South Korea Microgrid Market Size & Outlook, 2023-2030
South Korea microgrid market, 2018-2030 (US$M)
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South Korea microgrid market highlights
- The South Korea microgrid market generated a revenue of USD 1,593.2 million in 2023 and is expected to reach USD 5,062.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 18% from 2024 to 2030.
- In terms of segment, chp was the largest revenue generating power source in 2023.
- CHP is the most lucrative power source segment registering the fastest growth during the forecast period.
Microgrid market data book summary
| Market revenue in 2023 | USD 1,593.2 million |
| Market revenue in 2030 | USD 5,062.0 million |
| Growth rate | 18% (CAGR from 2023 to 2030) |
| Largest segment | Chp |
| Fastest growing segment | CHP |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | CHP, Natural Gas, Solar PV, Diesel, Fuel Cell |
| Key market players worldwide | ABB Ltd, Siemens AG, GE Aerospace, Eaton Corp PLC, Exelon Corp, Honeywell International Inc, NRG Energy Inc, Spirit AeroSystems Holdings Inc Class A, Northland Power Inc, Viridien |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.1% of the global microgrid market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China microgrid market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 24,274.0 million by 2030.
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Microgrid Market Scope
Microgrid Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea microgrid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to microgrid market will help companies and investors design strategic landscapes.
Chp was the largest segment with a revenue share of 36.27% in 2023. Horizon Databook has segmented the South Korea microgrid market based on chp, natural gas, solar pv, diesel, fuel cell covering the revenue growth of each sub-segment from 2018 to 2030.
The microgrid market in South Korea is expected to witness growth on account of the growing use of renewable energy for generating electricity. The country is witnessing the increased installation of windmills and solar panels to prevent carbon emission.
This has increased the use of microgrids to efficiently distribute energy, even in rural areas. The government has set a target to increase the share of renewable electricity generation by 20% by the year 2030 and around 30-35% by 2040. This will increase the installation of solar panels and windmills, which will drive the market growth.
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Target buyers of South Korea microgrid market databook
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Our clientele includes a mix of microgrid market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea microgrid market , including forecasts for subscribers. This country databook contains high-level insights into South Korea microgrid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea microgrid market size, by power source, 2018-2030 (US$M)
South Korea Microgrid Market Outlook Share, 2023 & 2030 (US$M)
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