South Korea Solar Energy Market Size, Share, and COVID-19 Impact Analysis, By Technology (Photovoltaic (PV) Solar Panels, Concentrated Solar Power (CSP) Systems), By Application (On-grid, Off-grid), and South Korea Solar Energy Market Insights, Industry Trend, Forecasts to 2035.

South Korea Solar Energy Market Insights Forecasts to 2035

• The South Korea Solar Energy Market Size was estimated at USD 2.2 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 11.79% from 2025 to 2035
• The South Korea Solar Energy Market Size is Expected to Reach USD 7.5 Billion by 2035

According to a research report published by Spherical Insights & Consulting, The South Korea Solar Energy Market Size is Anticipated to reach USD 7.5 Billion By 2035, Growing at a CAGR of 11.79% from 2025 to 2035. The Sudden growth of various industries, increasing collaborations and partnerships with global bodies and the enactment of pro-environment policies to encourage the use of sustainable sources of energy are among the major drivers of the market.

Market Overview

South Korea solar energy market is the production, distribution, and consumption of solar photovoltaic (PV) and solar thermal technologies-generated electricity in South Korea. It involves the infrastructure, policies, manufacturers, investors, and end-users that are involved in deploying and integrating the use of solar energy into the national grid and decentralized energy market. Additionally, Growth in different industries and sustained growth in energy usage is one of the major drivers of the market in a positive way in South Korea. Solar power facilities augment the energy supply, especially during peak hours, stabilize the grid, and minimize the threat of power outages. With this comes the declining cost of solar technology, which is drawing companies and homeowners in an effort to produce their electricity and drive further growth of the market.

Report Coverage

This research report categorizes the market for the South Korea solar 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 solar energy market. Recent market developments and competitive strategies such as expansion, product launch, and 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 solar energy market.

Driving Factors

The technological progress is making solar panels more efficient, which is making solar installations cost-effective in general. Additionally, the government of the country is enacting supportive policies for the use of sustainable energy resources, which is building a healthy market environment. They are also launching a strong framework for allowing and interconnecting solar power systems, making it easier for project developers.

Restraining Factors

South Korea is greatly dependent on solar panels and components imported from China, among other places, which impacts local manufacturing competitiveness. Moreover, Limited land available for big solar farms limits expansion, particularly in cities.

Market Segmentation

The South Korea solar energy market share is classified into technology and application.

• The photovoltaic (PV) solar panels segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea solar energy market is segmented by technology into photovoltaic (PV) solar panels, concentrated solar power (CSP) systems. Among these, the photovoltaic (PV) solar panels segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. This dominance is driven by favourable government policies, technological advancements, and the adaptability of PV systems to various applications, including residential, commercial, and industrial sectors.

• The on-grid segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea solar energy market is segmented by application into on-grid and off-grid. Among these, the on-grid segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Interconnected with the national grid, such systems generate surplus energy, which is fed back into the grid, making way for better energy storage and distribution. South Korea's solar capacity is predominantly on-grid because of the nation's highly developed grid infrastructure.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea solar energy market 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 elaborative 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

• Hansol Technics Co. Ltd.
• Hanwa Group
• HD Hyundai Energy Solutions Ltd.
• OCI Company Ltd.
• Solarwindow Technologies Inc.
• Topsun Co. Ltd.
• Others

Recent Developments:

In January 2022, The Korea Energy Agency had organized two rounds of procurement in 2021 to finance rooftop and large-scale PV system installations through tenders. In doing so, the agency allocated a combined total of 4.2 GW of PV capacity. It had already distributed approximately 1.2 GW and 1.41 GW of solar PV capacity through two tenders published in 2020.

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 South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea solar energy market based on the below-mentioned segments:

South Korea Solar Energy Market, By Technology

• Photovoltaic (PV) Solar Panels
• Concentrated Solar Power (CSP) Systems

South Korea Solar Energy Market, By Application

• On-grid
• Off-grid