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South Korea Energy Storage Systems Market - Growth, Trends, and Forecast (Outlook to 2028)

South Korea Energy Storage Systems Market - Growth, Trends, and Forecast (Outlook to 2028)

Market Research Reports | Q1 2024 | Report ID: BR05013

About the Report

The South Korea Energy Storage System market growth is driven primarily by the increasing deployment of renewable power sources owing to the nation’s basic plan for long-term electricity supply and demand (10th edition), which outlines ambitious targets for renewable energy, aiming for a 21.6% share by the year 2030 and a more substantial 30.6% by 2036. 


Furthermore, increasing transmission deferral projects by KEPCO and MOITE to avoid frequency regulation and the well-established battery manufacturing prowess of the nation are increasing the demand for the South Korea Energy Storage System market.


However, factors such as recurring fire accidents pertaining to battery energy storage systems and the nation’s high import dependency for battery raw materials are restraining the market growth of energy storage systems in South Korea.


Energy storage systems consists of diverse methods and technologies employed to store energy, facilitating its later use to generate power. Energy is available in various forms such as chemical, gravitational, electricity, heat, and kinetic. Numerous methods and technologies exist for storing these varied energy forms. The choice of energy storage technology is commonly influenced by factors like the specific application, economic considerations, integration within the system, and the availability of resources.


In South Korea, various energy storage solutions are used, including pumped hydro, electrochemical batteries, and others. Depending on the energy storage technology and delivery characteristics, an ESS can serve many roles in the electricity market.



Increasing Deployment of Renewable Power Sources, Primarily Solar & Wind

Over the last ten years, South Korea has undergone a significant transformation in its electricity generation landscape, marked by a remarkable rise in the contribution of renewable energy (RE). Starting at a modest 2.5% in 2012, the proportion of RE in the country's electricity generation mix soared to 8.9% by 2022, reflecting a substantial growth of 6.5 percent.


South Korea Energy Generation Mix 2022


A pivotal factor behind this surge in RE electricity generation in South Korea has been the rapid expansion of solar photovoltaic (PV) technology. In 2012, each RE technology held a relatively equal share, each accounting for approximately 1 gigawatt (GW). However, solar PV has experienced rapid growth, reaching an impressive 21 GW over the past decade, while other RE technologies have remained comparatively modest, staying below the 2 GW threshold.


As energy storage systems effectively address the intermittency issue associated with renewables by storing excess renewable energy during surplus periods and releasing it during peak demand, thereby smoothing out fluctuations and ensuring a consistent electricity supply, the increasing deployment of renewable energy sources is driving the demand for energy storage systems.


In January 2023, South Korea, under a new government, unveiled its biennial master plan, officially known as the "Basic Plan for Long-Term Electricity Supply and Demand" (10th edition). This strategic blueprint sets ambitious targets for renewable energy, aiming for a 21.6% share by 2030 and a more substantial 30.6% by 2036.


To cope with the increasing proportion of renewable energy within the nation's power mix, South Korea made significant additions to its energy storage capacity. The forecast for renewable energy deployment in South Korea anticipates a gradual increase. As renewable sources continue to gain traction, there is an expected surge in the demand for energy storage systems, driven by the imperative to mitigate the inherent intermittency associated with renewable energy systems.


Segment Analysis by Technology


Electrochemical storage denotes an energy storage system wherein chemical energy is converted into electrical energy and vice versa through electrochemical reactions. This technology finds widespread application in batteries and various other energy storage devices. In electrochemical storage systems, electrical energy is stored in the form of chemical potential and can be released as needed by reversing the electrochemical process.


Notably, the electrochemical sector emerges as the most rapidly advancing form of storage technology in South Korea. In terms of battery storage system deployment, South Korea stands among the global leaders. By the end of 2022, the cumulative installed capacity of battery storage in the country had reached an impressive 4.1 gigawatts.


Key changes introduced by South Korea help the development of the energy storage systems market:

  • In October 2023, the South Korean government unveiled the Korean Energy Storage Systems (ESS) industry development strategy. The implementation of a flexible power system built on energy storage technology is the central focus of this development strategy.
  • The Korean renewable energy 2030 plan, aiming to enter the low-carbon economy, plans to deploy 84.4 GW of renewable energy facilities by 2034 to create an ecosystem allowing renewable energy to serve as the main energy source. The final goal of this plan is to make renewable energy account for 25.8 percent of national power generation through facility deployment over a longer timeframe.
  • Since 2017, the nation has mandated the installation of an energy storage system in newly constructed public buildings as part of the government’s efforts to integrate sustainable energy solutions.


Recent Market Trends 

  • Key players in the Korean battery manufacturing sector are strategically relocating the production of battery materials from mainland China to South Korea. In order to meet the requirements for U.S. tax incentives, the Korean conglomerate Posco is creating a battery materials supply chain that completely avoids sourcing from China.
  • Apart from lithium ion battery technology, there is an increasing focus on developing other battery types, such as sodium, to be used in electric vehicle applications and energy storage systems.
  • Rising number of renewable power output controlled stopping. This trend underscores the pressing need for energy storage systems to address the challenges faced by fluctuating renewable energy generation.



South Korea Energy Storage System Market Opportunities

  • Growing rooftop market in major cities such as Seoul and others, increasing the demand for residential energy storage systems.
  • The demand for flow batteries is growing in transmission deferral systems and commercial applications.
  • With the growing ESS installations, the demand for regular operational and maintenance (O&M) services is bound to increase, offering opportunities for O&M services.
  • With South Korea actively expanding its energy infrastructure and setting ambitious targets for renewable energy, there is a growing demand for energy storage solutions. BMS players can seize this opportunity by providing an advanced and efficient battery management system to support the integration of renewable energy sources.


According to Blackridge Research, the outlook for the South Korean Energy Storage System Market remains strong in the medium term, and the market is expected to expand during the forecast period due to compelling economics, policies, and decarbonization commitments by various stakeholders.


Blackridge Research's South Korea Energy Storage System Market Outlook report consolidates the developments and builds a perspective on growth from the point of view of energy storage in its current and future role.


The report provides a comprehensive analysis of the historical development, the current state of the energy storage systems scenario, and its outlook.


The majority of the data in the report has been derived from multiple bottom-up and top-down analyses, as well as proprietary models, databases, and offerings—the Global Project Tracker Service—built from public and exclusive sources over the years.


(You can access a comprehensive list of both existing and upcoming battery ESS Projects across the globe, along with their current status, through our extensive Global Battery ESS Projects Database)


The insights include, but are not limited to, market data, ESS installation data and capacity additions data and forecast, government policies and regulations, project data (upcoming ESS projects, under-construction projects, and operating/commissioned solar power plants), company profiles of major players in the nation such as Samsung SDI Co. Ltd., LG Energy Solutions, etc., and competitive landscape analysis.


The market research report covers market dynamics, the growth potential of the ESS market, economic trends, and investment & financing scenarios in South Korea.


Further, the report looks at the current state and assesses the potential for the deployment of different types of energy storage systems.


Special attention is given to depicting the impact of the changes in government policies and the regulatory landscape.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast
  • 3.6 List of Projects

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Type
    • 5.1.1 Mechanical Energy Storage System
    • 5.1.2 Electrochemical or Battery Energy Storage Systems
    • 5.1.3 Others

6. Key Company Profiles

7. Competitive Landscape

  • 7.1 List of Notable Players in the Market
  • 7.2 M&A, JV, and Agreements
  • 7.3 Strategies of Key Players

8. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the South Korean Energy Storage Systems Market.               
  • Equip yourself with rigorous analysis and forward-looking insight into the South Korean Energy Storage Sytems market 
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • Energy Storage System Suppliers
  • Battery Manufacturers
  • Energy engineering, procurement, and construction (EPC) firms
  • IPP & Utilities
  • Industries
  • Investor Community
  • Financing Companies
  • Solar Finance Companies
  • Government Bodies & Industry Organizations
  • Others

  What's included

Report -South Korea Energy Storage Systems Market Outlook to 2028.pdf
Market Data - South Korea Energy Storage Systems Market Outlook to 2028.xls

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