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

The South Korea Wind Energy Market Report is Segmented by Location of Deployment (Onshore and Offshore). The Market Size and Forecasts in Installed Capacity (GW) for all the Above Segments.

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

South Korea Wind Energy Market Size

South Korea Wind Energy Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Volume (2025) 2.68 gigawatt
Market Volume (2030) 3.75 gigawatt
CAGR 7.00 %
Market Concentration Medium

Major Players

South Korea Wind Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of South Korea Wind Energy Market with other markets in Energy & Power Industry

Oil and Gas

Power

Battery

Decommissioning

Emerging Energy Technologies

Energy Storage Technology

South Korea Wind Energy Market Analysis

The South Korea Wind Energy Market size in terms of production capacity is expected to grow from 2.68 gigawatt in 2025 to 3.75 gigawatt by 2030, at a CAGR of 7% during the forecast period (2025-2030).

  • In the medium term, the primary driver for the market will be the government's efforts to reduce dependency on fossil fuels and thereby improve the country's air quality.
  • A lack of investment due to the low rate of return on invested capital is likely to hinder the market's growth during the forecast period.
  • Nevertheless, with the objective of increasing its renewable share in the country's energy mix to 20% by 2030, South Korea is expected to increase its renewable capacity to 63.8 GW by 2030. Moreover, wind energy in the country is expected to increase its capacity to nearly 17.7 GW by 2030, which is likely to create an opportunity for the market to grow in the near future.

South Korea Wind Energy Industry Overview

The South Korean wind energy market is moderately fragmented. The key players in the market are Equinor ASA, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Global Wind Energy Co. Ltd, and Hyosung Heavy Industries.

South Korea Wind Energy Market Leaders

  1. Equinor ASA

  2. Vestas Wind Systems A/S

  3. Siemens Gamesa Renewable Energy SA

  4. Global Wind Energy Co. Ltd

  5. Hyosung Heavy Industries

  6. *Disclaimer: Major Players sorted in no particular order
South Korea Wind Energy Market Concentration
Need More Details on Market Players and Competiters?
Download PDF

South Korea Wind Energy Market News

  • April 2024: RWE AG, a German multinational energy company, was granted a 495 MW electricity business license (EBL) by the Ministry of Trade, Industry, and Energy in South Korea for the development of the Seohae offshore wind project, situated off the coast of Taean County.
  • February 2024: Aker Solutions, a Norway-based company, was awarded a contract that includes front-end engineering and design (FEED) for the Haewoori Offshore Wind 2 and 3 projects. The project is expected to be located offshore Ulsan, South Korea, each with a capacity of 500 MW.

South Korea Wind Energy Market Report - Table of Contents

1. INTRODUCTION

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

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 South Korea Renewable Energy Mix, 2023
  • 4.3 Installed Capacity and Forecast in GW, till 2029
  • 4.4 Recent Trends and Developments
  • 4.5 Government Policies and Regulations
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.1.1 Supportive Government Policies
    • 4.6.2 Restraints
    • 4.6.2.1 Lack of Investment Due to the Low Rate of Return on Invested Capital
  • 4.7 Supply Chain Analysis
  • 4.8 PESTLE Analysis

5. MARKET SEGMENTATION

  • 5.1 Location of Deployment
    • 5.1.1 Onshore
    • 5.1.2 Offshore

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 Equinor ASA
    • 6.3.2 Vestas Wind Systems AS
    • 6.3.3 Siemens Gamesa Renewable Energy SA
    • 6.3.4 Global Wind Energy Co. Ltd
    • 6.3.5 Hyosung Heavy Industries Corporation
    • 6.3.6 Ørsted AS
    • 6.3.7 Vestas Wind Systems AS
    • 6.3.8 Total Eren SA
    • 6.3.9 Elenergy Co. Ltd
    • 6.3.10 TÜV SÜD
  • *List Not Exhaustive
  • 6.4 List of Other Prominent Players
  • 6.5 Market Ranking Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Favorable Government Target to Reach Country's Energy Mix to 20% by 2030
**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

South Korea Wind Energy Industry Segmentation

The wind is used to produce electricity by converting the kinetic energy of air in motion into electricity. By rotating the rotor blades, wind transforms kinetic energy into rotational energy. The rotational energy is transferred to the generator through a shaft, thereby generating electrical power.

The South Korean wind energy market is segmented by location of deployment. By location of deployment, the market is segmented into onshore and offshore. For each segment, the market sizes and forecasts have been done based on installed capacity (GW).

Location of Deployment Onshore
Offshore
Need A Different Region or Segment?
Customize Now

South Korea Wind Energy Market Research FAQs

How big is the South Korea Wind Energy Market?

The South Korea Wind Energy Market size is expected to reach 2.68 gigawatt in 2025 and grow at a CAGR of 7% to reach 3.75 gigawatt by 2030.

What is the current South Korea Wind Energy Market size?

In 2025, the South Korea Wind Energy Market size is expected to reach 2.68 gigawatt.

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

Equinor ASA, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Global Wind Energy Co. Ltd and Hyosung Heavy Industries are the major companies operating in the South Korea Wind Energy Market.

What years does this South Korea Wind Energy Market cover, and what was the market size in 2024?

In 2024, the South Korea Wind Energy Market size was estimated at 2.49 gigawatt. The report covers the South Korea Wind Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the South Korea Wind Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

South Korea Wind Energy Industry Report

Statistics for the 2025 South Korea Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Wind 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.