South Korea Photovoltaic Market Research Report By Type (Organic PV, Inorganic PV)- Forecast to 2035

South Korea Photovoltaic Market Overview

As per MRFR analysis, the South Korea Photovoltaic Market Size was estimated at 3.8 (USD Billion) in 2023.The South Korea Photovoltaic Market Industry is expected to grow from 4.5(USD Billion) in 2024 to 9.2 (USD Billion) by 2035. The South Korea Photovoltaic Market CAGR (growth rate) is expected to be around 6.717% during the forecast period (2025 - 2035)

Key South Korea Photovoltaic Market Trends Highlighted

The South Korea Photovoltaic Market is experiencing significant growth driven by the government's strong commitment to renewable energy and reducing greenhouse gas emissions as part of its Green New Deal initiative. This plan aims to transform the energy sector by increasing the share of renewable energy sources, with solar energy playing a vital role. Key market drivers include favorable government policies, incentives for solar installations, and technological advancements in photovoltaic systems. The country is also witnessing an increase in investment from both public and private sectors, which enhances research and development within the solar technology sphere.

In recent years, there has been a significant increase in the integration of energy storage systems with photovoltaic installations. This combination enhances the reliability of solar power and facilitates more effective energy management, thereby addressing concerns regarding intermittent energy supply. An additional trend is the expansion of community solar initiatives, which facilitate local investment and participation in solar solutions, thereby increasing community engagement and awareness of sustainability practices. Building-integrated photovoltaics have the potential to expand in urban areas with limited land availability, which presents an opportunity for exploration.

Furthermore, the phasing out of outdated energy infrastructure presents an opportunity to advance solar energy in rural areas where electricity consumption is increasing. In general, the South Korean market is on the brink of further development as a result of the growing emphasis on sustainability and innovation in response to both domestic energy requirements and global climate objectives.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

South Korea Photovoltaic Market Drivers

Government Incentives and Policy Support

The South Korea Photovoltaic Market Industry is significantly propelled by robust government incentives and policy frameworks aimed at boosting renewable energy sources. The South Korean government has set ambitious targets to achieve a total renewable energy capacity of 63.8 gigawatts by 2030, as outlined in the Renewable Energy 3020 Implementation Plan. This initiative is projected to bolster the installation of photovoltaic systems, thereby attracting substantial investments from both domestic and international players.

Moreover, the government provides financial support and subsidies for residential and commercial photovoltaic installations, encouraging wider adoption. With organizations such as the Ministry of Trade, Industry, and Energy advocating for these policies, the photovoltaic sector is positioned for sustainable growth, contributing to a reduction in greenhouse gas emissions and enhancing energy independence. This strategic support has been recognized as essential to achieving target outputs, creating a favorable climate for the South Korea Photovoltaic Market Industry to thrive.

Technological Advancements

Technological innovations in photovoltaic systems are a key driver for the South Korea Photovoltaic Market Industry. The development of more efficient solar panels and energy storage solutions has led to decreased costs and increased effectiveness. With research institutions such as the Korea Institute of Energy Research focusing on Research and Development to enhance solar cell efficiency, the average conversion efficiency of photovoltaic panels has improved significantly.

For instance, advancements have resulted in efficiencies exceeding 22 percent for silicon-based panels. In addition, the South Korean market has seen a rising trend in the adoption of bifacial solar panels, which can produce up to 30 percent more energy by capturing sunlight from both sides. These advancements make photovoltaic systems more competitive against traditional energy sources, thereby catalyzing growth in the South Korea Photovoltaic Market Industry.

Increased Industrial and Commercial Adoption

The increasing recognition of photovoltaic technology in industrial and commercial sectors is driving the South Korea Photovoltaic Market Industry. Many South Korean companies are committing to sustainability goals and renewable energy usage to reduce their carbon footprints. For example, prominent conglomerates like Samsung and LG are investing heavily in solar energy projects and have already begun to deploy photovoltaic systems in their facilities.

This trend is reflected in a reported 20 percent increase in commercial solar installations over the past two years, driving demand for photovoltaic solutions. The robust participation of the private sector illustrates a shift towards renewable energy and is anticipated to continue encouraging further investments in the South Korea Photovoltaic Market Industry as more companies opt for greener energy solutions.

Growing Consumer Awareness and Demand

Public awareness regarding climate change and the need for sustainable energy solutions is increasingly driving the demand for the South Korea Photovoltaic Market Industry. Recent surveys indicate that over 65 percent of South Koreans are now supportive of renewable energy initiatives and are actively seeking alternative energy sources for their households. This shift in consumer preference is evident in the rising inquiries and installations of residential photovoltaic systems, which have surged by approximately 15 percent in the past year alone.

As environmental concerns become more pronounced, homeowners are eager to invest in energy-efficient solutions. Organizations like the Korea Energy Agency promote educational campaigns to enhance public knowledge about photovoltaic technology, urging more individuals to opt for solar energy, which is expected to significantly boost demand in the South Korea Photovoltaic Market Industry.

South Korea Photovoltaic Market Segment Insights

Photovoltaic Market Type Insights

The South Korea Photovoltaic Market has been notably developing, with particular emphasis on the Type segment, which encompasses Organic Photovoltaics (PV) and Inorganic PV technologies. The industry has demonstrated consistent growth due to increasing demand for renewable energy sources and government initiatives aimed at reducing carbon emissions. In recent years, South Korea has focused on advancing its solar energy capabilities, supported by research investments and advancements in technology. Organic PV, known for its lightweight and flexible characteristics, has gained traction due to its potential applications in building-integrated photovoltaics and portable energy solutions.

This segment is especially pertinent as it aligns with the growing demands for aesthetic and versatile energy solutions in both residential and commercial properties. In contrast, Inorganic PV, typically dominated by silicon-based cells, continues to lead the market with its high energy conversion efficiency and established production methods. This segment is critical to large-scale solar farms and utility-scale installations, providing a stable and reliable source of energy. The importance of this segmentation in the broader South Korea Photovoltaic Market primarily lies in their complementary roles; while Organic PV opens avenues for innovative applications, Inorganic PV fortifies the market's backbone with proven technology.

Owing to South Korea's robust manufacturing capabilities and commitment to sustainability, both segments are poised to capture a significant share of the market growth trajectory, reflecting broader global trends toward clean energy adoption. Additionally, governmental policies promoting renewable energy usage are expected to uplift both Organic and Inorganic PV segments as they adapt to meet the evolving energy landscape, further driving innovation and efficiency in the South Korean photovoltaic context.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

South Korea Photovoltaic Market Key Players and Competitive Insights

The South Korea Photovoltaic Market is characterized by its dynamic growth and evolving competitive landscape, reflecting the nation's commitment to renewable energy adoption and sustainability. With the government's ambitious policies and incentives aimed at promoting solar energy installations, the market has seen substantial investments and advancements in technology. Various domestic and international companies are vying for a share of the market, each contributing to the rapid expansion of solar energy capabilities in the region. Innovative solutions and technological improvements play a crucial role in differentiating companies, as they focus on efficiency, cost reduction, and enhancing the overall performance of photovoltaic systems. This competitive environment fosters collaboration and pushes companies to continuously adapt to changing market demands and regulatory frameworks.

Sungrow Power Supply has established a noteworthy presence in the South Korea Photovoltaic Market as a prominent player in the solar inverter segment. The company's strengths stem from its commitment to research and development, enabling it to provide advanced inverter technology characterized by high efficiency and reliability. Sungrow Power Supply is well-regarded for its excellent customer service and robust support network, which are crucial for maintaining strong relationships with clients and installers. Additionally, the company benefits from its strong brand reputation, which has been built on years of delivering high-quality products that cater to the unique demands of the South Korean market. With a growing portfolio that includes various inverter models tailored for both residential and commercial applications, Sungrow Power Supply continues to strengthen its foothold in this competitive landscape.

In the South Korea Photovoltaic Market, Jinko Solar stands out as a leading manufacturer of solar modules, which are essential components for solar energy systems. Known for its high-efficiency solar panels, Jinko Solar has a significant market presence driven by technological innovations and strong production capabilities. The company has leveraged strategic partnerships and collaborations to enhance its market share, continually expanding its distribution channels across the region. Jinko Solar's strengths lie in its ability to deliver reliable and efficient solar solutions backed by an extensive research and development team focused on product enhancements. Furthermore, the company has engaged in strategic mergers and acquisitions, allowing it to consolidate its position and broaden its product offerings within the South Korean market, catering to both utility-scale projects and the growing residential segment. With a keen focus on sustainability and community engagement, Jinko Solar reinforces its reputation and operational footprint in South Korea's evolving photovoltaic landscape.

Key Companies in the South Korea Photovoltaic Market Include

• Sungrow Power Supply


• Jinko Solar


• Hanwha Q CELLS


• Trina Solar


• Shinsung Solar Energy


• LG Electronics


• Risen Energy


• LG Chem


• First Solar


• Hyundai Energy Solutions


• Samsung Solar


• OCI Company


• Soluxtec


• JA Solar


• SEnergy

South Korea Photovoltaic Market Industry Developments

Recent developments in the South Korea Photovoltaic Market include significant advancements and strategic initiatives by major companies. Hanwha Q CELLS has continued to expand its capacity while focusing on innovative solar technology solutions, enhancing its position in the global market. Sungrow Power Supply recently announced new product launches aimed at improving the efficiency and performance of photovoltaic systems. LG Electronics has made strides in residential solar systems, emphasizing sustainability and smart home integration.

In terms of market valuation, the growth trajectory has been bolstered by government incentives promoting green energy, with the South Korean government setting ambitious renewable energy targets. Notably, in March 2023, OCI Company acquired a stake in a solar module manufacturing facility, highlighting consolidation trends in the industry. In August 2022, Trina Solar announced a joint venture with a local firm to expand its operations within the region. The past two years have seen an increase in collaboration and investment, enhancing the competitiveness of companies such as Jinko Solar, Risen Energy, and First Solar. With a focus on innovation and sustainability, the South Korean photovoltaic sector continues to evolve rapidly, attracting both domestic and international investments.

Photovoltaic Market Segmentation Insights

Photovoltaic Market Type Outlook

• Organic PV


• Inorganic PV

 

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	3.8(USD Billion)
MARKET SIZE 2024	4.5(USD Billion)
MARKET SIZE 2035	9.2(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	6.717% (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 Billion
KEY COMPANIES PROFILED	Sungrow Power Supply, Jinko Solar, Hanwha Q CELLS, Trina Solar, Shinsung Solar Energy, LG Electronics, Risen Energy, LG Chem, First Solar, Hyundai Energy Solutions, Samsung Solar, OCI Company, Soluxtec, JA Solar, SEnergy
SEGMENTS COVERED	Type
KEY MARKET OPPORTUNITIES	Government incentives for solar adoption, Growing demand for renewable energy, Advancements in solar technology, Increased energy independence focus, Expansion of solar installations in urban areas
KEY MARKET DYNAMICS	government incentives, increasing renewable energy demand, technological advancements, competitive pricing, energy independence initiatives
COUNTRIES COVERED	South Korea