New and Renewable Energy The new and renewable energy industry of Korea has been growing based on the exports of photovoltaics and wind power. The Korean government is striving to promote sustainable R&D and commercialization of the new and renewable energy.
Major companies by sector Photovoltaics
Wind power
Fuel cells
Industry Overview
Competitiveness
Government Policies and Incentives
Status of the production and share of the new and renewable energy by source
Domestic new and renewable energy source technology level compared to advanced countries
Source development technology Incentives
Localization rate of each new and renewable energy source technology New and renewable energy clusters in Korea
Related Organizations and Associations Public organizations and associations Research institutes
Industries ・ New and Renewable Energy
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INVESTMENT OPPORTUNITIES IN KOREA
Industry Overview Status of the production and share of the new and renewable energy by source The waste, bio, and hydraulic energy account for about 90% of the production of the domestic new and renewable energy. The Korean government plans to reduce the share of waste energy, promote photovoltaics and wind power as core energy sources, and supply 11% of the primary energy as new and renewable energy.
(Unit :% ) 2013
2035
65.8
29.2 18.2
14.1 0.3
7.9
Solar heat
15.8 18.0 9.0
3.5
8.5
2.5
Photovoltaics
Wind power
Bio
Hydraulic
1.0
0.9
2.9
Geothermal
1.3
Marine
Waste
* Source: Korea Energy Economics Institute, Ministry of Commerce, Industry and Energy (2013)
Competitiveness Domestic new and renewable energy source technology level compared to advanced countries The overall technology level of domestic new and renewable energy sources is about 81.7% of the advanced countries, and among them, photovoltaics, hydraulic power, and bio energy sources are comparatively closer to that of advanced countries.
Comparison of the technology level of new and renewable energy sources between Korea, the United States and China (Unit : %) Korea
92.9
93.1
92.2 81.7
Total
85.1 77.8
81.2
Photovoltaics
USA
China
92.6 84.7
Hydraulic
82.1
83.9
80.4
Bio * Source: Korea Energy Economics Institute (2013).
Industries ・ New and Renewable Energy
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INVESTMENT OPPORTUNITIES IN KOREA
Localization rate of each new and renewable energy source technology The localization rate of domestic new and renewable energy technology in 2013 was 76.9% based on the technology and 68.4% based on the market. The localization of photovoltaics and bio energy shows a comparatively higher rate than others.
Comparison of localization rate of new and renewable energy sources (based on the technology) (Unit: %) 76.9
* Source: Korea Energy Economics Institute (2013).
Chungbuk Innovation City: Solar Power Technology Support Center An advance base for nurturing the photovoltaics industry. The center has the largest test equipment in Korea.
Saemangeum Solar Power Cluster Plans to attract photovoltaics-related companies and research institutions.
Buan New and Renewable Energy The only comprehensive complex in Korea for empirical research, industries and PR.
Gumi: Photovoltaics Test Bed Center Daegu and North Gyeongsang Province will nurture custom-tailored experts and support the R&D of SMEs to develop new parts and commercialize their products
Pohang POSTECH’s New and Renewable Energy Lab Test beds for hydraulic fuel cells
South Gyeongsang Province: Uiryeong Wind Farm Project Plans to build 25 wind generators (750kW)
Saemangeum Solar Power Cluster Plans to attract photovoltaics-related companies and research institutions.
Buan New and Renewable Energy The only comprehensive complex in Korea for empirical research, industries and PR.
Industries ・ New and Renewable Energy
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INVESTMENT OPPORTUNITIES IN KOREA
Government Policies and Incentives Source development technology strategic road map
Strategic Roadmap for Green Energy
Strategic Roadmap for Greenhouse Gas Reduction
12 Major Programs
PV
Next-generation dryers Highly efficient thermal power generation
Wind Power
Highly efficient dyeing process Safe nuclear power generation
Fuel cells
Geothermal heat
Bio energy
New renewable energy hybrid system
Unused energy
Clean energy
Next-generation clean fuel
Home appliances
Smart gird
Highly efficient information devices
IGCC
CCS
Electric motors Smart homes, buildings
Clean thermal power generation
Heat exchangers Smart FEMS
Nuclear power
Fluid devices Smart micro-grid
Smart grid
Superconductivity Negawatt power system
ESS
Energy-saving buildings
Highly efficient new light sources
Heat pumps
Energy materials
CCUS
Combustion devices
ON-demand ESS
Micro combined heat and power (CHP) Petrochemical process and innovation steel manufacturing technologies
Development of nextgeneration strategic resources
Green Vehicles t
Strategic Roadmap for Resource Development Technologies
Non-CO2 treatment technologies
Metallic mineral
General oil and gases
Oil and gas exploration
New gas
New oil
Development of mineral resoruces
Exploration of mineral resources
Non-metallic / Energy mineral
Incentives Loan support program
Long-term and low-interest loan support for the reduction of initial investment cost for new and renewable energy system installers and producers.
Promotion of the commercialization and distribution of the products developed in Korea by supporting a certain portion of the installation cost for new and renewable energy equipment.
Industries ・ New and Renewable Energy
General support program
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INVESTMENT OPPORTUNITIES IN KOREA
Related Organizations and Associations Public organizations and associations
Research institutes
Industries ・ New and Renewable Energy
Public organization and association
Website
Korea Energy Management Corporation, New & Renewable Energy Center
http://www.knrec.or.kr
Korea New & Renewable Energy Association
http://www.knrea.or.kr
Korea Photovoltaic Industry Association
http://www.kopia.asia
Korea Wind Energy Industry Association
http://www.kweia.or.kr
Korea Hydrogen Industry Association
http://www.h2.or.kr
Research institute
Website
Korea Institute of Energy Research
www.kier.re.kr
Korea Institute of Energy Technology Evaluation and Planning
