South Korea Wind Energy Market Size, Trends & Growth 2025-2034

South Korea's wind energy market has been rapidly developing in response to the growing global demand for renewable energy sources and the country's commitment to reducing its carbon footprint. As part of its green energy transition, South Korea is focusing on expanding its renewable energy capacity, with wind energy being a significant player in the country’s sustainable energy future.

Wind energy in South Korea has seen substantial investments in both onshore and offshore wind projects, driven by the government’s push for a low-carbon economy. With a vast coastline and favorable wind conditions, South Korea is well-positioned to harness wind energy, making it one of the leading markets in Asia for wind power generation. The country is working towards ambitious renewable energy goals, and wind power plays a crucial role in meeting these targets.

South Korea Wind Energy Market Size

In 2024, South Korea’s wind energy market was valued at approximately 2.85 TWh. This represents a significant portion of the country's renewable energy production and reflects the ongoing shift towards cleaner, more sustainable energy sources. The market’s growth has been driven by a combination of government policy support, technological advancements, and the increasing global demand for renewable energy.

The wind energy market in South Korea is expected to grow at a compound annual growth rate (CAGR) of 4.20% between 2025 and 2034, reaching a projected 4.30 TWh by 2034. This growth will be underpinned by the country’s commitment to expanding its wind energy capacity, technological advancements, and a continued push for decarbonization across various sectors.

South Korea Wind Energy Market Trends

• Offshore Wind Projects: Offshore wind energy has been a major focus in South Korea, particularly due to the country’s vast coastlines and the high wind potential of offshore sites. South Korea has been actively developing large-scale offshore wind farms, with plans to significantly increase offshore wind power generation in the coming years.

• Government Initiatives and Policy Support: The South Korean government has set ambitious renewable energy targets, aiming to increase the share of renewables in its energy mix. In line with these goals, the government is offering incentives and subsidies for wind energy projects, which is encouraging private sector investment and facilitating the growth of the wind energy market.

• Technological Advancements: Advancements in wind turbine technology, including larger, more efficient turbines, are driving the growth of the wind energy sector. South Korea is seeing increased investment in research and development to improve the efficiency and scalability of wind energy systems.

• Integration with Grid and Energy Storage: The integration of wind energy with the national grid, supported by advancements in energy storage technologies, is a growing trend in South Korea. This allows for more reliable and consistent energy supply, even when wind speeds are low.

• International Collaboration: South Korea has been fostering international collaborations with leading global energy companies, which is accelerating the adoption of advanced wind energy technologies and increasing the country’s capacity to produce wind energy.

South Korea Wind Energy Market Growth

The South Korean wind energy market is set to experience steady growth, with the market projected to grow at a CAGR of 4.20% from 2025 to 2034. Several factors are contributing to this growth:

• Government Commitments to Renewable Energy: The South Korean government's focus on achieving carbon neutrality by 2050 and increasing the share of renewable energy in its power generation mix is a key driver. This commitment has led to substantial policy support for wind energy projects.

• Rising Demand for Clean Energy: The global push for clean energy and the increasing focus on reducing greenhouse gas emissions are driving the demand for renewable energy sources like wind power. As South Korea strives to meet international climate commitments, wind energy will continue to play an essential role.

• Technological Improvements: The continuous advancement of wind turbine technology, such as larger and more efficient turbines, will continue to drive the market. These technological improvements lead to higher energy production from existing wind farms, contributing to the overall market growth.

• Private Sector Investment: The wind energy market in South Korea is benefiting from increasing private sector investments, with both domestic and international companies eager to capitalize on the country's renewable energy potential.

South Korea Wind Energy Market Forecast (2025–2034)

By 2034, South Korea’s wind energy market is expected to reach 4.30 TWh, growing at a CAGR of 4.20%. This growth will be driven by several key factors.

Firstly, increased offshore wind capacity will play a major role in the market's expansion. Offshore wind farms offer higher energy output compared to onshore projects, and South Korea's coastline provides significant potential for these projects. The government’s policies supporting offshore wind development, including incentives and regulations, will be crucial in meeting the 2034 target.

Another driver of growth will be improved turbine technology. Ongoing advancements in turbine efficiency and scale are enabling larger turbines that can capture more wind energy, even at lower wind speeds. These technological improvements will increase the overall capacity for wind power generation, enhancing production rates and contributing to market growth.

Finally, continued global and local investment in the wind energy sector will further accelerate market development. With both international energy companies and local investors showing increasing interest in renewable energy, the sector will see substantial funding. This investment will support the development of new projects, expand existing infrastructure, and help scale up wind energy capacity to meet the country’s renewable energy goals.

These factors combined will ensure that South Korea’s wind energy market continues to grow steadily, contributing significantly to the country's renewable energy targets and environmental sustainability goals.

Competitive Landscape

TotalEnergies SE: TotalEnergies is a significant player in South Korea’s wind energy market, particularly in offshore wind projects. The company’s extensive experience in renewable energy projects worldwide has helped accelerate the development of South Korea’s wind energy sector.

Equinor ASA: Equinor, a major player in the global renewable energy sector, is involved in offshore wind energy projects in South Korea. The company’s expertise in offshore wind turbine technology and large-scale projects is vital to the development of South Korea's wind energy market.

Siemens Gamesa Renewable Energy, S.A.U.: Siemens Gamesa is a key supplier of wind turbines in South Korea. The company’s advanced turbine technology is integral to many of the country’s wind energy projects, including both onshore and offshore farms.

Hyosung Heavy Industries Corp.: Hyosung Heavy Industries is a leading South Korean company involved in manufacturing components for wind turbines, contributing to the country’s growing wind energy sector. The company’s expertise in producing high-quality, durable components for wind power generation is an asset to the industry.

Ørsted A/S: Ørsted is another key player in South Korea’s offshore wind energy sector, with a strong focus on developing large-scale offshore wind farms. The company’s global experience and innovation in renewable energy are significant contributors to the market’s growth.

Others: Other players in the South Korean wind energy market include domestic energy companies and international firms specializing in renewable energy solutions. These companies contribute to the growing market by offering wind turbine technologies, project development expertise, and innovative solutions for energy generation.