Market Size of South Korea Renewable Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Renewable Energy Market Analysis
The South Korean renewable energy market is expected to register a CAGR of more than 5.5% during the forecast period.
- Over the medium term, factors such as reducing fossil fuel import dependence, rising environmental awareness, and the government's push to align with the Paris Climate Accords are expected to boost the demand for the South Korean renewable energy market during the forecast period.
- On the other hand, significant dependency on nuclear power is likely to restrain market growth.
- Nevertheless, the South Korean government is targeting an increase in the share of its renewable energy mix to 20% by 2030 and up to 42% by 2034. This is expected to present significant opportunities for the players involved in the market.
