Member Country Report, Market Overview, South Korea – June 16, 2022
The Member Country Report of South Korea highlighted the numerous obstacles that still need to be solved, given that 92.8% of the energy used in Korea is imported, with the remaining 7.2% coming from nuclear and renewable sources. Due to its high energy-saving potential, the global heat pump market in South Korea has grown rapidly in recent years. According to the member country report, South Korea strives on efforts to spread the utilization of heat pump systems but still lags in market development. The heat pump market size is estimated to be worth 2 – 3 billion USD, including residential and commercial air-conditioning/heat pumps. In 2020, compared to the 1.5 million cooling-only units, only 0.18 million heat pumps were sold for other applications, amounting to a 12% market share; in the same year, heat pumps also accounted for 15% of the domestic sales.
Heat Pumps in Smart Grids: Market overview – Country report for South Korea (2017). Download the “Market overview – Country report for South Korea” here.