South Korea Solar Power Market Research Report, 2030

The South Korean solar power market is expected to surpass USD 24.48 billion by 2030, driven by technological innovations, strong government support for renewable energy, and expan

South Korea's solar power market has experienced significant growth, driven by the country’s commitment to reducing greenhouse gas emissions and diversifying its energy mix. As part of its Green New Deal and carbon neutrality goals by 2050, South Korea has made solar energy a priority in its energy strategy. The country’s government has implemented several policies to promote the adoption of solar power, including subsidies and incentives for residential, commercial, and industrial solar installations. South Korea has ideal conditions for solar power generation, with high levels of solar radiation, particularly in the southern regions of the country, making it an attractive option for clean energy generation. The residential sector has been a key area of growth, as homeowners increasingly turn to solar power to reduce their electricity bills and enhance energy independence. The South Korean government has introduced various programs to help lower the cost of solar panels for households, such as rebates and tax incentives. In addition, the commercial and industrial sectors in South Korea are increasingly adopting solar power solutions, driven by a growing emphasis on sustainability and corporate responsibility. Large corporations, particularly in the manufacturing and technology sectors, have been at the forefront of adopting solar energy to reduce operational costs and meet environmental goals. South Korea is also seeing rapid growth in utility-scale solar installations, with several large-scale solar farms being developed across the country. These installations contribute significantly to the national grid, helping to meet the country’s renewable energy targets. The government’s commitment to green energy, combined with technological advancements and financial incentives, is expected to continue to drive the expansion of the solar power market in South Korea, making it a key player in the global renewable energy landscape. According to the research report “South Korea Solar Power Market Research Report, 2030," published by Actual Market Research, the South Korea Solar Power Market is expected to reach a market size of more than USD 24.48 Billion by 2030. Technological advancements have played a crucial role in the expansion of South Korea’s solar power market. The country is known for its technological expertise, and this has translated into the development of high-efficiency photovoltaic (PV) panels and advanced energy storage systems. The decreasing cost of solar technology, coupled with increased efficiency, has made solar energy more accessible and affordable for consumers across the country. Energy storage systems, such as batteries, are becoming increasingly important in South Korea’s solar market, as they help address the intermittent nature of solar power and ensure a stable and reliable energy supply. Solar-plus-storage systems are gaining traction, particularly in residential areas, where they allow homeowners to store excess energy generated during the day and use it during the evening or on cloudy days. In addition, South Korea is investing in the development of smart grids, which allow for more efficient energy distribution and integration of renewable energy sources, including solar power, into the national grid. Smart grids enable better monitoring and management of energy consumption, helping to optimize the use of solar power. As the country continues to innovate in the solar energy space, it is also exploring the integration of solar with other renewable sources, such as wind and hydropower, to create a more resilient and reliable energy system. With its focus on technological innovation, policy support, and a growing commitment to sustainability, South Korea’s solar power market is expected to continue expanding, contributing significantly to the country’s transition to a low-carbon economy.

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South Korea's solar power market has grown significantly in recent years, driven by both government policies and an increasing desire to transition towards more sustainable energy sources. The country primarily uses photovoltaic systems, which convert sunlight into electricity through solar panels. Photovoltaic technology is the most widely adopted method in South Korea, as it provides a reliable and cost-effective way to generate renewable energy. Both monocrystalline and polycrystalline solar panels are popular, with monocrystalline panels being preferred for residential and commercial applications due to their higher efficiency and space optimization. Polycrystalline panels are often used in larger installations due to their lower upfront costs. Alongside photovoltaic systems, South Korea has also shown interest in concentrated solar power (CSP) systems, which harness the power of the sun’s heat rather than light. CSP technology, while still in its early stages in South Korea, is being considered for large-scale installations in rural areas where land is abundant and sunlight intensity is high. Additionally, thin-film solar technology, which offers flexibility and can be incorporated into building materials, is gaining traction in urban development projects. As the country aims to reduce its dependence on fossil fuels and decrease carbon emissions, solar thermal systems, including solar water heaters, are becoming increasingly popular, particularly in the residential sector. These systems are especially advantageous in South Korea’s climate, where efficient heating is crucial during the cold winter months. The government has supported the adoption of solar energy through various initiatives, such as subsidies and tax incentives, to encourage both residential and industrial applications. The nation’s commitment to achieving carbon neutrality by 2050 is also a significant driver for further investment in solar power infrastructure and technology. In South Korea, the solar power market is composed of a wide variety of products designed to maximize the efficiency and accessibility of solar energy systems. Among these, solar panels are the most important component, with both monocrystalline and polycrystalline varieties being widely available. Monocrystalline panels are increasingly favored for their higher energy efficiency, particularly in urban settings where space is limited, and efficiency is a key consideration. On the other hand, polycrystalline panels remain the preferred choice for larger installations due to their more cost-effective nature. Solar charge controllers are essential for regulating the flow of electricity from the solar panels to the batteries or the grid, ensuring that energy storage systems function optimally. These controllers prevent overcharging, which can damage the batteries, and help manage energy distribution effectively. Batteries, particularly lithium-ion and lead-acid varieties, are critical in South Korea's solar power market, especially for off-grid systems or areas where energy storage is necessary for reliability. With the growing popularity of residential solar installations, energy storage solutions are becoming more important, allowing households to store excess energy for use during nighttime or cloudy days. Inverters are another vital component of solar systems, as they convert the direct current (DC) electricity generated by the solar panels into alternating current (AC) electricity, which is compatible with household appliances. Smart inverters, which offer advanced features such as monitoring, grid connectivity, and enhanced performance optimization, are gaining traction in South Korea, enabling more efficient integration with the national grid. Additionally, other products such as solar-powered water heaters, solar air conditioners, and solar-powered lighting solutions are becoming popular, particularly for residential and commercial applications. The growing demand for renewable energy solutions in South Korea is fostering a competitive market for solar power products, and technological advancements are likely to continue enhancing the efficiency, affordability, and accessibility of solar energy in the country. In South Korea, solar power installations are categorized into ground-mounted, roof-mounted, and specialized systems, each serving distinct applications and purposes. Ground-mounted systems are primarily used for large-scale solar farms, which generate significant amounts of electricity to feed into the national grid. South Korea, with its limited land area, has strategically utilized both public and private land for ground-mounted solar projects, especially in rural areas where sunlight intensity is high and land is more readily available. Ground-mounted installations are crucial for South Korea’s efforts to achieve energy independence and reduce reliance on fossil fuels. These installations typically involve large arrays of solar panels arranged across vast stretches of land, and they play a pivotal role in meeting the country’s renewable energy targets. Roof-mounted solar systems are particularly popular in urban areas and among residential users. With high population density and limited space, South Korea’s cities have embraced rooftop solar installations as a solution for reducing electricity costs and promoting sustainable energy use. The government has actively encouraged the adoption of rooftop solar systems by offering incentives and subsidies to homeowners and businesses. Many commercial buildings and factories have also invested in rooftop solar systems to reduce operational costs and increase their energy independence. In addition to traditional rooftop installations, building-integrated photovoltaics (BIPV) are gaining traction, particularly in new construction projects, as they allow for seamless integration of solar panels into building structures. Specialized solar installations, such as solar-powered water heaters, solar streetlights, and solar air conditioning systems, are also growing in popularity in South Korea. These systems are especially advantageous in regions where energy access is limited or where the focus is on reducing energy consumption in areas with specific needs. As South Korea continues to expand its solar energy infrastructure, these diverse installation types will contribute to the country’s broader goals of sustainability and carbon neutrality.

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Nikita Jabrela

Nikita Jabrela

Business Development Manager

The solar power market in South Korea spans several end-use applications, including residential, commercial/industrial, and utility-scale sectors. The residential solar market is growing rapidly, driven by government incentives, rising electricity costs, and increasing environmental awareness. Many homeowners in South Korea are adopting rooftop solar systems to lower their energy bills and gain independence from the national grid. The government has introduced various programs, such as subsidies and tax breaks, to encourage residential adoption of solar power, making it more affordable for families and individuals. In addition, the rise in energy storage solutions like batteries is expected to further accelerate residential adoption, as homeowners can store excess energy produced during the day for use at night or on cloudy days. The commercial and industrial sectors in South Korea are also contributing significantly to the country’s solar energy growth. Businesses, particularly those in high-energy-demand industries such as manufacturing and IT, are increasingly installing rooftop solar systems to reduce their energy costs and meet sustainability goals. Many companies are also integrating solar energy into their corporate social responsibility strategies to enhance their environmental credentials. The demand for commercial solar systems is expected to rise as more businesses seek ways to reduce their carbon footprint and improve energy efficiency. The utility-scale solar sector plays a crucial role in South Korea’s renewable energy strategy, with large solar farms generating substantial amounts of clean energy for the national grid. South Korea’s government has set ambitious targets for increasing the share of renewable energy in the country’s energy mix, and utility-scale solar projects are expected to be a key contributor. The expansion of the solar power market across residential, commercial, and utility sectors will play a vital role in helping South Korea achieve its carbon neutrality goals and transition to a greener, more sustainable energy future. Major Companies present in the market: Canadian Solar Inc., Trina Solar Co., Limited, Jinko Solar Holding Co., Limited, Longi Green Energy Technology Co., Limited, JA Solar Technology Co., Limited, Sunpower Corporation, First Solar Inc., Hanwha Corporation, Abengoa, S.A., Engie SA Considered in this report • Historical year: 2018 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030

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Nikita Jabrela

Aspects covered in this report • Solar power market with its value and forecast along with its segments • Region-wise solar power market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America • Europe • Asia-Pacific • Latin America • Middle-East & Africa Types of Technology in the report: • Solar Photovoltaic • Concentrated Solar Power (CSP) • Others By Product • Solar Panels • Charge Controllers • Batteries • Inverters • Others By Installation • Ground mounted • Roof mounted • Others By Application in the report: • Residential • Commercial/ Industrial • Others 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, analysing 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 solar power 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.

Table of Contents

  • 1. Executive Summary
  • 2. Market Structure
  • 2.1. Market Considerate
  • 2.2. Assumptions
  • 2.3. Limitations
  • 2.4. Abbreviations
  • 2.5. Sources
  • 2.6. Definitions
  • 2.7. Geography
  • 3. Research Methodology
  • 3.1. Secondary Research
  • 3.2. Primary Data Collection
  • 3.3. Market Formation & Validation
  • 3.4. Report Writing, Quality Check & Delivery
  • 4. South Korea Macro Economic Indicators
  • 5. Market Dynamics
  • 5.1. Market Drivers & Opportunities
  • 5.2. Market Restraints & Challenges
  • 5.3. Market Trends
  • 5.3.1. XXXX
  • 5.3.2. XXXX
  • 5.3.3. XXXX
  • 5.3.4. XXXX
  • 5.3.5. XXXX
  • 5.4. Covid-19 Effect
  • 5.5. Supply chain Analysis
  • 5.6. Policy & Regulatory Framework
  • 5.7. Industry Experts Views
  • 6. South Korea Solar Power Market Overview
  • 6.1. Market Size By Value
  • 6.2. Market Size and Forecast, By Technology
  • 6.3. Market Size and Forecast, By Product
  • 6.4. Market Size and Forecast, By End User
  • 6.5. Market Size and Forecast, By Region
  • 7. South Korea Solar Power Market Segmentations
  • 7.1. South Korea Solar Power Market, By Technology
  • 7.1.1. South Korea Solar Power Market Size, By Photovoltaic Systems, 2019-2030
  • 7.1.2. South Korea Solar Power Market Size, By Concentrated Solar Power Systems, 2019-2030
  • 7.1.3. South Korea Solar Power Market Size, By Others, 2019-2030
  • 7.2. South Korea Solar Power Market, By Product
  • 7.2.1. South Korea Solar Power Market Size, By Solar Panels, 2019-2030
  • 7.2.2. South Korea Solar Power Market Size, By Charge Controllers, 2019-2030
  • 7.2.3. South Korea Solar Power Market Size, By Batteries, 2019-2030
  • 7.2.4. South Korea Solar Power Market Size, By Inverters, 2019-2030
  • 7.2.5. South Korea Solar Power Market Size, By Others, 2019-2030
  • 7.3. South Korea Solar Power Market, By End User
  • 7.3.1. South Korea Solar Power Market Size, By Residential, 2019-2030
  • 7.3.2. South Korea Solar Power Market Size, By Commercial/Industrial, 2019-2030
  • 7.3.3. South Korea Solar Power Market Size, By Others, 2019-2030
  • 7.4. South Korea Solar Power Market, By Region
  • 7.4.1. South Korea Solar Power Market Size, By North, 2019-2030
  • 7.4.2. South Korea Solar Power Market Size, By East, 2019-2030
  • 7.4.3. South Korea Solar Power Market Size, By West, 2019-2030
  • 7.4.4. South Korea Solar Power Market Size, By South, 2019-2030
  • 8. South Korea Solar Power Market Opportunity Assessment
  • 8.1. By Technology , 2025 to 2030
  • 8.2. By Product, 2025 to 2030
  • 8.3. By End User, 2025 to 2030
  • 8.4. By Region, 2025 to 2030
  • 9. Competitive Landscape
  • 9.1. Porter's Five Forces
  • 9.2. Company Profile
  • 9.2.1. Company 1
  • 9.2.1.1. Company Snapshot
  • 9.2.1.2. Company Overview
  • 9.2.1.3. Financial Highlights
  • 9.2.1.4. Geographic Insights
  • 9.2.1.5. Business Segment & Performance
  • 9.2.1.6. Product Portfolio
  • 9.2.1.7. Key Executives
  • 9.2.1.8. Strategic Moves & Developments
  • 9.2.2. Company 2
  • 9.2.3. Company 3
  • 9.2.4. Company 4
  • 9.2.5. Company 5
  • 9.2.6. Company 6
  • 9.2.7. Company 7
  • 9.2.8. Company 8
  • 10. Strategic Recommendations
  • 11. Disclaimer

Table 1: Influencing Factors for Solar Power Market, 2024
Table 2: South Korea Solar Power Market Size and Forecast, By Technology (2019 to 2030F) (In USD Million)
Table 3: South Korea Solar Power Market Size and Forecast, By Product (2019 to 2030F) (In USD Million)
Table 4: South Korea Solar Power Market Size and Forecast, By End User (2019 to 2030F) (In USD Million)
Table 5: South Korea Solar Power Market Size and Forecast, By Region (2019 to 2030F) (In USD Million)
Table 6: South Korea Solar Power Market Size of Photovoltaic Systems (2019 to 2030) in USD Million
Table 7: South Korea Solar Power Market Size of Concentrated Solar Power Systems (2019 to 2030) in USD Million
Table 8: South Korea Solar Power Market Size of Others (2019 to 2030) in USD Million
Table 9: South Korea Solar Power Market Size of Solar Panels (2019 to 2030) in USD Million
Table 10: South Korea Solar Power Market Size of Charge Controllers (2019 to 2030) in USD Million
Table 11: South Korea Solar Power Market Size of Batteries (2019 to 2030) in USD Million
Table 12: South Korea Solar Power Market Size of Inverters (2019 to 2030) in USD Million
Table 13: South Korea Solar Power Market Size of Others (2019 to 2030) in USD Million
Table 14: South Korea Solar Power Market Size of Residential (2019 to 2030) in USD Million
Table 15: South Korea Solar Power Market Size of Commercial/Industrial (2019 to 2030) in USD Million
Table 16: South Korea Solar Power Market Size of Others (2019 to 2030) in USD Million
Table 17: South Korea Solar Power Market Size of North (2019 to 2030) in USD Million
Table 18: South Korea Solar Power Market Size of East (2019 to 2030) in USD Million
Table 19: South Korea Solar Power Market Size of West (2019 to 2030) in USD Million
Table 20: South Korea Solar Power Market Size of South (2019 to 2030) in USD Million

Figure 1: South Korea Solar Power Market Size By Value (2019, 2024 & 2030F) (in USD Million)
Figure 2: Market Attractiveness Index, By Technology
Figure 3: Market Attractiveness Index, By Product
Figure 4: Market Attractiveness Index, By End User
Figure 5: Market Attractiveness Index, By Region
Figure 6: Porter's Five Forces of South Korea Solar Power Market
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South Korea Solar Power Market Research Report, 2030

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