South Korea Power Generation Market

South Korea Power Generation Market

Electric power has transformed the course of humanity and has become a vital component of infrastructure building, thus nation and economy building. Generation of electric power is diverse in nature and the establishments in the industry keep innovating and reinventing technologies for a higher yield.

The power generation market consists of establishments primarily engaged in operating electric power generation facilities. They produce electric energy and provide electricity to transmission systems or to electric power distribution systems. The production can be from a variety of sources including fossil fuels such as coal, oil, natural gas; water, nuclear, solar, wind and other renewables.

In the last decade (2010-2020), the electricity generation has increased by 2.2% from 21,570 terawatt hours to 26,823 terawatt hours. During the same period, the power generation from oil decreased by 2.24%, gas increased by 2.55%, coal increased by 0.88%, nuclear decreased by 0.25%, hydro increased by 2.26%, renewables increased by 15.25% and from other sources increased by 0.68%.

The power generation market is undergoing a systemic change where the maximum increase in new power generation capacity is primarily from renewable energy generation sources. The share of renewables in the total energy mix grew from 3.53% in 2010 to 11.73% in 2020.

South Korea Power Generation Scenario

In 2020, the electric power generation in South Korea was 574 terawatt hours, accounting for 2.14% of the power generation in the world. The percentage of population with access to electricity was 100. 1.23% of the power was generated from oil, 26.7% from gas, 36.33% was from coal, while 6.45% was from renewable sources. Among the renewable sources, solar accounted for 44.72% and wind accounted for 8.47%. During 2015-2020, the electricity generation increased by 0.94%.

The installed capacity of Solar Photovoltaic in South Korea was 14575 MW while for wind it was 1636 MW. The capacity increased by 32.16% and 14.07% for solar and wind respectively, since 2015.

In the same year, the average electricity price in South Korea for the residential sector was US Cents 11.4/kWh, while, for the commercial sector it was US Cents XX/kWh.

What we cover in the Report?

According to Blackridge Research, the companies in the power generation sector need to capitalize on the opportunities arising from shifting business models with sustainability as a focal point.

Blackridge Research?s South Korea Power Generation Market report contains the installed capacity of power generation sources (year-on-year), the market size and forecast to 2027, the list of ongoing and upcoming power generation and transmission & distribution facilities and the regulatory scenario within the power market of South Korea

Furthermore, the report will contain the drivers and restraints within South Korea Power Generation Market along with a meticulous evaluation for their impact in the near-, medium-, or longer-term using Harvey balls and a presentation to enable identify market opportunities and plan for a long-term growth.

The impact of COVID ? 19 pandemic is an integral part of the report.

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