Geothermal and biomass energy consumption in South Korea has shown substantial growth, increasing from 0.024 Exajoules in 2013 to 0.26 Exajoules in 2023. This reflects a growing trend in the adoption of renewable energy sources. Between 2022 and 2023, there was a 30.65% year-on-year increase. Looking at the five-year compound annual growth rate (CAGR) from 2018 to 2023, the average annual increase was 18.77%.
Projections from 2024 onward suggest continued, albeit slower, growth with a forecasted five-year CAGR of 11.69% and an overall growth rate of 73.83% by 2028, reaching 0.56 Exajoules.
Future trends to watch include government policies favoring renewable energy, technological advancements reducing costs, and increasing public and private sector investments. These factors could potentially accelerate the adoption rate and capacity of geothermal and biomass energy in the coming years.