South Korea is one of the most developed countries in Asia and is the eighth largest electricity consumer in the world. It has been making strong efforts to increase the renewable energy portion of its energy mix. The country is backed with a strong manufacturing industry (solar PV) as well as supportive policies. Besides, South Korea has revised its nuclear power policy to cut its reliance on nuclear power that would help the cause of solar PV adoption manifold.
The Global annual solar power production is estimated to reach 500GW by 2020, from 40.134 GW in 2014, making this market one of the fastest growing one and South Korea Solar Power Market is estimated to reach $XX billion in 2020 with a CAGR of 10.6% from 2014 to 2020.
With fossil fuel prices fluctuating continuously and disasters like Fukushima and Chernobyl raising serious questions about nuclear power, renewable sources of energy are the answer to the world’s growing need for power. Hydro Power has environmental concerns so apart from water the other renewable source of energy in abundance is Solar. The Earth receives 174 petawatts of solar energy every year. It is the largest energy source on the Earth. Other resources like oil and gas, water, coal etc. require lot of effort and steps to produce electricity, solar energy farms can be established easily which can harness electricity and the electricity produced is simply given to the grid.
Falling costs; government policies and private partnerships; downstream innovation and expansion; and various incentive schemes for the use of renewable energy for power generation are driving the solar power market at an exponential rate.
On the flipside, high initial investment, intermittent energy Source, and requirement of large installation area to setup solar farms are restraining the market from growth.
In the recent years, lot of research is going on in this field to make production easier, cheaper and also to make the solar panels smaller and more customer friendly. Lot of efforts are being put into increase the efficiency of solar panels which used to have a very meagre efficiency percentage. Different techniques like Nano-crystalline solar cells, thin film processing, metamorphic multijunction solar cell, polymer processing and many more will help the future of this industry.
This report comprehensively analyzes the South Korea Solar Power Market by segmenting it based on type (Concentrating type, Non Concentrating type, Fixed Array, Single Axis Tracker, and Dual Axis Tracker) and by Materials (Crystalline Silicon, Thin Film, Multijunction Cell, Adaptive Cell, Nano crystalline, and others). Estimates in each segment are provided for the next five years. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.