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South Korea Wind Energy Market Size, Share, Report, Analysis: By Deployment: Onshore, Offshore; By Component: Turbine, Support Structure, Electrical Infrastructure, Others; By Application: Utility, Non-utility; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
South Korea Wind Energy Market Outlook
The South Korea wind energy market size was approximately 2.85 TWh in 2023. The market is assessed to grow at a CAGR of 4.2% between 2024 and 2032, reaching 4.16 TWh by 2032.
Key Takeaways
- By the end of 2021, the total installed capacity of wind turbines in South Korea reached 1713 MW, wherein 64 MW capacity was installed in 2021 alone.
- By 2030, South Korea aims to achieve a national objective of generating 20% of its electricity demand from renewable energy sources.
- As per the Electricity Business License (EBL) issued by the South Korean Ministry of Trade, Industry, and Energy, offshore wind projects having a combined capacity of 13,595MW were granted licenses across 54 different locations in 2021, compared to 33 areas in 2020.
To simplify the permitting and licensing processes for companies interested in the wind energy market, the South Korean government launched a national development strategy called the Green New Deal in 2020. It aims at encouraging renewable energy production in the country and building smart grids for energy distribution. It is also conducting feasibility studies to find large scale offshore wind farms and determine the set-up cost of establishing wind farms. This is leading to the South Korea wind energy market growth.
The number of offshore wind energy plants in South Korea is expected to increase significantly. This is because of increasing investments by the government and private sector players in the development of offshore wind energy power plants. For instance, the development of the world’s largest offshore wind farm in South Korea’s Sinan, as per the government’s 2021 deal, is expected to generate 8.2 GW of power, which is equal to the power generation capacity of 6 nuclear power plants. The project is expected to complete by 2030, enabling the country to become a leader in offshore wind power.
Since South Korea has a natural geographical advantage of being surrounded by sea on three sides, and its technological know-how supports the development of green energy resources, companies are eager to explore the potential of wind energy in South Korea.
Turbines and various components used for wind power generation are largely imported in South Korea. The demand for support structures to keep the wind turbine steady in the sea and winds, and electrical infrastructure to distribute power is also expected to increase with the introduction of favourable government policies to accelerate the transition to green energy. With the country being one of the most important and innovative industrial nations, many international companies have shown interest in South Korea’s wind power sector. Further, imported products are required to be thoroughly tested and certified before entering the Korean market.
Market Segmentation
South Korea Wind Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments
Market Breakup by Deployment
- Onshore
- Offshore
Market Breakup by Component
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
Market Breakup by Application
- Utility
- Non-utility
Competitive Landscape
The players in the South Korea wind energy market are increasingly focusing on forming public and private partnerships and leveraging advanced technologies to enhance their production capabilities and meet the increasing demand for renewable energy.
- TotalEnergies SE
- Equinor ASA
- Siemens Gamesa Renewable Energy, S.A.U.
- Hyosung Heavy Industries Corp.
- Ørsted A/S
- Korea Midland Power Co., Ltd.
- Vestas Wind System A/S
- GLOBAL WIND ENERGY Co., Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Deployment |
|
| Breakup by Component |
|
| Breakup by Application |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Wind Energy Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Wind Energy Historical Market (2018-2023)
8.3 Asia Pacific Wind Energy Market Forecast (2024-2032)
9 South Korea Wind Energy Market Overview
9.1 Key Industry Highlights
9.2 South Korea Wind Energy Historical Market (2018-2023)
9.3 South Korea Wind Energy Market Forecast (2024-2032)
10 South Korea Wind Energy Market by Deployment
10.1 Onshore
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Offshore
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 South Korea Wind Energy Market by Component
11.1 Turbine
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Support Structure
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Electrical Infrastructure
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 South Korea Wind Energy Market by Application
12.1 Utility
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Non-utility
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 TotalEnergies SE
14.2.1.1 Company Overview
14.2.1.2 Type Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Equinor ASA
14.2.2.1 Company Overview
14.2.2.2 Type Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Siemens Gamesa Renewable Energy, S.A.U.
14.2.3.1 Company Overview
14.2.3.2 Type Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Hyosung Heavy Industries Corp.
14.2.4.1 Company Overview
14.2.4.2 Type Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Ørsted A/S
14.2.5.1 Company Overview
14.2.5.2 Type Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Korea Midland Power Co., Ltd.
14.2.6.1 Company Overview
14.2.6.2 Type Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Vestas Wind System A/S
14.2.7.1 Company Overview
14.2.7.2 Type Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 GLOBAL WIND ENERGY Co., Ltd.
14.2.8.1 Company Overview
14.2.8.2 Type Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Wind Energy Market: Key Industry Highlights, 2018 and 2032
2. South Korea Wind Energy Market: Key Industry Highlights, 2018 and 2032
3. South Korea Wind Energy Historical Market: Breakup by Location of Deployment (TWh), 2018-2023
4. South Korea Wind Energy Market Forecast: Breakup by Location of Deployment (TWh), 2024-2032
5. South Korea Wind Energy Historical Market: Breakup by Component (TWh), 2018-2023
6. South Korea Wind Energy Market Forecast: Breakup by Component (TWh), 2024-2032
7. South Korea Wind Energy Historical Market: Breakup by Application (TWh), 2018-2023
8. South Korea Wind Energy Market Forecast: Breakup by Application (TWh), 2024-2032
9. South Korea Wind Energy Market Structure
Key Questions Answered in the Report
In 2023, the market size was approximately 2.85 TWh.
The market is estimated to grow at a CAGR of 4.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around 4.16 TWh by 2032.
The market is being driven by growing environmental concerns and the focus of the South Korean government to achieve carbon neutrality by 2050 by utilising renewable resources.
The key trends aiding the market expansion include various initiatives by the government and private sector to boost energy generation from wind power and the nation’s plan to increase its capacity of offshore wind farms.
On the basis of components, the market can be divided into turbine, support structure, and electrical infrastructure among others.
The major application segments according to the market report include utility and non-utility.
The major players in the market are TotalEnergies SE, Equinor ASA, Siemens Gamesa Renewable Energy, S.A.U., Hyosung Heavy Industries Corp., Ørsted A/S, Korea Midland Power Co., Ltd., Vestas Wind System A/S, and GLOBAL WIND ENERGY Co., Ltd., among others.
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