Market Size of South Korea Wind Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Wind Energy Market Analysis
The South Korean wind energy market is projected to register a CAGR of over 7% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
Over the medium term, the primary driver for the market includes the government's efforts to reduce the dependency on fossil fuels and thereby improve the air quality of the country.
On the other hand, lack of investment, on account of the low rate of return on invested capital, is likely to hinder the market growth during the forecast period.
Nevertheless, with the objective of increasing its renewable share in the country's energy mix to 20% by 2030, South Korea is expected to increase its renewable capacity to 63.8 gigawatts by 2030. Moreover, wind energy in the country is expected to increase its capacity to nearly 17.7 GW by 2030, which is likely to create an opportunity for the market to grow in the near future.
South Korea Wind Energy Industry Segmentation
The wind is used to produce electricity by converting the kinetic energy of air in motion into electricity. By rotating the rotor blades, wind transforms kinetic energy into rotational energy. The rotational energy is transferred to the generator through a shaft, thereby generating electrical power.
The South Korean wind energy market is segmented by location of deployment. By location of deployment, the market is segmented into onshore and offshore. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).
| Location of Deployment | |
| Onshore | |
| Offshore |
South Korea Wind Energy Market Size Summary
The South Korean wind energy market is experiencing a resurgence, having rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The market is driven by the government's commitment to reducing reliance on fossil fuels and enhancing air quality, aligning with its broader renewable energy goals. South Korea aims to significantly increase its renewable energy capacity, with wind energy playing a crucial role in this strategy. The country is focusing on both onshore and offshore wind projects to meet its ambitious targets, despite challenges such as complex permitting processes and local opposition. The onshore segment currently dominates the market due to its lower investment costs and easier installation compared to offshore wind. However, the limited availability of onshore land is prompting a shift towards offshore wind development, which is expected to be a game changer for the industry.
South Korea's wind energy sector is poised for substantial growth, supported by strategic partnerships and investments in technology and infrastructure. The government has set ambitious targets for wind power capacity, with a significant portion expected to come from offshore projects. Collaborations with international and local companies are underway to develop large-scale offshore wind farms, which are anticipated to play a pivotal role in achieving the country's renewable energy goals. Key industry players are actively involved in various projects, contributing to the market's moderate fragmentation. As South Korea continues to invest in research and development for wind technology, the offshore sector is expected to see significant advancements, further bolstering the country's position in the wind energy market.
South Korea Wind Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 South Korea Renewable Energy Mix, 2021
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1.3 Installed Capacity and Forecast in GW, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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South Korea Wind Energy Market Size FAQs
What is the current South Korea Wind Energy Market size?
The South Korea Wind Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in South Korea Wind Energy Market?
Equinor ASA, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Global Wind Energy Co. Ltd and Hyosung Heavy Industries are the major companies operating in the South Korea Wind Energy Market.
