South Korea Smart Grid Network Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Technology Application Area (Transmission, Demand Response, Advanced Metering Infrastructure (AMI), and Other Technology Application Areas)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The market for smart grid network in South Korea is expected to grow at CAGR of more than 4% in the forecast period of 2020-2025. Factors such as government initiatives to have multiple smart cities and integration of renewable energy in the grid network, increased investment, and deployment of smart grid technologies such as smart meters, intelligent transmission lines, and other associated smart grid infrastructure technologies are expected to drive the market in the coming years. However, the high investment required to develop a smart grid structure and the global spread of the Corona Virus in 2020 are expected to restrain the market growth in the forecast period.
Advanced Metering Structure is expected to drive the smart grid network significantly, providing monitoring of bi-directional flow of electricity, owing to increasing grid development.
South Korea, with its different policies, is aiming to cover 100% market by distributing smart meters. Visions like this are expected to create excellent opportunities for market players in the forecast period.
South Korea is increasing in the renewable market, reaching more than 15600 MW in 2019, which is creating a continuous need for smart grid development. With different laws and policies related to smart cities, smart grid market is expected to drive considerably.
Scope of the report
The South Korea smart grid network market report includes:
Technology Application Area
Advanced Metering Infrastructure (AMI)
Other Technology Application Areas
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Key Market Trends
Advanced Metering Infrastructure to Witness a Significant Growth
Advanced metering infrastructure (AMI) or smart metering is an integrated system of smart meters, communications networks, and data management systems that enables two-way communication between utilities and customers.
By 2018, 6.8 million households in South Korea have been equipped with smart meters. The country is aiming to reach 22.5 million homes by 2020, with a 65% penetration of the market.
KEPCO is planning to distribute 100% AMIs in private new buildings and more than 50% in existing buildings by 2022, and achieve a 100% AMI coverage in all sectors by 2025. With this, massive market growth is expected in the forecast period.
Electricity generation in South Korea has been showing a continuous growth with 540 TWh in 2014 and 594 TWh in 2018. With this requirement of the smart meter is increasing and is expected to grow further.
With the increasing efforts to modernize the electricity grid and develop smart cities, the Government of South Korea is investing in advanced metering infrastructure. This, in turn, is expected to drive the AMI market during the forecast period.
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Renewable Energy and Government Initiatives to Drive the Market
A smart grid is a next-generation electricity network in which two-way exchange of information on power generation and consumption is conducted in real-time, through the convergence of the existing electrical grid with ICT
The government promoted the first smart grid basic plan (2012-2016) for the establishment of smart grid base cities by the 7 major broad areas, and the consumer electric power market ecosystem (2018-2022) and plan to invest KRW 4.5 trillion over the next five years.
The government drafted the “Smart Grid Roadmap 2030” in 2010. This roadmap includes a vision, short- and medium-term goals for 2012, 2020 and 2030, and the five implementation areas of smart grids (smart power grid, smart buildings, smart transportation, smart renewables, smart electricity service). It also includes USD 1.7 billion investment relevant for the smart grid by 2030.
In addition to this, the robust growth in renewable installed capacity from 5716 MW in 2014 to 15653 MW in 2019, has created a vast market for smart grid network and is expected to grow further in the forecast period.
South Korea, with various initiatives and policies and the rapidly increasing renewable demand, is expected to witness significant growth in the smart grid market in the coming years.
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The South Korea smart grid network is partially consolidated. Some of the major companies include General Electric Company, ABB Ltd, Arm Limited, Siemens AG, and Korea Electric Power Corporation.