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    South Korea Photovoltaic Market

    ID: MRFR/E&P/52974-HCR
    200 Pages
    Chitranshi Jaiswal
    September 2025

    South Korea Photovoltaic Market Research Report By Type (Organic PV, Inorganic PV)- Forecast to 2035

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    South Korea Photovoltaic Market Infographic
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    South Korea Photovoltaic Market Summary

    The South Korea Photovoltaic market is projected to grow significantly from 4.5 USD billion in 2024 to 9.2 USD billion by 2035.

    Key Market Trends & Highlights

    South Korea Photovoltaic Key Trends and Highlights

    • The market is expected to expand at a compound annual growth rate of 6.72 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 9.2 USD billion, indicating robust growth potential.
    • In 2024, the market is valued at 4.5 USD billion, highlighting a strong starting point for future expansion.
    • Growing adoption of photovoltaic technology due to increasing environmental awareness is a major market driver.

    Market Size & Forecast

    2024 Market Size 4.5 (USD Billion)
    2035 Market Size 9.2 (USD Billion)
    CAGR (2025-2035) 6.72%

    Major Players

    Sungrow Power Supply, Jinko Solar, Hanwha Q CELLS, Trina Solar, Shinsung Solar Energy, LG Electronics, Risen Energy, LG Chem, First Solar, Hyundai Energy Solutions, Samsung Solar, OCI Company, Soluxtec, JA Solar, SEnergy

    South Korea Photovoltaic Market Trends

    The South Korea Photovoltaic Market is experiencing significant growth driven by the government's strong commitment to renewable energy and reducing greenhouse gas emissions as part of its Green New Deal initiative. This plan aims to transform the energy sector by increasing the share of renewable energy sources, with solar energy playing a vital role. Key market drivers include favorable government policies, incentives for solar installations, and technological advancements in photovoltaic systems.

    The country is also witnessing an increase in investment from both public and private sectors, which enhances research and development within the solar technology sphere.In recent years, there has been a significant increase in the integration of energy storage systems with photovoltaic installations. This combination enhances the reliability of solar power and facilitates more effective energy management, thereby addressing concerns regarding intermittent energy supply. An additional trend is the expansion of community solar initiatives, which facilitate local investment and participation in solar solutions, thereby increasing community engagement and awareness of sustainability practices.

    Building-integrated photovoltaics have the potential to expand in urban areas with limited land availability, which presents an opportunity for exploration. Furthermore, the phasing out of outdated energy infrastructure presents an opportunity to advance solar energy in rural areas where electricity consumption is increasing. In general, the South Korean market is on the brink of further development as a result of the growing emphasis on sustainability and innovation in response to both domestic energy requirements and global climate objectives.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Market Segment Insights

    Photovoltaic Market Type Insights

    Photovoltaic Market Type Insights

    The South Korea Photovoltaic Market has been notably developing, with particular emphasis on the Type segment, which encompasses Organic Photovoltaics (PV) and Inorganic PV technologies. The industry has demonstrated consistent growth due to increasing demand for renewable energy sources and government initiatives aimed at reducing carbon emissions. In recent years, South Korea has focused on advancing its solar energy capabilities, supported by research investments and advancements in technology.

    Organic PV, known for its lightweight and flexible characteristics, has gained traction due to its potential applications in building-integrated photovoltaics and portable energy solutions.This segment is especially pertinent as it aligns with the growing demands for aesthetic and versatile energy solutions in both residential and commercial properties. In contrast, Inorganic PV, typically dominated by silicon-based cells, continues to lead the market with its high energy conversion efficiency and established production methods. This segment is critical to large-scale solar farms and utility-scale installations, providing a stable and reliable source of energy.

    The importance of this segmentation in the broader South Korea Photovoltaic Market primarily lies in their complementary roles; while Organic PV opens avenues for innovative applications, Inorganic PV fortifies the market's backbone with proven technology.Owing to South Korea's robust manufacturing capabilities and commitment to sustainability, both segments are poised to capture a significant share of the market growth trajectory, reflecting broader global trends toward clean energy adoption.

    Additionally, governmental policies promoting renewable energy usage are expected to uplift both Organic and Inorganic PV segments as they adapt to meet the evolving energy landscape, further driving innovation and efficiency in the South Korean photovoltaic context.

    Get more detailed insights about South Korea Photovoltaic Market Research Report - Forecast to 2035

    Key Players and Competitive Insights

    The South Korea Photovoltaic Market is characterized by its dynamic growth and evolving competitive landscape, reflecting the nation's commitment to renewable energy adoption and sustainability. With the government's ambitious policies and incentives aimed at promoting solar energy installations, the market has seen substantial investments and advancements in technology. Various domestic and international companies are vying for a share of the market, each contributing to the rapid expansion of solar energy capabilities in the region.

    Innovative solutions and technological improvements play a crucial role in differentiating companies, as they focus on efficiency, cost reduction, and enhancing the overall performance of photovoltaic systems. This competitive environment fosters collaboration and pushes companies to continuously adapt to changing market demands and regulatory frameworks.Sungrow Power Supply has established a noteworthy presence in the South Korea Photovoltaic Market as a prominent player in the solar inverter segment. The company's strengths stem from its commitment to research and development, enabling it to provide advanced inverter technology characterized by high efficiency and reliability.

    Sungrow Power Supply is well-regarded for its excellent customer service and robust support network, which are crucial for maintaining strong relationships with clients and installers. Additionally, the company benefits from its strong brand reputation, which has been built on years of delivering high-quality products that cater to the unique demands of the South Korean market.

    With a growing portfolio that includes various inverter models tailored for both residential and commercial applications, Sungrow Power Supply continues to strengthen its foothold in this competitive landscape.In the South Korea Photovoltaic Market, Jinko Solar stands out as a leading manufacturer of solar modules, which are essential components for solar energy systems. Known for its high-efficiency solar panels, Jinko Solar has a significant market presence driven by technological innovations and strong production capabilities. The company has leveraged strategic partnerships and collaborations to enhance its market share, continually expanding its distribution channels across the region.

    Jinko Solar's strengths lie in its ability to deliver reliable and efficient solar solutions backed by an extensive research and development team focused on product enhancements. Furthermore, the company has engaged in strategic mergers and acquisitions, allowing it to consolidate its position and broaden its product offerings within the South Korean market, catering to both utility-scale projects and the growing residential segment. With a keen focus on sustainability and community engagement, Jinko Solar reinforces its reputation and operational footprint in South Korea's evolving photovoltaic landscape.

    Key Companies in the South Korea Photovoltaic Market market include

    Industry Developments

    Recent developments in the South Korea Photovoltaic Market include significant advancements and strategic initiatives by major companies. Hanwha Q CELLS has continued to expand its capacity while focusing on innovative solar technology solutions, enhancing its position in the global market. Sungrow Power Supply recently announced new product launches aimed at improving the efficiency and performance of photovoltaic systems. LG Electronics has made strides in residential solar systems, emphasizing sustainability and smart home integration. In terms of market valuation, the growth trajectory has been bolstered by government incentives promoting green energy, with the South Korean government setting ambitious renewable energy targets.

    Notably, in March 2023, OCI Company acquired a stake in a solar module manufacturing facility, highlighting consolidation trends in the industry. In August 2022, Trina Solar announced a joint venture with a local firm to expand its operations within the region. The past two years have seen an increase in collaboration and investment, enhancing the competitiveness of companies such as Jinko Solar, Risen Energy, and First Solar. With a focus on innovation and sustainability, the South Korean photovoltaic sector continues to evolve rapidly, attracting both domestic and international investments.

    Market Segmentation

    Photovoltaic Market Type Outlook

    • Organic PV
    • Inorganic PV

    Report Scope

     
    Report Attribute/Metric Source: Details
    MARKET SIZE 2023 3.8(USD Billion)
    MARKET SIZE 2024 4.5(USD Billion)
    MARKET SIZE 2035 9.2(USD Billion)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 6.717% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Billion
    KEY COMPANIES PROFILED Sungrow Power Supply, Jinko Solar, Hanwha Q CELLS, Trina Solar, Shinsung Solar Energy, LG Electronics, Risen Energy, LG Chem, First Solar, Hyundai Energy Solutions, Samsung Solar, OCI Company, Soluxtec, JA Solar, SEnergy
    SEGMENTS COVERED Type
    KEY MARKET OPPORTUNITIES Government incentives for solar adoption, Growing demand for renewable energy, Advancements in solar technology, Increased energy independence focus, Expansion of solar installations in urban areas
    KEY MARKET DYNAMICS government incentives, increasing renewable energy demand, technological advancements, competitive pricing, energy independence initiatives
    COUNTRIES COVERED South Korea

    FAQs

    What is the expected market size of the South Korea Photovoltaic Market in 2024?

    The South Korea Photovoltaic Market is expected to be valued at 4.5 billion USD in 2024.

    What will be the market value of the South Korea Photovoltaic Market by 2035?

    By 2035, the South Korea Photovoltaic Market is projected to reach a value of 9.2 billion USD.

    What is the anticipated CAGR for the South Korea Photovoltaic Market from 2025 to 2035?

    The expected compound annual growth rate for the South Korea Photovoltaic Market during the period from 2025 to 2035 is 6.717%.

    Who are the major players in the South Korea Photovoltaic Market?

    Key players in the South Korea Photovoltaic Market include Sungrow Power Supply, Jinko Solar, Hanwha Q CELLS, and LG Electronics among others.

    What is the market size of Organic PV in the South Korea Photovoltaic Market for 2024?

    In 2024, the Organic PV segment is valued at 1.5 billion USD in the South Korea Photovoltaic Market.

    How much is the Inorganic PV market expected to be valued in 2035?

    The Inorganic PV segment is expected to be valued at 6.2 billion USD by 2035 in the South Korea Photovoltaic Market.

    What growth opportunities exist in the South Korea Photovoltaic Market?

    The market presents significant growth opportunities driven by technological advancements and increasing demand for renewable energy solutions.

    What challenges does the South Korea Photovoltaic Market face?

    The South Korea Photovoltaic Market faces challenges such as fluctuating material costs and competition among key players.

    How is the current global scenario impacting the South Korea Photovoltaic Market?

    Current global events influence supply chains and investment decisions significantly affecting the South Korea Photovoltaic Market.

    What are the key applications driving the South Korea Photovoltaic Market?

    Key applications driving the South Korea Photovoltaic Market include residential solar installations and large-scale solar farms.

    South Korea Photovoltaic Market Research Report - Forecast to 2035 Infographic
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