Please Wait.....
Report
South Korea Smart Grid Network Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 95 Pages I Mordor Intelligence
The South Korea smart grid network market is expected to grow at CAGR of more than 4% during the forecast period of 2022-2027. The COVID-19 pandemic disrupted the market owing to supply chain disruption and lockdown instituted in South Korea which affected the ongoing projects. In terms of growth of the market factors such as, government initiatives to have multiple smart cities and integration of renewable energy in the grid network along with energy efficient infrastructure are expected to drive the market in the coming years. However, the high investment costs required to develop a smart grid structure are expected to restrain the market growth during the forecast period.
Key Highlights
Advanced Metering Infrastructure (AMI) segment is expected to drive the smart grid network market significantly, providing monitoring of bi-directional flow of electricity, owing to increasing grid development.
South Korea, with its different policies, is aiming to cover 100% market by distributing smart meters. Visions like this are expected to create excellent opportunities for market players in the forecast period.
Increasing renewable energy capacity and government policies and programs are likely to drive the South Korea Smart Grid Network Market during the forecast period.
South Korea Smart Grid Network Market Trends
Advanced Metering Infrastructure to Witness a Significant Growth
Advanced metering infrastructure (AMI) or smart metering is an integrated system of smart meters, communications networks, and data management systems that enables two-way communication between utilities and customers.
To promote the use of advanced metering systems, the government selected projects as the core implementation programs of the 2nd Intelligent Power Grid Master Plan that included the development of new electricity services like deployment of AMI at 22.5 million homes and buildings nationwide, which are further expected to be integrated for block-chain application in energy trading.
Furthermore, KEPCO is planning to distribute 100% AMIs in private new buildings and more than 50% in existing buildings by 2022, and achieve a 100% AMI coverage in all sectors by 2025. With this, massive market growth is expected in the forecast period.
Electricity consumption in South Korea has been a showing a continuous increasing trend. The electricity consumption in 2020 stood at 567.3 TWh as compared to 481.5 TWh in 2010. The electricity consumption is expected to grow furhter in future. This increasing consumption of electricity requires efficient monitoring and management where smart grid infrastructures, such as Advance Metering Infrastructure come to play.
With the increasing efforts to modernize the electricity grid and develop smart cities, the Government of South Korea is investing in advanced metering infrastructure. This, in turn, is expected to drive the AMI market during the forecast period.
Renewable Energy and Government Initiatives to Drive the Market
A smart grid is a next-generation electricity network in which two-way exchange of information on power generation and consumption is conducted in real-time, through the convergence of the existing electrical grid with ICT
The government drafted the "Smart Grid Roadmap 2030" in 2010. This roadmap includes a vision, short- and medium-term goals for 2012, 2020 and 2030, and the five implementation areas of smart grids (smart power grid, smart buildings, smart transportation, smart renewables, smart electricity service). It also includes USD 1.7 billion investment relevant for the smart grid by 2030.
In July 2020, the Korean government announced a "Green New Deal" recovery measure for post-COVID-19. The government has differentiated this Green New Deal from others which involved a massive scale of civil work projects. According to the Korean government, the Green New Deal will be coupled with Digital New Deal and become the two key pillars of the country's post-COVID-19 strategy.?
Digital New Deal will build a digital infrastructure to support public services and commercial activities. While Green New Deal will strive to install green infrastructure to support the energy supply and demand. ? These two deals are expected to support the smart grid network in South Korea as the government is focusing on energy efficient infrastructure.
In addition to this, the robust growth in renewable installed capacity from 5716 MW in 2014 to 20,998 MW in 2020, has created a vast market for smart grid network as renewable plants need to be integrated into the main grid as well. The renewable installed capacity is expected to grow further during the forecast period.
South Korea, with various initiatives and policies and the rapidly increasing renewable capacity, is expected to witness significant growth in the smart grid market in the coming years.
South Korea Smart Grid Network Market Competitor Analysis
The South Korea smart grid network is partially consolidated. Some of the major companies include General Electric Company, Hitachi Energy Ltd, Eaton Corporation, Siemens AG, and Korea Electric Power Corporation.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5 MARKET SEGMENTATION-BY TECHNOLOGY APPLICATION AREA
5.1 Transmission
5.2 Demand Response
5.3 Advanced Metering Infrastructure (AMI)
5.4 Other Technology Application Areas
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Korea Electric Power Corporation
6.3.2 General Electric Company
6.3.3 Arm Limited
6.3.4 Honeywell International Inc
6.3.5 Eaton Corporation
6.3.6 Hitachi Energy Ltd
6.3.7 Siemens AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security