Forecast: Solar Energy Capacities in South Korea

South Korea has seen a robust increase in its solar energy capacity from 2013 to 2023, growing from 1.56 thousand megawatts to 23.93 thousand megawatts. This represents a compound annual growth rate (CAGR) of 24.19% over the past five years. In the most recent years, the year-on-year growth rate slowed from 15.5% in 2022 to 14.07% in 2023. The forecasted data for the next five years predict a more moderate annual growth rate of 7.26%, reaching 38.05 thousand megawatts by 2028, demonstrating an overall growth rate of 41.94% over this period.

Future trends to watch for in the South Korean solar energy market include advancements in solar technology, potential government incentives and policy changes, and the integration of solar energy with other renewable sources and battery storage systems. It will be crucial to monitor how these factors could further accelerate or taper the projected growth in solar capacities.