Forecast: Solar Energy Consumption in South Korea

The solar energy consumption in South Korea increased significantly from 2013 to 2023. The year-on-year growth rate was especially high between 2013 and 2015, averaging over 50%. This strong momentum continued, albeit with a gradual decline in growth rates, showing an average CAGR of 22.99% over the last five years up to 2023. As of 2023, solar energy consumption stood at 0.27 Exajoules. From 2024 onwards, the forecasted data suggest a continued increase, although at a slower pace with a forecasted five-year CAGR of 4.68% and a total growth rate of 25.68% by 2028.

Future trends to watch for include advancements in solar technology, reductions in installation costs, and governmental policy shifts towards renewable energy. These factors could potentially accelerate growth in solar energy adoption beyond current forecasts.