Market Size of South Korea Wind Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Wind Energy Market Analysis
The South Korean wind energy market is projected to register a CAGR of over 7% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
Over the medium term, the primary driver for the market includes the government's efforts to reduce the dependency on fossil fuels and thereby improve the air quality of the country.
On the other hand, lack of investment, on account of the low rate of return on invested capital, is likely to hinder the market growth during the forecast period.
Nevertheless, with the objective of increasing its renewable share in the country's energy mix to 20% by 2030, South Korea is expected to increase its renewable capacity to 63.8 gigawatts by 2030. Moreover, wind energy in the country is expected to increase its capacity to nearly 17.7 GW by 2030, which is likely to create an opportunity for the market to grow in the near future.
