Forecast: Renewable Energy Consumption in South Korea

Renewable energy consumption in South Korea has seen a steady increase from 2013 to 2023, growing from 1.92 to 3.93 units of final energy consumption. Significant growth periods were observed in 2014 with a 49.48% year-on-year increase and in 2020 with a 12.38% increase. The compound annual growth rate (CAGR) over the last five years is 4.33%, indicating a deceleration in growth compared to earlier periods.

Key trends over the past decade include:

- Rapid early growth followed by a slowdown after 2018.

- Smaller year-on-year variations in the last two years, with 2.67% in 2022 and 2.08% in 2023.

Future trends to watch for include a projected CAGR of 0.74% from 2024 to 2028, signaling a stabilization in growth. Continued policy support, technological advancements, and public awareness will be critical factors in maintaining momentum in renewable energy adoption.