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Offshore wind is becoming a key area for growth in South Korea. Recent studies by the Global Wind Energy Council (GWEC) highlight that offshore wind farms in Korea have the potential to bolster the country’s economy substantially. The industry could create over 770,000 job opportunities and contribute 87 tn won ($62.9 bn) worth of investments to the economy.
“Offshore wind is vital to meeting South Korea’s net zero goals. But so far, only 150 MW of its 14.3 GW offshore wind targets have been delivered, with slow permitting holding offshore wind back,” the report states.
South Korea, which relies on imports for most of its energy, aims to achieve carbon neutrality by 2050. The government’s newest plan, drafted in May, plans to generate 70% of the country’s electric power from carbon-free energy sources by 2038, up from less than 40% in 2023. It includes more than tripling solar and wind power output to 72 gigawatts by 2030 from 23 gigawatts in 2022.
South Korea’s renewable energy market is forecast to hold a significant share by 2032, with the wind energy market projected to exhibit a growth rate (CAGR) of 7.32% from 2024 to 2032.
Currently, China dominates the global wind power industry. According to GWEC, the country has a 65% market share in the international new wind turbine market, up from 53% in 2021. Goldwind Science & Technology Co., Envision Energy, Windey Energy Technology Group Co., and Mingyang Smart Energy Group Ltd. are the dominating Chinese companies in the market.
South Korea might join the Global Offshore Wind Alliance (GOWA) to counter China’s rapid expansion in the global wind energy industry. According to sources from Korea’s Ministry of Trade, Industry and Energy, the sign-up process shall be completed in the second half of 2024.
The GOWA was launched by founding member Denmark, the International Renewable Energy Agency (IRENA), and the GWEC at COP27 in November 2022. The alliance has pledged to accelerate the deployment of offshore wind as a crucial component in the energy transition. With about 30 members, it aims to contribute at least 380 GW of the new offshore wind capacity by 2030.
“Korea has all the value chains for offshore wind power plants,” the Korea Economic Daily quotes a Korean government official. “We are expected to benefit the most from the US and Europe’s moves to exclude Chinese products.”
