As per MRFR analysis, the South Korea Floating Solar Panels Market Size was estimated at 44.78 (USD Million) in 2023.The South Korea Floating Solar Panels Market is expected to grow from 56(USD Million) in 2024 to 295 (USD Million) by 2035. The South Korea Floating Solar Panels Market CAGR (growth rate) is expected to be around 16.306% during the forecast period (2025 - 2035).
Key South Korea Floating Solar Panels Market Trends Highlighted
The market for floating solar panels in South Korea is expanding significantly due to a number of important market factors. The government's pledge to expand renewable energy sources as part of the Green New Deal program is one of the primary causes.
Through the use of renewable energy sources, such as solar electricity, this project seeks to become carbon neutral by lowering dependency on fossil fuels. Due to its capacity to optimize space use on water bodies, floating solar technology is becoming more and more popular, offering South Korea, a country with limited land, an effective alternative.
There are a lot of potential in this industry, especially since South Korea has a lot of water surfaces and reservoirs that can support floating solar panels without vying for land resources. Additionally, investment in cutting-edge solar technologies is encouraged by the growing emphasis on sustainability and energy security.
In order to progress projects, take advantage of accessible sites, and guarantee community support, businesses are starting to look into forming alliances with local government agencies and water management groups.
In order to maximize energy output and storage capabilities, there has been a discernible trend in recent years toward the integration of floating solar systems with other renewable technologies, such as wind and energy storage. The country's goal of building a more adaptable and durable electricity grid is in line with this trend.
Furthermore, developments in floating solar technology, such better buoyancy systems and materials, are increasing the systems' robustness and efficiency, which makes them more desirable for deployment in South Korea's varied environmental circumstances.
All things considered, the market for floating solar panels in South Korea represents a promising nexus of environmental responsibility, government policy, and innovation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South Korea Floating Solar Panels Market Drivers
Government Support for Renewable Energy
The South Korean government is heavily investing in renewable energy projects as part of its Green New Deal initiative, aiming to achieve net-zero greenhouse gas emissions by 2050. This drive towards renewable energy is reflected in an increase of over 14% in public investment in clean energy technologies in the last two years.
The Ministry of Trade, Industry, and Energy has set a goal to install 30 gigawatts of solar power by 2030, including floating solar panels. This aggressive target is likely to stimulate the South Korea Floating Solar Panels Market, leading to more installations and encouraging residential and commercial sectors to adopt floating solar technology.
Water-Space Utilization
South Korea is known for its many water bodies, which can be effectively utilized for floating solar installations to mitigate land use conflicts. The country's extensive coastline and numerous reservoirs present vast opportunities for floating solar projects.
According to the Korean Forest Service, approximately 20% of the country's land is mountainous or non-arable, making water-bodies an attractive alternative for solar expansion. By harnessing these surfaces, the South Korea Floating Solar Panels Market can alleviate space constraints faced by conventional solar farms, resulting in a more robust market growth.
Technological Advancements
Recent technological innovations in floating solar panel design and materials are enhancing the efficiency and durability of installations. For instance, advancements in photovoltaic cell technology have increased the energy conversion efficiency by approximately 20% over the past five years according to data from the Korean Institute of Energy Technology.
This reflects a growing trend of enhancing the performance of renewable energy systems in South Korea. These enhancements will likely encourage a broader adoption of floating solar panels, poised to significantly contribute to the South Korea Floating Solar Panels Market's growth in the coming years.
South Korea Floating Solar Panels Market Segment Insights
Floating Solar Panels Market Product Insights
The South Korea Floating Solar Panels Market is evolving with a strong focus on the Product segment, which includes Stationary Floating Solar Panels and Tracking Floating Solar Panels. This market is positioned favorably due to the increasing demand for renewable energy sources, especially in an energy-reliant nation like South Korea.
The government has been implementing policies to enhance renewable energy adoption, driving market growth and innovation in solar technology. Stationary Floating Solar Panels, known for their simplicity and durability, are a popular choice for many installations since they require less maintenance and are cost-effective.
Their ability to maximize surface area and efficiently harness sunlight plays a crucial role in reducing the carbon footprint and addressing energy needs. On the other hand, Tracking Floating Solar Panels are gaining traction as they offer enhanced energy production by adjusting the angle of the panels according to the sun's position throughout the day, thereby ensuring optimal performance.
This intelligent design allows for a significant increase in energy capture, making these systems essential for large-scale floating solar farms. The growing realization of the advantages of both types contributes to the overall advancements in the South Korea Floating Solar Panels Market, aligning with the nation's goals of achieving a sustainable energy future.
Additionally, challenges such as fluctuating weather conditions and technological barriers are being addressed through ongoing Research and Development, with the aim of enhancing efficiency and reliability.
The South Korea Floating Solar Panels Market segmentation portrays a robust trend of innovation and adaptability that reflects the country's commitment to renewable energy, presenting ample opportunities for stakeholders involved.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Floating Solar Panels Market Location Insights
The South Korea Floating Solar Panels Market is progressively shaping its landscape with a focus on Location, primarily dividing itself into Onshore and Offshore segments. Onshore Floating Solar Panels are gaining attention due to their ease of installation and integration with existing solar infrastructure, making them attractive in regions with limited land availability.
In contrast, Offshore installations are increasingly viewed as a vital component in the nation's renewable energy strategy, taking advantage of South Korea's extensive maritime territory and offering the potential for large-scale energy production without occupying valuable land space.
The growth of these segments is driven by government initiatives promoting renewable energy, as well as technological advancements that enhance efficiency and reduce costs. Additionally, as South Korea aims to boost its solar capacity to meet ambitious climate goals, the importance of these segments will likely increase, offering significant growth opportunities.
Overall, the South Korea Floating Solar Panels Market is witnessing a noteworthy evolution within its Location-focused segments, catering to the growing demand for sustainable energy solutions in the region.
South Korea Floating Solar Panels Market Key Players and Competitive Insights
The South Korea Floating Solar Panels Market is evolving as a prominent segment within the broader renewable energy landscape, characterized by intense competition and innovation. The demand for sustainable energy solutions is surging, primarily due to the government's commitment to reducing carbon emissions and transitioning to green energy sources.
Floating solar technology, which allows solar panels to be installed on bodies of water, is particularly appealing in South Korea, given the country's limited land availability. As a result, various players are emerging in this arena, each bringing distinct capabilities and strategies to capture market share.
The competitive dynamic is driven by advancements in technology, the quest for efficiency, and the growing awareness of environmental challenges. Players must navigate regulatory frameworks and the financial aspects associated with project development, making it essential to analyze the strengths and market positioning of key companies in the sector.
Shinhan Bank is a significant player within the South Korea Floating Solar Panels Market, leveraging its substantial financial expertise to enhance its competitive edge. The bank has positioned itself as a crucial financial supporter of renewable energy projects, providing funding and investment solutions tailored to the needs of companies involved in the floating solar sector.
Its strength lies in its robust financial services, including project financing, which aids developers in overcoming high initial capital costs related to floating solar installations. Furthermore, Shinhan Bank's ability to foster partnerships and collaborations with multiple stakeholders in the renewable energy space uniquely positions it to facilitate the growth of floating solar projects.
The bank's keen understanding of the local market dynamics and regulatory environment also provides confidence to investors and developers, making it a vital contributor to the evolving landscape.
Samsung SDI stands as another key entity in the South Korea Floating Solar Panels Market, with its extensive portfolio of energy solutions that supplement the renewable sector. The company specializes in producing advanced energy storage systems, which are essential in enhancing the efficiency and stability of floating solar installations.
Samsung SDI's strengths lie in its cutting-edge battery technologies and energy management solutions that are critical for the optimal performance of floating solar panels. Given the increasing emphasis on hybrid systems that combine solar energy with energy storage, Samsung SDI's innovations have positioned it favorably against its competitors.
The company also engages in strategic mergers and acquisitions to bolster its capabilities and broaden its market reach within the renewable energy landscape, enhancing its operational efficiencies and expanding its service offerings in South Korea.
With a strong commitment to research and development, Samsung SDI continues to push the boundaries of technology as it connects with other renewable energy developments, paving the way for a more sustainable future in the region.
Key Companies in the South Korea Floating Solar Panels Market Include
South Korea Floating Solar Panels Market Developments
Recent developments in the South Korea Floating Solar Panels Market highlight significant advancements and ongoing projects within the sector. As of October 2023, South Korea has set ambitious targets for expanding its renewable energy capacity, particularly through floating solar technology, which has garnered attention for its efficient land use.
Companies like Hanwha Q CELLS and LG Electronics are leading innovation in this field amid efforts to combat climate change. In September 2023, Shinhan Bank announced plans to finance multiple floating solar projects, underscoring the financial sector's commitment to supporting sustainable energy initiatives.
Notably, Daelim Industrial and OCI Company have also started collaborations aimed at enhancing the integration of floating solar panels in existing infrastructures. In the past couple of years, there has been a growing trend toward public-private partnerships, enabling a faster deployment of such energy solutions.
Market valuation for key players like SK Innovation and Korea Electric Power Corporation has markedly increased, driven by favorable government policies and incentives targeting renewable energy investments. This evolution reflects South Korea's determination to strengthen its position in the global renewable energy market, aligned with its carbon neutrality goals.
South Korea Floating Solar Panels Market Segmentation Insights
Floating Solar Panels Market Product Outlook
Floating Solar Panels Market Location Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 44.78(USD Million) |
| MARKET SIZE 2024 | 56.0(USD Million) |
| MARKET SIZE 2035 | 295.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 16.306% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Shinhan Bank, Samsung SDI, Shinsung Intelligent Energy, LG Electronics, OCI Company, POSCO, Korea National Oil Corporation, KOREC, Korea Electric Power Corporation, Kwangdong Pharmaceutical, SK Innovation, Daelim Industrial, Hanwha Q CELLS, Hyundai Energy Solutions, Green Energy |
| SEGMENTS COVERED | Product, Location |
| KEY MARKET OPPORTUNITIES | High energy demand, Government incentives for renewables, Urban water bodies utilization, Technological advancements in solar, Environmental benefits and sustainability. |
| KEY MARKET DYNAMICS | government subsidies, environmental sustainability, increasing energy demand, technological advancements, land scarcity |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The market is expected to be valued at 56.0 million USD in 2024.
By 2035, the market is projected to reach a value of 295.0 million USD.
The market is expected to grow at a CAGR of 16.306% from 2025 to 2035.
The Tracking Floating Solar Panels segment is projected to dominate with an expected value of 175.0 million USD by 2035.
The Stationary Floating Solar Panels segment is expected to be valued at 24.0 million USD in 2024.
Major players in the market include Shinhan Bank, Samsung SDI, and Hanwha Q CELLS among others.
The Tracking Floating Solar Panels segment is projected to be valued at 32.0 million USD in 2024.
Increasing demand for renewable energy and technological advancements are driving market growth.
Regulatory hurdles and high initial investment costs may pose challenges to market growth.
The South Korea market is one of the leading regions for floating solar panel installations, indicating strong regional growth.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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