Forecast: Renewable Energy Supply in South Korea

The renewable energy supply in South Korea has experienced a marked increase over the last decade. As of 2023, the supply stood at 2.24 units of Total Primary Energy Supply, representing an average annual growth rate (CAGR) of approximately 3.24% over the last five years. Year-on-year growth indicators showed significant oscillations, from a high of 42.57% in 2014 to more modest growth rates of around 1.82% by 2023.

Future trends to watch for:

• While the historical growth rates showcase impressive gains, future growth is expected to stabilize, with a forecasted 5-year CAGR of only 0.61%.
• Policy initiatives, market incentives, and technological advancements will play crucial roles in shaping the renewable energy landscape.
• Attention should be given to potential shifts in energy policies and global market dynamics that may influence South Korea’s renewable energy trajectory.