The photovoltaic energy storage market in South Korea has shown a rapid growth trend in recent years. According to Bloomberg New Energy Finance’s forecast, South Korea’s newly installed energy storage capacity will reach 67GW/155GWh in the first half of 2024, with a growth rate of 61% in GWh. Specifically, let’s take a look:
Market size: In 2016, the installed capacity of energy storage in South Korea was 265MWh, which rapidly increased to 1.2GWh in 2017 and is expected to reach 4.7GWh in 2018, accounting for about half of the global scale.
Application areas: Korean energy storage systems are mainly used for peak shaving and valley filling in the industrial and commercial sectors (about 60%), supporting photovoltaic and wind power (about 35%), as well as household and UPS (about 5%).
Policy support: The government actively promotes the application of energy storage technology, reduces initial investment costs through incentives such as renewable energy certificates and subsidy schemes, and promotes market maturity and expansion. The continuous advancement of lithium battery technology has also driven commercialization and large-scale applications.
In short, the photovoltaic energy storage market in South Korea has broad prospects and is expected to continue to grow in the future.
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Post time: Aug-01-2024