South Korea Wind Electric Power Generation Market was valued at USD 8 Billion in 2022 and is projected to reach USD 15 Billion by 2030, growing at a CAGR of 9.0% from 2024 to 2030.
South Korea's wind electric power generation market has become a focal point in the nation's pursuit of cleaner, more sustainable energy sources. As the demand for renewable energy grows globally, South Korea is ramping up its efforts to tap into wind power, both onshore and offshore. This move aligns with the country’s commitment to reduce carbon emissions and transition toward a greener energy mix. The government has set ambitious goals to expand wind energy capacity, positioning the wind electric power generation market as a key player in South Korea’s energy landscape.
With a focus on sustainability, South Korea aims to generate 20% of its electricity from renewable sources by 2030, with wind energy accounting for a significant share of that target. The rapid expansion of wind farms is not only due to government policies but also a shift in industrial demand. South Korea’s heavy industries, such as steel and automobile manufacturing, are increasingly relying on renewable energy sources to meet their sustainability goals. This demand is driving the development of wind electric power generation projects across the country, especially in regions with favorable wind conditions like Jeju Island and the southwestern coastal areas.
The requirement from industries for wind-generated electricity is growing, with several large corporations exploring direct power purchase agreements (PPAs) to secure a stable, long-term energy supply. This trend is further supported by the increasing pressure on industries to reduce their carbon footprints in line with global environmental standards. By investing in wind power, these companies not only contribute to the reduction of greenhouse gas emissions but also benefit from the stability and potential cost savings associated with renewable energy sources.
The South Korean government has made strides in creating favorable policies and regulations to support the wind electric power generation market. For instance, tax incentives and subsidies are available for companies involved in renewable energy projects. These incentives are a major driving force for both local and foreign companies entering the wind power market. Moreover, the government is investing in offshore wind projects, which are expected to contribute significantly to the nation’s renewable energy production in the coming years.
As industries and government alike focus on achieving energy efficiency, the wind electric power generation market is poised to become an essential element of South Korea's energy strategy. Continued technological advancements, better infrastructure, and supportive policies will ensure that South Korea remains at the forefront of the global wind energy revolution.
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Engie
Hitachi
Mitsubishi Heavy Industries
GE
Siemens
SANY
Danfoss
Nordex
Vestas
Suzlon
Goldwind
China Longyuan Power Group
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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 Wind Electric Power Generation Market
Horizontal Axis Wind Turbines (HAWT)
Vertical Axis Wind Turbines (VAWT)
Offshore Wind Turbines
Onshore Wind Turbines
Utility Scale
Commercial
Residential
Industrial
Ground-mounted Systems
Rooftop Systems
Hybrid Systems
Floating Wind Farms
Turbines
Gearboxes
Generators
Control Systems
Subcomponents (Blades, Towers, etc.)
Energy and Utilities
Government and Public Sector
Commercial Businesses
Residential Users
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Wind Electric Power Generation 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 Wind Electric Power Generation Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Wind Electric Power Generation Market, By Type
6. South Korea Wind Electric Power Generation Market, By Application
7. South Korea Wind Electric Power Generation Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Wind Electric Power Generation Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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