Forecast: Renewable Power Consumption in South Korea

South Korea's renewable power consumption has shown a robust growth pattern over the past decade, evolving from 0.074 Exajoules in 2013 to 0.6 Exajoules in 2023. In 2023, the year-on-year growth rate stood at 17.48%, while the compound annual growth rate (CAGR) for the last five years was recorded at 18.49%. Over the coming years, consumption is projected to rise from 0.69 Exajoules in 2024 to 1.05 Exajoules in 2028, indicating a forecasted five-year CAGR of 8.55% and an overall growth rate of 50.72% for this period.

Future trends to watch for include:

• Policies and incentives from the South Korean government aimed at increasing renewable energy usage.
• Technological advancements in renewable energy that may further accelerate consumption.
• Global trends in energy prices and their influence on domestic renewable energy investments.