Renewable energy sources are forecast to account for 41% of the total electricity generation capacity in South Korea by 2035, compared with 27% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of South Korea’s renewable energy market in its South Korea Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 17% in 2023 to 23% in 2035.
The share of wind power is expected to reach 5% in 2035, compared with a 5% share in 2023. Hydro is forecast to account for 4% shares of South Korea’s total electricity generation capacity, in 2035, as against 4% shares in 2023.
In terms of capacity additions, the total renewable energy capacity is expected to see 35960.02 MW of additions in South Korea during the forecast period while the non-renewable energy segment is likely to see reduction of 924.17 MW.
CAGR growth of key renewables in South Korea
Renewable generation capacity in South Korea is expected to reach 71GW in 2035 at a CAGR of 5% during 2023-2035.
Wind power is expected to record highest growth rate of 20.56% by 2035, followed by solar PV with 5%. Other renewable energy sources such as biopower and hydro are estimated to have growth rates of 2% and 0.02% respectively.
Hydrogen and CCS plants in pipeline in South Korea
A total of five hydrogen and 26 carbon capture and storage (CCS) plants are expected to be developed in South Korea by the end of 2035.
For more detailed analysis of the renewable energy market in South Korea, buy the report here.
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