South Korea Wind Energy Market Forecast Trends - Market Size, Share, Growth Analysis Report (2025-2034)

South Korea Wind Energy Market Outlook

The South Korea wind energy market size was approximately 2.85 TWh in 2024. The market is assessed to grow at a CAGR of 4.2% between 2025 and 2034, reaching 4.16 TWh by 2034.

Key Takeaways

• By the end of 2021, the total installed capacity of wind turbines in South Korea reached 1713 MW, wherein 64 MW capacity was installed in 2021 alone.

• By 2030, South Korea aims to achieve a national objective of generating 20% of its electricity demand from renewable energy sources.

• As per the Electricity Business License (EBL) issued by the South Korean Ministry of Trade, Industry, and Energy, offshore wind projects having a combined capacity of 13,595MW were granted licenses across 54 different locations in 2021, compared to 33 areas in 2020.

To simplify the permitting and licensing processes for companies interested in the wind energy market, the South Korean government launched a national development strategy called the Green New Deal in 2020. It aims at encouraging renewable energy production in the country and building smart grids for energy distribution. It is also conducting feasibility studies to find large scale offshore wind farms and determine the set-up cost of establishing wind farms. This is leading to the South Korea wind energy market growth.

The number of offshore wind energy plants in South Korea is expected to increase significantly. This is because of increasing investments by the government and private sector players in the development of offshore wind energy power plants. For instance, the development of the world’s largest offshore wind farm in South Korea’s Sinan, as per the government’s 2021 deal, is expected to generate 8.2 GW of power, which is equal to the power generation capacity of 6 nuclear power plants. The project is expected to complete by 2030, enabling the country to become a leader in offshore wind power.

Since South Korea has a natural geographical advantage of being surrounded by sea on three sides, and its technological know-how supports the development of green energy resources, companies are eager to explore the potential of wind energy in South Korea.

Turbines and various components used for wind power generation are largely imported in South Korea. The demand for support structures to keep the wind turbine steady in the sea and winds, and electrical infrastructure to distribute power is also expected to increase with the introduction of favourable government policies to accelerate the transition to green energy.  With the country being one of the most important and innovative industrial nations, many international companies have shown interest in South Korea’s wind power sector. Further, imported products are required to be thoroughly tested and certified before entering the Korean market.

Market Segmentation

South Korea Wind Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments

Market Breakup by Deployment

• Onshore

• Offshore

Market Breakup by Component

• Turbine

• Support Structure

• Electrical Infrastructure

• Others

Market Breakup by Application

• Utility

• Non-utility

Competitive Landscape

The players in the South Korea wind energy market are increasingly focusing on forming public and private partnerships and leveraging advanced technologies to enhance their production capabilities and meet the increasing demand for renewable energy.

• TotalEnergies SE

• Equinor ASA

• Siemens Gamesa Renewable Energy, S.A.U.

• Hyosung Heavy Industries Corp.

• Ørsted A/S

• Korea Midland Power Co., Ltd.

• Vestas Wind System A/S

• GLOBAL WIND ENERGY Co., Ltd.

• Others

Key Highlights of the Report