From 2013 to 2023, solar energy generation in South Korea experienced robust growth, moving from 1.67 TWh to 29.09 TWh. The data indicates significant year-on-year percentage increases early on, with notable spikes such as 61.51% in 2014 and 57.02% in 2015. From 2013 to 2018, the Compound Annual Growth Rate (CAGR) consistently ranged between 36% and 47%, showcasing rapid adoption and expansion. However, the growth rate began stabilizing from 2019 onwards, with year-on-year increases averaging around 23.4% in the last five years leading up to 2023.
Notably, the year-on-year growth rate has dropped to a modest 7.87% by 2023, and projections from 2024 to 2028 suggest a decelerating trend, with a forecasted five-year CAGR of 4.09%. This indicates a transition from rapid to more sustainable growth. Solar energy generation is expected to reach 38 TWh by 2028, reflecting an overall growth rate of 22.21% over these five years.
Future trends to watch for:
- Technological advancements in solar panel efficiency and energy storage solutions.
- Government policies and incentives that might influence investment in solar energy.
- Market demand tied to broader shifts towards renewable energy and sustainability.
- Potential competitive pressures from other renewable energy sources.