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South Korea Smart Grid Network Market Outlook - Market Analysis by Geography, Components, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2020 - 2025)

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The growing concerns over the harmful emissions into the atmosphere all over the world, the countries are coming up with policies and regulations to curb pollution. South Korea has come up with a sensible solution to increasing the usage of renewable energy sources in its energy production portfolio and further cut the overall power consumption. The best option for deploying the usage of renewables is to employ the usage of smart grids.

Moving towards a green future, South Korea has a firm plan to deploy smart grid completely by 2030. Furthermore, massive investments have been made in this regard by the South Korean Government and the state-owned transmission company KEPCO to meet the 2030 plan without any delays. South Korea, a country that buys all its power needs from the overseas market can gain the advantage of reducing the import of coal, gas and oil due to the deployment of smart grid. Smart grid test projects are currently being carried out by KEPCO on Jeju Island. This test project is one of the largest in the world with over 150 Korean and foreign companies participating. This project is currently in the consolidation stage and would help South Korea to contribute largely to the global reduction of greenhouse gases emissions and join the global leaders in smart grid deployment such as the USA and China.

Using the deployment of Smart Power Grid, the South Korean Government plans to enhance and enable the user experience by creating smart places, smart renewables, smart electricity services and smart transportation. Under the smart transportation initiative, the government intends to entail the electric vehicles charging points to the smart grid. Further the government targets to make 30% of the households to be energy self-sufficient.  In the South Korean market, the smart grid market is expected to gather momentum after 2019, as the development of electric vehicle charger infrastructure and two high-voltage, direct current (HVDC) projects takes off.

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