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South Korea Wind Energy Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: April, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 178
Forecast Year: 2024-2032

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Market Overview

South Korea is rapidly emerging as a key player in the global wind energy market. With its strong commitment to renewable energy and a favorable regulatory environment, the country has witnessed significant growth in wind power installations in recent years. The South Korea wind energy market is characterized by a combination of onshore and offshore wind farms, attracting both domestic and international investments.


Wind energy refers to the conversion of wind power into useful electrical energy using wind turbines. It is a clean and sustainable source of power that does not produce harmful emissions or contribute to climate change. In South Korea, wind energy plays a crucial role in reducing dependence on fossil fuels and meeting the country’s growing energy demand in an environmentally friendly manner.

Executive Summary

The South Korea wind energy market has experienced remarkable growth over the past decade, driven by favorable government policies, increasing environmental awareness, and a push towards reducing greenhouse gas emissions. This executive summary provides an overview of the key market insights, drivers, restraints, opportunities, and dynamics shaping the wind energy market in South Korea.

South Korea Wind Energy Market

Key Market Insights

  • South Korea’s wind energy market has witnessed a substantial increase in installed capacity, with both onshore and offshore wind farms contributing to the overall growth.
  • The government’s renewable energy targets and supportive policies have been instrumental in attracting investments and fostering market growth.
  • South Korea has favorable wind conditions, particularly in coastal areas, making it an ideal location for offshore wind power projects.
  • Technological advancements in wind turbine design and construction have improved efficiency and reduced the cost of wind energy generation.
  • The government’s focus on reducing greenhouse gas emissions and transitioning to a low-carbon economy has further propelled the growth of wind energy.

Market Drivers

Several factors are driving the growth of the wind energy market in South Korea:

  1. Government Support: The South Korean government has implemented favorable policies and incentive schemes to promote renewable energy, including wind power. These initiatives include feed-in tariffs, tax benefits, and financial incentives for wind energy projects.
  2. Increasing Energy Demand: South Korea’s energy demand has been steadily rising, and wind energy offers a sustainable solution to meet this growing demand without relying heavily on imported fossil fuels.
  3. Environmental Concerns: The need to reduce carbon emissions and mitigate the impacts of climate change has led to a shift towards cleaner and greener energy sources. Wind energy provides a renewable alternative to traditional fossil fuel-based power generation.
  4. Technological Advancements: Advances in wind turbine technology, such as larger rotor diameters, improved efficiency, and better grid integration, have made wind energy more cost-effective and reliable.

Market Restraints

While the South Korea wind energy market has witnessed significant growth, it also faces certain challenges and limitations:

  1. Grid Integration: The integration of intermittent renewable energy sources like wind power into the existing electrical grid can pose technical challenges. Ensuring a stable and reliable grid infrastructure is crucial for the efficient integration of wind energy.
  2. Land Availability: The limited availability of suitable land for onshore wind farms can pose a constraint on expanding the capacity of wind power installations.
  3. High Initial Costs: Although the cost of wind energy has decreased over the years, the initial investment required for setting up wind farms remains relatively high. Financing such projects can be a challenge for some developers.

Market Opportunities

The South Korea wind energy market presents several opportunities for industry participants and stakeholders:

  1. Offshore Wind Development: South Korea has vast untapped potential for offshore wind power generation. Expanding offshore wind farms can provide a significant opportunity for developers and suppliers in the market.
  2. Technological Innovations: Continued advancements in wind turbine technology, such as floating wind turbines and hybrid systems, offer opportunities for innovation and improved performance.
  3. Research and Development: Investing in research and development activities focused on wind energy can lead to the development of new solutions, cost reduction, and improved efficiency.
  4. Collaboration and Partnerships: Collaborating with international wind energy companies can facilitate knowledge transfer, technology exchange, and accelerate the growth of the market.

Market Dynamics

The South Korea wind energy market is characterized by dynamic factors that influence its growth and development. These dynamics include government policies, regulatory frameworks, technological advancements, market competition, and environmental considerations. Understanding these dynamics is essential for industry participants and stakeholders to make informed decisions and capitalize on emerging opportunities.

Regional Analysis

The wind energy market in South Korea exhibits regional variations due to differences in wind resources, grid infrastructure, and government incentives. Coastal regions, particularly those with strong and consistent winds, have a higher potential for wind power development. The southern and western coastal areas, such as Jeju Island and South Jeolla Province, have emerged as key regions for both onshore and offshore wind projects.

Competitive Landscape

The South Korea wind energy market is competitive, with several domestic and international players involved in project development, equipment manufacturing, and service provision. Some of the key players in the market include Hyundai Heavy Industries, Doosan Heavy Industries, and Korea Electric Power Corporation. The market is also witnessing increased participation from international companies with expertise in offshore wind development.


The South Korea wind energy market can be segmented based on various factors, including project type (onshore/offshore), capacity, and end-user industry. Onshore wind farms are typically smaller in scale and cater to local electricity demand, while offshore wind farms have higher capacity and contribute to the overall grid supply.

Category-wise Insights

  1. Onshore Wind Farms: Onshore wind farms play a significant role in meeting local energy demand, particularly in regions with suitable wind resources. These projects provide opportunities for local communities to participate in renewable energy generation and benefit from associated economic development.
  2. Offshore Wind Farms: Offshore wind farms have gained traction in South Korea due to the country’s favorable coastal conditions. Large-scale offshore projects can provide a substantial boost to the country’s renewable energy capacity and help achieve its carbon reduction goals.
  3. Wind Turbine Manufacturers: South Korea has a growing number of wind turbine manufacturers that cater to both domestic and international markets. These manufacturers contribute to the local supply chain and create job opportunities in the renewable energy sector.

Key Benefits for Industry Participants and Stakeholders

Industry participants and stakeholders in the South Korea wind energy market can benefit from:

  1. Growth Opportunities: The market offers significant growth opportunities, driven by government support, increasing demand for renewable energy, and technological advancements.
  2. Sustainable Business Models: Investing in wind energy enables businesses to align with sustainable development goals, reduce carbon footprints, and enhance their corporate social responsibility image.
  3. Job Creation: The wind energy sector contributes to job creation, offering employment opportunities in project development, construction, maintenance, and operation.
  4. Energy Security: Diversifying the energy mix by incorporating wind power reduces reliance on imported fossil fuels and enhances energy security for the country.

SWOT Analysis


  • Favorable government policies and incentives
  • Abundant wind resources, particularly offshore
  • Technological expertise in wind turbine manufacturing


  • Limited land availability for onshore wind farms
  • Challenges in grid integration of intermittent renewables
  • Relatively high initial investment costs


  • Offshore wind development
  • Technological innovation and research
  • Collaboration with international partners


  • Competition from other renewable energy sources
  • Uncertainty in regulatory frameworks
  • Potential environmental impact on marine ecosystems (offshore wind)

Market Key Trends

  1. Offshore Wind Boom: South Korea has witnessed a surge in offshore wind projects, with significant investments being made to tap into the country’s offshore wind potential.
  2. Hybrid Power Plants: The integration of wind power with other renewable energy sources, such as solar and energy storage, is gaining traction to enhance the reliability and stability of the electricity supply.
  3. Digitalization and Automation: The use of advanced digital technologies, such as artificial intelligence and predictive analytics, is becoming more prevalent in wind farm operation and maintenance, improving efficiency and reducing costs.

Covid-19 Impact

The COVID-19 pandemic has had some impact on the South Korea wind energy market. While the initial lockdowns and supply chain disruptions caused temporary setbacks, the renewable energy sector, including wind power, has shown resilience. The pandemic has further emphasized the importance of renewable energy as a reliable and sustainable source of power, driving continued growth in the market.

Key Industry Developments

  1. Jeju Island Offshore Wind Farm: The Jeju Island offshore wind farm project, with a planned capacity of 99 MW, is set to become the country’s largest offshore wind project upon completion. It showcases South Korea’s commitment to expanding its offshore wind capacity.
  2. Public-Private Partnerships: The government has been actively promoting public-private partnerships in wind energy development to encourage investment and facilitate the growth of the sector.

Analyst Suggestions

Based on the market trends and dynamics, analysts suggest the following strategies for industry participants and stakeholders:

  1. Focus on Offshore Wind: Given South Korea’s favorable coastal conditions, offshore wind development presents significant growth opportunities. Industry players should prioritize offshore projects to capitalize on the country’s untapped wind potential.
  2. Collaboration and Knowledge Sharing: Collaborating with international partners can help accelerate the growth of the market by leveraging expertise, sharing best practices, and attracting foreign investments.
  3. Research and Development: Continued investment in research and development activities focused on wind energy technology and innovation can drive cost reductions, improve efficiency, and address technical challenges.

Future Outlook

The future outlook for the South Korea wind energy market appears promising. The government’s renewable energy targets, favorable policies, and growing environmental concerns will continue to drive the growth of wind power installations. With the expansion of offshore wind farms and advancements in wind turbine technology, the market is expected to experience sustained growth and contribute significantly to South Korea’s renewable energy capacity.


The South Korea wind energy market is poised for continued growth and development. With favorable government support, increasing energy demand, and technological advancements, wind power is becoming an increasingly important component of the country’s energy mix. The expansion of offshore wind farms and the adoption of innovative solutions will play a crucial role in achieving South Korea’s renewable energy targets and reducing greenhouse gas emissions. Industry participants and stakeholders need to stay abreast of market trends, collaborate, and invest in research and development to capitalize on the opportunities presented by the South Korea wind energy market.

South Korea Wind Energy Market Segmentation:

Segment Details
Type Onshore Wind Energy, Offshore Wind Energy, Others
Application Power Generation, Others
Region South Korea

Leading Companies in the South Korea Wind Energy Market:

  1. Doosan Heavy Industries & Construction Co., Ltd.
  2. Hanwha Solutions Corporation (Formerly Hanwha Q CELLS Co., Ltd.)
  3. POSCO Energy Co., Ltd.
  4. Hyundai Electric & Energy Systems Co., Ltd. (Hyundai Heavy Industries Co., Ltd.)
  5. Samsung Heavy Industries Co., Ltd.
  6. Korea South-East Power Co., Ltd. (KOSEP)
  7. LS ELECTRIC Co., Ltd.
  8. Hanjin Heavy Industries & Construction Co., Ltd.
  9. Unison Co., Ltd.
  10. Hyosung Heavy Industries Corporation

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