South Korea Ocean Energy Market Size, Share, And COVID-19 Impact Analysis, By Type (Tidal Barrages, Tidal Stream, Wave Energy, and Others), By Application (Power Generation, Desalination, and Water Pumping), And South Korea Ocean Energy Market Insights, Industry Trend, Forecasts To 2035

South Korea Ocean Energy Market Size Insights Forecasts to 2035

• The South Korea Ocean Energy Market Size is Expected to Grow at a CAGR of around 23.6% from 2025 to 2035
• The South Korea Ocean Energy Market Size is expected to hold a significant share by 2035

According to a Research Report Published by Spherical Insights & Consulting, the South Korea Ocean Energy Market Size is anticipated to hold a significant share by 2035, growing at a CAGR of 23.6% from 2025 to 2035. The South Korea ocean energy market is driven by the need for renewable energy sources to combat climate change and reduce reliance on fossil fuels.

Market Overview:
Ocean Power, also known as marine power, is a clean, renewable energy source that comes from the ocean and doesn't produce any greenhouse gases. Numerous factors, including tides, tidal currents, waves, the sun, salinity gradirents, tidals and wave energy technology. South Korea is home to the largest tidal power station in the world, the sihwa Lake Tidal Power Station (254MW), and operates smaller scale operational plants such as Uldomok and the K-Tec test bed in its version of long term energy. Security and power supply diversification, the ambitious goal is to raise the proportion of renewables in the national energy mix to 35% by 2020 and commission large scale tidal schemes. Pilot wave and tidal stream farms in development are also part of a wider drive to build coastal renewable electricity generation on a far larger scale.

Report Coverage:

This research report categorizes the South Korea ocean energy market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea ocean energy market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea ocean energy market.

Driving Factor

The strong government policy towards renewable energy and the friendly coastal geology of the nation. South Korea possesses a robust plan to enhance the consumption of renewable energy resources, and ocean energy is also found to be part of this shift. The country's coastline is dotted with regions with very high tidal action, making it favorable for ocean energy schemes like tidal stream and tidal barrage systems. Successful execution of previous projects has triggered additional investment and growth. Moreover, public organizations and research institutes continue to invest in ocean energy technology and innovation, and the government also offers incentives for clean energy infrastructure.

Restraining Factor

The enormous expense of establishing and operating ocean-based electricity grids. Equipment such as tidal barrages or wave energy converters is technologically advanced, requires robust building materials, and servicing now and then, all at an extremely high price. All costs that can scare private investors or small business groups away from becoming market participants.

Market Segmentation

The South Korea ocean energy market share is classified into type and application.

• The tidal barrages segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period

The South Korea ocean energy market is segmented by type into wave energy into tidal barrages, tidal stream, wave energy, and others. Among these, the tidal barrages segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period. The segmental expansion can be attributed to this well-established method; energy from the difference between high and low tides is captured by building a dam (barrage) across tidal estuaries. The largest of its kind in the world is the Sihwa Lake Tidal Power Station in South Korea. The market share of tidal barrages is now dominated by their huge capacity output and demonstrated efficiency.

• The power generation segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period

The South Korea ocean energy market is segmented by application into power generation, desalination, and water pumping. Among these, the power generation segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period. In South Korea, producing renewable electricity for national grids is the main use of ocean energy. The utility network receives clean energy from tidal and wave systems, making this the biggest and most economically feasible portion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea ocean energy market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Korea Ocean Energy Co
• Ocean Winds
• Aker Offshore Wind
• GS Caltex
• Hyundai Oilbank
• Gridwiz Inc
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at the South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea ocean energy market based on the below-mentioned segments:

South Korea Ocean Energy Market, By Type

• Tidal Barrages
• Tidal Stream
• Wave Energy
• Others

South Korea Ocean Energy Market, By Application

• Power Generation
• Desalination
• Water Pumping