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)

Updated on 26th May 2023 | Country Briefing Reports | Q2 2023 | Report ID: BR05013

About the Report

The South Korea Energy Storage System market growth is driven primarily by the 5th renewable energy plan, which promises to deploy 84.4 gigawatts of renewable energy by 2034. In addition to increasing transmission deferral projects by KEPCO and MOITE to avoid frequency regulation, peak energy, environmental and energy mix targets, and growing demand for residential, commercial, and industrial rooftop solar solutions, and increasing non-fossil fuel crisis are increasing the demand for South Korea Energy Storage System market.


South Korea, officially known as the Republic of Korea, is situated in the southern part of the Korean peninsula, surrounded by the Yellow Sea in the west, the Sea of Japan in the east, and the Korean strait. South Korea has a population of 51.75 million, of which roughly half live in the Seoul Capital Area, the fifth most significant metropolis in the world. Other major cities include Busan, Daegu, and Incheon.


Energy Storage Systems are the methods and technologies used to store energy for later use to supply power. Energy is available in various forms, including chemical, gravitational, electricity, heat, and kinetic. There are several methods and technologies for storing different forms of energy. The selection of energy storage technology is typically affected by the application, economics, integration within the system, and availability of resources.


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


Key Changes introduced by South Korea help the development of the Energy Storage Systems Market:

  • The Korean renewable energy 2030 plan, aiming to enter the low carbon economy society, 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 in a longer timeframe.
  • In December 2021, South Korea targeted to reduce emissions by 40% below 2018 levels by 2030. This measure would help South Korea achieve climate neutrality by 2050.
  • In 2018, the revised new electricity act provided licensing procedures for small-scale electricity brokerages and electric vehicle charging businesses. Small-scale electricity brokerage businesses are authorized to collect and trade electricity produced from renewable sources, stored in battery energy storage devices or electric vehicles, and traded at the Korea Electric Power Exchange (KPX). 
  • In 2018, New Renewable Portfolio standards and Feed-in tariffs for new solar rooftops increased the demand for energy storage systems in industries, commercial and residential.


South Korea Pumped Hydro Energy Storage System:

  • Although South Korea has a few rivers were flowing west and south, which seem advantageous to hydropower generation. The hydropower capacity comprises 1,789 MW of pure hydropower and a further 4,700 MW of pumped storage as of 2021.
  • Most of the hydropower plants in Korea were built about 40 to 50 years ago and need modernization work to improve their performance, efficiency, and output.
  • As per new pumped storage power plants, Korea Hydro and Nuclear Power (KHNP) has chosen three areas for development: Youngdong (500 MW), Hongcheon (600 MW), and Pocheon (750 MW). According to government plans, KHNP will progress construction, and completion is due in 2031.


South Korea Lithium ion Battery Energy Storage System:

  • Korea's battery energy storage industries experienced remarkable growth, with conglomerate Korean companies LG Chem, Samsung SDI, and SK Group accounting for more than 80% of the total lithium-ion battery (hereinafter, LiB) Energy Storage System (ESS) in the Korean market.
  • Most of Korea's lithium-ion battery energy storage systems have been built in the last ten years. The companies and the Korean government are supporting R&D on batteries to improve their performance, efficiency, safety, and output.


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.
  • A growing number of P2G projects are being pursued in Korea to improve the hydrogen economy.


Some of the South Korea Energy Storage System Market Challenges:

  • High Capital requirement for installation of battery energy storage systems.
  • Technological challenges such as overheating and low lifetime.


Some of the South Korea Energy Storage System Market Restraints:

  • In 2002, increasing battery-based fire accidents across the South Korean government proposed battery safety policies.


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 data in the report have been derived from multiple bottom-up and top-down analyses, as well as proprietary models, databases, and offerings - Solar Intelligence Hub and Global Project Tracker Service built from public and exclusive sources over the years.


The insights include but are not limited to the market data, energy storage systems installation data, and capacity additions data and forecast, government policies and regulations, project data (upcoming energy storage system projects, under-construction projects, and operating/commissioned energy storage systems), company profiles of major players, and competitive landscape analysis.


The market research report covers market dynamics, growth potential of the energy storage systems market and battery energy storage systems market, economic trends, and investment & financing scenario in South Korea.


Further, the report looks at the current state and assesses the potential for the deployment of residential and non-residential energy storage systems.


Special attention is given to depicting the impact of the ongoing COVID-19 pandemic and changes in the government policies and 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
  • 5.2 By Application
    • 5.2.1 Residential
    • 5.2.2 Non-residential

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 impact of COVID 19, and 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

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact for other payment options.
We can provide quarterly and half yearly report updates. Please contact for more information.
Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.
Yes, if you'd like to select certain sections of the report, please contact
The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at
If for any reason you're not satisfied with the report, just email us at We will make sure it's resolved!
We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.

Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy.