South Korea Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers South Korea Renewable Energy Companies and the market is segmented by type (wind, solar, hydro, and other types). The report offers the market size and forecasts for renewable energy in capacity (MW) for all the above segments.

South Korea Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

South Korea Renewable Energy Market Size

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South Korea Renewable Energy Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 5.50 %
Market Concentration Medium

Major Players

South Korea Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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South Korea Renewable Energy Market Analysis

The South Korea Renewable Energy Market is expected to register a CAGR of greater than 5.5% during the forecast period.

  • Over the medium term, factors such as reducing fossil fuel import dependence, rising environmental awareness, and the government's push to align with the Paris Climate Accords are expected to boost the demand for the South Korean renewable energy market during the forecast period.
  • On the other hand, significant dependency on nuclear power is likely to restrain market growth.
  • Nevertheless, the South Korean government is targeting an increase in the share of its renewable energy mix to 20% by 2030 and up to 42% by 2034. This is expected to present significant opportunities for the players involved in the market.

South Korea Renewable Energy Industry Overview

The South Korean renewable energy market is partially fragmented. Some of the major players (in no particular order) include Hanwha Corp., Gridwiz Inc., Korea Electric Power Corporation, POSCO Energy Co. Ltd, and S-Energy Co. Ltd, among others.

South Korea Renewable Energy Market Leaders

  1. Hanwha Corp

  2. Korea Electric Power Corporation

  3. POSCO Energy Co Ltd

  4. S-Energy Co., Ltd

  5. Gridwiz Inc.

  6. *Disclaimer: Major Players sorted in no particular order
South Korea Renewable Energy Market Concentration
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South Korea Renewable Energy Market News

  • July 2022: SK D&D acquired 15 units of Siemens Gamesa's SG 5.0-145 wind turbines for South Korea's third-largest wind farm. As soon as it is completed in 2024, the Gunwi wind farm will produce enough electricity for 64,000 local households, forming part of the country's efforts to reduce reliance on fossil fuels and increase renewable energy generation to 20% by 2030.
  • June 2022: The South Korean government announced a tender to contract 2 GW of solar PV capacity through the Korean New and Renewable Energy Center (KNREC). The country aims to select this capacity from four categories ranging from less than 100 kW to exceeding 3 MW. Projects using solar PV modules with a lower carbon footprint will be preferred.

South Korea Renewable Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Renewable Energy Installed Capacity and Forecast, in MW, till 2028
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE ANALYSIS

5. MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Wind
    • 5.1.2 Solar
    • 5.1.3 Hydro
    • 5.1.4 Other Types

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Korea Hydro and Nuclear Power Company Ltd.
    • 6.3.2 S-Energy Co. Ltd.
    • 6.3.3 Hanwha Corp.
    • 6.3.4 Korea Electric Power Corporation
    • 6.3.5 POSCO Energy Co. Ltd.
    • 6.3.6 JinkoSolar Holding Co. Ltd.
    • 6.3.7 Canadian Solar Inc.
    • 6.3.8 Ocean Wind Energy Inc.
    • 6.3.9 Engie SA
    • 6.3.10 Gridwiz Inc.
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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South Korea Renewable Energy Industry Segmentation

Renewable energy refers to energy sources that are replenished naturally and are therefore considered sustainable and environmentally friendly. Examples of renewable energy sources include solar, wind, hydropower, geothermal, and biomass. These sources of energy are considered renewable because they are replenished naturally and continuously, unlike non-renewable sources of energy such as fossil fuels (coal, oil, and gas), which are finite resources that will eventually be depleted.

South Korean renewable energy is segmented by type. By type, the market is segmented into hydro, wind, solar, and other types. For each segment, market sizing and forecasts have been done based on megawatts (MW).

Type Wind
Solar
Hydro
Other Types
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South Korea Renewable Energy Market Research FAQs

What is the current South Korea Renewable Energy Market size?

The South Korea Renewable Energy Market is projected to register a CAGR of greater than 5.5% during the forecast period (2025-2030)

Who are the key players in South Korea Renewable Energy Market?

Hanwha Corp, Korea Electric Power Corporation, POSCO Energy Co Ltd, S-Energy Co., Ltd and Gridwiz Inc. are the major companies operating in the South Korea Renewable Energy Market.

What years does this South Korea Renewable Energy Market cover?

The report covers the South Korea Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the South Korea Renewable Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Renewable Energy in South Korea Industry Report

Statistics for the 2025 South Korea Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Renewable Energy analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.