth" initiative under President Lee Myung-bak's leadership, paving the way for the expansion of renewable energy. In 2012, the government rolled out the Renewable Energy 3020 Plan, targeting a rise in the proportion of renewable energy within the energy mix to 20% by 2030. This initiative spurred substantial investments in solar, wind, and biomass energy. As of 2023, renewable energy represents approximately 7% of South Korea’s overall energy consumption, with solar energy at the forefront. Solar power installations have experienced swift growth, especially in the residential and industrial sectors. Wind energy, both onshore and offshore, is also expanding, with the country's ambitious offshore wind initiatives serving as key motivators. Biomass and waste-to-energy technologies have also gained momentum. South Korea is making significant investments in green hydrogen as a component of its renewable energy plan. The government’s "Green New Deal" and dedication to decarbonization are expected to further propel the shift to renewable energy in the years ahead. According to the research report, "South Korea Renewable Energy Market Market Research Report, 2030," published by Actual Market Research, the South Korea Renewable Energy market is expected to reach a market size of more than USD 34.63 Billion by 2030. The renewable energy sector in South Korea offers numerous opportunities, particularly in solar, wind, and green hydrogen. Due to its plentiful sunlight, the nation has significant potential for solar energy, especially within the residential and commercial markets. Offshore wind energy stands out as a crucial growth sector, with South Korea aiming for a considerable boost in offshore wind capacity by the year 2030. The commitment from the government toward green hydrogen as a clean energy source creates avenues for innovation and investment in hydrogen generation and infrastructure. Furthermore, the country’s emphasis on energy storage systems and electric vehicles (EVs) further supports the growth of renewable energy solutions. South Korea encounters multiple challenges during the transition to renewable energy. The nation’s energy grid infrastructure, mainly designed for fossil fuels and nuclear power, requires substantial upgrades to effectively manage intermittent renewable sources such as solar and wind. Acquiring land for large renewable projects, especially wind farms, faces regulatory hurdles and public resistance. In addition, the elevated initial expenses associated with renewable energy projects and dependence on imported technology impose financial strains. South Korea also contends with environmental issues linked to the locations of renewable energy projects, particularly concerning offshore wind. The South Korean government has been a significant contributor to the expansion of renewable energy, particularly through initiatives like the "Green New Deal" and the Renewable Energy 3020 Plan, which aims to substantially enhance renewable energy capacity by 2030. Technological progress in solar and wind energy technologies, coupled with the decreasing costs of these systems, is promoting swift adoption. The rising demand for sustainable and low-carbon energy solutions from consumers and businesses serves as a powerful growth catalyst.

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South Korea's renewable energy sector is varied, comprising different forms of clean energy sources, each aiding the nation’s initiatives to lower carbon emissions and attain energy sustainability. Principal renewable energy types in South Korea consist of hydropower, wind power, solar energy, bioenergy, geothermal, and innovative technologies. Hydropower has a limited impact in South Korea’s renewable energy scene, supplying a minor fraction of the country’s overall energy capacity. The nation possesses restricted natural water resources for extensive hydropower initiatives, but small-scale hydropower facilities and pumped storage plants deliver steady energy. These setups are vital for energy retention and grid stability, although potential for expansion is limited due to geographical constraints. Wind energy, especially offshore wind, presents considerable potential for South Korea’s renewable energy prospects. The nation’s advantageous geographical position along its shorelines, characterized by elevated wind speeds, makes offshore wind farms a viable growth avenue. The South Korean government has established ambitious objectives for offshore wind capacity enhancement, aspiring to be a global frontrunner in offshore wind by 2030. Onshore wind power is also being explored, but it encounters obstacles related to land availability and regulatory challenges. Solar energy stands as the most extensively utilized renewable energy source in South Korea, fueled by supportive government regulations and technological progress. Residential and commercial rooftop solar installations are prevalent, bolstered by incentives and subsidies. Large-scale solar installations are also advancing, with the government concentrating on elevating solar energy capacity to fulfill its renewable energy targets. South Korea is investing in cutting-edge technologies such as floating solar systems to maximize spatial efficiency and enhance solar capacity. Bioenergy, encompassing biomass and waste-to-energy technologies, is a vital component of South Korea’s renewable energy portfolio. Biomass power facilities generate electricity utilizing agricultural waste, wood pellets, and other biological materials. The nation also transforms waste into energy, aiding waste management while lessening reliance on fossil fuels. South Korea's renewable energy sector caters to a range of end-users, encompassing industrial, residential, and commercial segments. Each segment possesses unique energy requirements and adoption trends, playing a role in the nation's overall renewable energy advancement. The industrial segment is a key consumer of renewable energy in South Korea. Given that the nation's economy heavily depends on energy-demanding industries such as manufacturing, steel, and petrochemicals, numerous companies are integrating renewable energy solutions to lessen operational expenses, decrease carbon emissions, and enhance sustainability. Solar energy and bioenergy are especially favored within this segment. Industries are progressively investing in on-site renewable energy production, which includes rooftop solar setups and biomass power facilities. The government's support through incentives for large energy consumers and regulations mandating renewable energy usage (such as Renewable Energy Certificates) further propels adoption. Moreover, South Korean industries are investigating green hydrogen as a means to fulfill decarbonization objectives. The residential segment is witnessing substantial growth in the adoption of renewable energy, particularly solar power. The South Korean government has implemented various incentives to promote rooftop solar installations, enabling households to reduce their electricity expenses and contribute to clean energy production. The demand for residential solar energy systems is anticipated to rise as energy costs escalate and environmental consciousness grows. Additionally, the uptake of energy storage systems (ESS) within residences is also increasing, allowing households to retain solar energy for future use. In rural areas, where grid access might be limited or inconsistent, off-grid solar solutions offer an economical and reliable energy source. The commercial segment, which includes businesses, retail establishments, and hotels, is swiftly moving towards renewable energy. Many commercial properties are equipping rooftop solar systems to satisfy their energy demands and decrease operational expenses. Hotels, in particular, are embracing renewable energy for sustainable operations, utilizing solar power for hot water systems and energy-efficient lighting. Considered in this report • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030

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Nikita Jabrela

Business Development Manager

Aspects covered in this report • Renewable Energy Market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Hydropower • Wind Power • Solar Energy • Bioenergy • Geothermal • Others By End-User • Industrial • Residential • Commercial

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The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.