Medium Speed Permanent Magnet Wind Turbine Market size was valued at USD 1.2 Billion in 2024 and is projected to reach USD 2.5 Billion by 2033, exhibiting a CAGR of 8.7% from 2026 to 2033.
South Korea's Medium Speed Permanent Magnet Wind Turbine Market Faces Technological and Industrial Challenges Amidst Renewable Energy Goals
South Korea's ambition to become a global leader in renewable energy is encountering significant hurdles, particularly in the Medium Speed Permanent Magnet Wind Turbine Market. Despite governmental support and environmental commitments, the country continues to rely heavily on imported wind turbine technology, with domestic production accounting for only 58.4% of the market as of 2021, down from 70.4% in 2016.
This dependency is further highlighted by the fact that key components such as wind turbine blades and generators are predominantly sourced from abroad, with only 34% being domestically produced in the first quarter of 2021. The number of South Korean companies in the wind turbine sector has also declined, from 28 in 2016 to 18 in 2019, indicating a shrinking domestic industry.
In response to these challenges, South Korea has set ambitious targets to increase its renewable energy capacity. The Ministry of Trade, Industry and Energy's 10th Basic Plan for Long-Term Energy Supply and Demand aims for renewable energy to constitute 33% of the national electricity demand by 2036. Wind energy is expected to play a significant role in this transition, with plans to install 17.7 GW of wind capacity by 2030.
To achieve these goals, South Korea is focusing on large-scale offshore wind projects. As of the end of 2022, offshore wind projects with a combined capacity of 20,709 MW have received Electricity Business Licenses across 68 locations. However, the deployment of wind energy remains slow, with only 96 MW of wind turbine capacity installed in 2022, all from land-based projects.
Industrial demand for wind energy is also growing, driven by major corporations' commitments to renewable energy goals. Companies like Samsung, SK Group, and LG aim to procure 100% renewable energy by 2050, increasing the demand for sustainable energy alternatives such as wind power.
Despite these efforts, the Medium Speed Permanent Magnet Wind Turbine Market in South Korea continues to face significant challenges. The reliance on imported technology, slow deployment of wind energy projects, and a declining domestic industry underscore the need for strategic investments and policy support to bolster the country's renewable energy sector.
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ABB
Yaskawa Electric
Soga
Vestas
Siemens Gamesa
Goldwind Science And Technology
Gewind
Ming Yang Smart Energy Group
VEM Group
Ryse Energy
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 Medium Speed Permanent Magnet Wind Turbine Market
Up to 1 MW
1-5 MW
Above 5 MW
Onshore
Offshore
Industrial
Residential
Commercial
Permanent Magnet Synchronous Generator (PMSG)
Permanent Magnet Direct Drive Generator (PMDD)
Horizontal Axis Wind Turbine (HAWT)
Vertical Axis Wind Turbine (VAWT)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Medium Speed Permanent Magnet Wind Turbine 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 Medium Speed Permanent Magnet Wind Turbine Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Medium Speed Permanent Magnet Wind Turbine Market, By Type
6. South Korea Medium Speed Permanent Magnet Wind Turbine Market, By Application
7. South Korea Medium Speed Permanent Magnet Wind Turbine Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Medium Speed Permanent Magnet Wind Turbine Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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