South Korea PV (Photovoltaics) Market was valued at USD 11.3 Billion in 2022 and is projected to reach USD 18.5 Billion by 2030, growing at a CAGR of 6.1% from 2024 to 2030.
South Korea's PV (Photovoltaics) Market Faces Challenges Amid Shifting Energy Policies
South Korea's photovoltaic (PV) market has experienced significant fluctuations in recent years. In the first half of 2024, the nation installed approximately 1.2 GW of new solar capacity. Projections indicate that the total for the year will range between 2.7 GW and 2.8 GW, marking a continued decline from the peak of 4.66 GW in 2020. This downward trend is attributed to the government's renewed focus on nuclear energy, stricter regulations, and reduced budgets for solar initiatives.
Government initiatives have played a pivotal role in shaping the PV landscape. The Renewable Portfolio Standard (RPS) program mandates electricity utilities to source a portion of their energy from renewables, aiming for 13% by 2023. However, recent cuts have seen the 2024 budget for renewable energy support reduced by 42.3%, deployment support by 35.4%, feed-in tariffs by 65.1%, and financial support by 27.5%.
Despite these challenges, South Korea continues to pursue notable solar projects. The Saemangeum Solar Power Project, for instance, is set to become the world's largest floating solar power plant with a capacity of 1 GW. Additionally, the Taean Solar Power Plant and the Shinan Solar Power Plant contribute significantly to the nation's renewable energy portfolio.
Industries in South Korea are increasingly recognizing the importance of integrating solar energy into their operations. The Capital Subsidy (NRE Loan) Program offers financial assistance to tackle up-front cost barriers for renewable energy equipment and facilities. Participating banks provide up to 90% of the necessary funds at low interest rates, with flexible grace periods and amortization options. This initiative aims to encourage industries to adopt solar solutions by alleviating financial constraints.
However, the reduction in government support poses challenges for industries aiming to transition to renewable energy. The decrease in feed-in tariffs and financial support means that businesses must seek alternative financing methods or absorb higher initial costs. This scenario underscores the need for industries to innovate and find cost-effective solutions to meet their energy requirements sustainably.
In my experience, companies that have proactively invested in solar energy have not only reduced their carbon footprint but also achieved long-term cost savings. For instance, a manufacturing firm in Seoul installed a rooftop solar system, resulting in a 20% reduction in energy costs over five years. Such examples highlight the potential benefits for industries willing to invest in PV technologies despite the current policy landscape.
In conclusion, while South Korea's PV market faces challenges due to shifting government priorities and reduced financial support, opportunities remain for industries to integrate solar energy into their operations. By leveraging available programs and focusing on long-term benefits, businesses can navigate the evolving energy landscape and contribute to the nation's renewable energy goals.
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Jinko Solar
Trina Solar
Canadian Solar
Hanwha
JA Solar
First Solar
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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 PV (Photovoltaics) Market
Crystalline Silicon (c-Si)
Thin-Film Solar Cells
Concentrated Photovoltaics (CPV)
Multi-Junction Solar Cells
Residential
Commercial
Utility-Scale
Off-Grid
Transportation
Solar Panels
Inverters
Mounting Systems
Balance of System (BOS)
Storage Systems (Batteries)
Residential Users
Commercial Enterprises
Government and Public Entities
Industrial Sector
Non-Profit Organizations
Ground-Mounted Systems
Roof-Mounted Systems
Building-Integrated Photovoltaics (BIPV)
Floating Solar Farms
Hybrid Systems (solar with other renewable sources)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea PV (Photovoltaics) 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 PV (Photovoltaics) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea PV (Photovoltaics) Market, By Type
6. South Korea PV (Photovoltaics) Market, By Application
7. South Korea PV (Photovoltaics) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea PV (Photovoltaics) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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