Forecast: Renewable Power Generation in South Korea

In 2023, renewable power generation in South Korea reached 0.57 Exajoules. The data reveals a consistent upward trend from 2013, with compound annual growth rates (CAGR) declining over time. From 2013 to 2023, annual growth rates fluctuated, seeing some of the highest increases in the early years, such as 82.35% in 2014. The CAGR for 2023 stands at 19.82%, down from 27.73% in 2013. Recently, year-on-year growth shows a slower pace, with 17.36% in 2023. Future projections illustrate an 8.5% CAGR from 2024 to 2028, reaching 0.98 Exajoules by 2028, reflecting a more mature market.

Trends to watch:

• Enhanced focus on technological advancements and grid integration.
• Increasing government policies and incentives for renewable energy investments.
• Potential market disruptions from emerging renewable technologies.