South Korea's renewable energy supply (excluding solid biofuels) has seen a consistent upward trend from 2013 to 2023. As of 2023, the supply stood at 1.74 units of Total Primary Energy Supply, reflecting a 4.82% increase year-on-year. Over the last two years, from 2021 to 2023, the growth rate has tempered to single digits, indicating a maturing market. The 5-year CAGR from 2018 to 2023 is 9.81%, showcasing a historically robust growth despite a slight deceleration in recent years.
Looking ahead, the forecast from 2024 to 2028 suggests a modest average annual growth rate of 1.71%, with an overall 5-year growth rate of 8.84%. This indicates a continued increase but at a slower pace, perhaps due to market saturation or policy changes.
Future trends to watch include advancements in renewable technologies, governmental policy shifts toward green energy, and possible economic factors influencing energy investments. It will be crucial to monitor how these variables might impact South Korea's renewable energy landscape going forward.
