Marine Energy - South Korea

The Marine Energy Market within the Renewable Energy sector in South Korea is experiencing a negligible decline, influenced by limited investments, regulatory challenges, and competition from other renewable sources, despite growing interest in sustainable energy solutions.

Customer preferences: Consumers in South Korea are increasingly valuing eco-friendly energy solutions, reflecting a growing awareness of climate change and environmental sustainability. This shift is evident in their rising interest in marine energy technologies, particularly among younger demographics who prioritize innovative and sustainable living. Additionally, urbanization trends are fostering a demand for cleaner energy sources within densely populated areas. As lifestyle factors evolve, more individuals are advocating for policies that support marine energy initiatives, seeking to align their consumption choices with their environmental values.

Trends in the market: In South Korea, the Marine Energy market is experiencing a notable increase in investment and research, driven by government initiatives aimed at diversifying the renewable energy portfolio. This trend is complemented by advancements in wave and tidal energy technologies, which are gaining traction among energy developers and environmental advocates. Additionally, collaborations between academia and industry are fostering innovation, while public awareness campaigns are enhancing community engagement. As these trends evolve, they hold significant implications for stakeholders, encouraging the development of sustainable energy solutions and positioning South Korea as a leader in the marine energy sector.

Local special circumstances: In South Korea, the Marine Energy market is uniquely influenced by its extensive coastline and strong tidal currents, providing ideal conditions for wave and tidal energy projects. The government’s commitment to achieving carbon neutrality by 2050 has led to supportive regulatory frameworks that encourage investment in marine technologies. Additionally, South Korea's cultural emphasis on environmental stewardship resonates with public support for renewable initiatives. This combination of geographical advantages, regulatory support, and cultural values enhances collaboration between private entities and research institutions, driving innovation and market growth.

Underlying macroeconomic factors: The Marine Energy market in South Korea is significantly shaped by macroeconomic factors such as global energy trends, national economic policies, and investment in renewable technologies. The transition towards sustainable energy sources is accelerating globally, prompting South Korea to enhance its marine energy initiatives in response to climate change and energy security concerns. Domestically, strong government support through subsidies and grants bolsters investment in marine projects, while fiscal policies aimed at reducing carbon emissions encourage innovation in this sector. Furthermore, South Korea's robust economic health and commitment to green technology foster public-private partnerships, driving the growth of marine energy solutions.

Data coverage:

The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.