South Korea Grid Scale Energy Storage Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 3.2 Billion by 2030, growing at a CAGR of 11.5% from 2024 to 2030.
South Korea's Grid Scale Energy Storage Market: Industry Applications and Evolving Requirements
South Korea is rapidly advancing in the grid-scale energy storage market, driven by the need to stabilize its power grid and integrate renewable energy sources. The country's focus on energy storage systems (ESS) has led to significant developments, including the completion of Asia's largest battery energy storage system by Korea Electric Power Corp. (KEPCO) in Miryang, with a capacity of 978 MW and 889 MWh. This project underscores South Korea's commitment to enhancing grid stability and supporting renewable energy integration.
The South Korean government has been proactive in promoting the ESS industry. In October 2023, the Ministry of Trade, Industry, and Energy (MOTIE) unveiled the Korean Energy Storage Systems Industry Development Strategy, aiming to achieve a 35% global market share by 2036. This strategy emphasizes establishing a flexible power system and deploying approximately 3.7 GW of energy storage capacity annually from 2025, particularly focusing on regions like Honam that require grid stabilization due to excess renewable generation.
Key industry players are also making strategic moves. LG Energy Solution, for instance, is in discussions with India's JSW Energy for a $1.5 billion joint venture to manufacture batteries for electric vehicles and renewable energy storage. This collaboration reflects the growing demand for energy storage solutions and the importance of international partnerships in expanding market reach.
Despite these advancements, the industry faces challenges. LG Energy Solution reported a 39% drop in third-quarter profits in 2024, attributed to slowing electric vehicle demand and increased competition from Chinese manufacturers. This highlights the need for continuous innovation and diversification to maintain a competitive edge in the global market.
South Korea's emphasis on various energy storage technologies, including lithium-ion, redox flow, and sodium-sulphur batteries, demonstrates a commitment to diversifying its energy storage portfolio. This approach aims to attract domestic investment and facilitate exports, contributing to the country's goal of becoming a leader in the global ESS market.
In summary, South Korea's grid-scale energy storage market is experiencing significant growth, driven by government initiatives, strategic industry collaborations, and a focus on technological diversification. These efforts are positioning the country as a key player in the global energy storage landscape.
Get an In-Depth Research Analysis of the South Korea Grid Scale Energy Storage Market Size And Forecast [2025-2032]
ABB
Beacon Power
Hydrostor
EnerVault
GE
Samsung SDI
S&C Electric
SustainX
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Grid Scale Energy Storage Market
Battery Energy Storage Systems (BESS)
Pumped Hydro Storage
Compressed Air Energy Storage (CAES)
Thermal Energy Storage
Flywheel Energy Storage
Grid Balancing and Frequency Regulation
Energy Arbitrage
Backup Power Supply
Renewable Energy Integration
Peaking Power Generation
Utility-Owned
Independent Power Producers (IPP)
Commercial and Industrial (C&I)
Community-Owned
Short-Term Storage
Long-Term Storage
Up to 10 MW
10 MW - 50 MW
50 MW - 100 MW
Above 100 MW
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Grid Scale Energy Storage Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Grid Scale Energy Storage Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Grid Scale Energy Storage Market, By Type
6. South Korea Grid Scale Energy Storage Market, By Application
7. South Korea Grid Scale Energy Storage Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Grid Scale Energy Storage Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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