Less than a decade ago, South Korean companies held over half of the global energy storage system (ESS) market with the rushed promise of helping secure a more sustainable energy future. However, a string of ESS-related fires and a lack of infrastructure had dampened investments in this market.
This was a heavy hit for the energy industry, but developments of safer technology and renewed state support have recently given new life to the domestic ESS market. According to South Korea's “10th Basic Plan for Electricity Supply and Demand,” the government aims to capture over 30 percent of the global ESS market by 2036.
This emphasis reflects the market reality that, lithium-ion batteries account for over 90 % of the ESS market in South Korea excluding pumped-storage power generation . In academic research, topic modeling results indicate that most topic cluster around electrochemical-based ESS, and media discourse also covers their applications such as EVs.
One of the key alignments is the predominant focus on electrochemical-based ESS, particularly lithium-ion batteries. This emphasis reflects the market reality that, lithium-ion batteries account for over 90 % of the ESS market in South Korea excluding pumped-storage power generation .
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Discover all statistics and data on Energy storage systems in South Korea now on statista !
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