Market Size of South Korea Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Solar Energy Market Analysis
The South Korean solar energy market is expected to witness a CAGR of around 5.5% during the forecast period. The COVID-19 outbreak did not have a significant impact on the South Korean solar energy market. The country witnessed an addition of around 2.6 GW of solar capacity in 2019-2020, without any delays in the projects targeted to be completed during the year. The South Korean solar energy market is expected to witness significant growth in the coming years, as the country gets a lot of sunlight and the government strongly supports the growth of renewables in the energy sector. However, the competition from other cleaner energy sources like natural gas and nuclear energy can impede the market's growth.
- The new upcoming solar photovoltaic (PV) projects planned by the private players in the country are expected to drive the market in the future.
- The country has hinted at phasing out coal-based power generation in the coming years. It plans to eject out 36.4 GW of coal power capacity by 2029, creating a tremendous opportunity for the increased penetration of renewables in the power generation sector.
- The government policies in favor of emission-free energy sources are expected to propel the market in the future.
