Market Size of South Korea Smart Grid Network Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Smart Grid Networking Market Analysis
The South Korea smart grid network market is expected to grow at CAGR of more than 4% during the forecast period of 2022-2027. The COVID-19 pandemic disrupted the market owing to supply chain disruption and lockdown instituted in South Korea which affected the ongoing projects. In terms of growth of the market factors such as, government initiatives to have multiple smart cities and integration of renewable energy in the grid network along with energy efficient infrastructure are expected to drive the market in the coming years. However, the high investment costs required to develop a smart grid structure are expected to restrain the market growth during the forecast period.
- Advanced Metering Infrastructure (AMI) segment is expected to drive the smart grid network market 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.
- Increasing renewable energy capacity and government policies and programs are likely to drive the South Korea Smart Grid Network Market during the forecast period.
