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South Korea Solar Energy and Battery Storage Market
ID: MRFR/EnP/53931-HCR
200 Pages
June 2025
South Korea Solar Energy and Battery Storage Market Research Report: By Application (Residential, Commercial, Utility), By Battery Type (Lithium-Ion, Lead-Acid, Flow Battery, Nickel-Cadmium), By Technology (Solar Photovoltaic, Concentrated Solar Power, Solar Thermal) andBy End Use (Grid-tied, Off-grid, Hybrid)- Forecast to 2035 South Korea Solar Energy and Battery Storage Market Overview: As per MRFR analysis, the South Korea Solar Energy and Battery Storage Market Size was estimated at 6
Industry Developments
Recent developments in the South Korea Solar Energy and Battery Storage Market reflect a strong push towards renewable energy and technological advancements. As of October 2023, POSCO Energy has announced significant investments aimed at increasing its solar power output, while Samsung SDI is expanding its battery production capabilities to support electric vehicles. Korea Solar Energy Corporation has seen increased collaborations with local governments to boost solar installations across residential sectors. Notably, Hanwha Q CELLS has embraced innovative solutions to enhance efficiency in solar panels. In terms of mergers and acquisitions, December 2022 marked a significant month when Hyundai Energy Solutions acquired a stake in a solar farm project from GS Energy, indicating consolidation in the market. Market growth is also observed, with LG Energy Solution reporting a 15% increase in battery storage capacity over the past year. The South Korean government continues to back these efforts through supportive policies, intending to reach 20% renewable energy by 2030. Consequently, these factors are contributing to an increasingly competitive landscape, showcasing a vibrant transition towards sustainable energy in South Korea.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 6.74(USD Billion) |
| MARKET SIZE 2024 | 7.49(USD Billion) |
| MARKET SIZE 2035 | 28.65(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 12.969% (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 | POSCO Energy, Samsung SDI, Korea Solar Energy Corporation, KPV Solar, Hanwa Techwin, Sungrow Power Supply, Korea Electric Power Corporation, Doosan Heavy Industries & Construction, SK Innovation, LG Energy Solution, Shinsung Solar Energy, GS Energy, Hyundai Energy Solutions, Solarpark, Hanwha Q CELLS |
| SEGMENTS COVERED | Application, Battery Type, Technology, End Use |
| KEY MARKET OPPORTUNITIES | Rising government incentives, Increasing residential solar adoption, Growing energy storage demand, Advancements in solar technology, Integration of electric vehicles |
| KEY MARKET DYNAMICS | Government incentives and subsidies, Growing demand for renewable energy, Advancements in battery technology, Increased energy independence, Competitive market landscape |
| COUNTRIES COVERED | South Korea |
FAQs
What is the expected market size of the South Korea Solar Energy and Battery Storage Market in 2024?
The South Korea Solar Energy and Battery Storage Market is expected to be valued at 7.49 USD Billion in 2024.
What is the projected market size for the South Korea Solar Energy and Battery Storage Market by 2035?
By 2035, the market is projected to reach a value of 28.65 USD Billion.
What is the expected CAGR for the South Korea Solar Energy and Battery Storage Market from 2025 to 2035?
The market is anticipated to grow at a CAGR of 12.969% from 2025 to 2035.
Which application segment is expected to hold the largest market share in 2024?
The Utility application segment is expected to hold the largest market share, valued at 3.69 USD Billion in 2024.
What are the expected market values for the Residential application segment by 2035?
The Residential application segment is expected to be valued at 5.6 USD Billion by 2035.
Which key players are dominating the South Korea Solar Energy and Battery Storage Market?
Key players in the market include POSCO Energy, Samsung SDI, and Korea Electric Power Corporation among others.
What is the expected value of the Commercial application segment in 2024?
The Commercial application segment is expected to be valued at 2.3 USD Billion in 2024.
What is the projected market value for the Utility application segment by 2035?
The Utility application segment is projected to be valued at 14.38 USD Billion by 2035.
How is the competition in the South Korea Solar Energy and Battery Storage Market expected to evolve?
The competition is expected to intensify with the presence of several key players and emerging companies in the market.
What opportunities are driving growth in the South Korea Solar Energy and Battery Storage Market?
Increasing demand for renewable energy solutions and advancements in battery storage technologies are driving growth opportunities in the market.
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