Republic of Korea: Market for Solar Cells and Light-Emitting Diodes 2025

Market Size for Solar Cells and Light-Emitting Diodes in Republic of Korea

The South Korean market for solar cells and light-emitting diodes expanded significantly to $X in 2022, growing by 13% against the previous year. Over the period under review, consumption, however, showed a abrupt curtailment. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Production of Solar Cells and Light-Emitting Diodes in Republic of Korea

In value terms, solar cells and light-emitting diodes production dropped slightly to $X in 2022 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.3% against 2020 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 42%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Republic of Korea

In 2022, solar cells and light-emitting diodes exports from South Korea contracted to X units, which is down by -7.1% on 2021. Overall, exports, however, saw strong growth. The pace of growth appeared the most rapid in 2016 when exports increased by 66% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, solar cells and light-emitting diodes exports shrank modestly to $X in 2022. In general, exports recorded a mild slump. The growth pace was the most rapid in 2016 when exports increased by 15% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for solar cells and light-emitting diodes exports from South Korea, with a 55% share of total exports. Moreover, solar cells and light-emitting diodes exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X units), fourfold. The third position in this ranking was held by Japan (X units), with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+65.9% per year) and Japan (+8.9% per year).

In value terms, the largest markets for solar cells and light-emitting diodes exported from South Korea were the United States ($X), China ($X) and Japan ($X), with a combined 53% share of total exports. The Netherlands, Germany, Australia and Turkey lagged somewhat behind, together comprising a further 10%.

The Netherlands, with a CAGR of +47.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for solar cells and light-emitting diodes stood at $X per unit in 2022, picking up by 4.4% against the previous year. Overall, the export price, however, recorded a abrupt contraction. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-5.1%), while the prices for the other major destinations experienced a decline.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in overseas purchases of solar cells and light-emitting diodes, when their volume decreased by -5.5% to X units. Overall, imports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2019 with an increase of 76% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then reduced in the following year.

In value terms, solar cells and light-emitting diodes imports fell to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 15%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) was the main solar cells and light-emitting diodes supplier to South Korea, with a 99% share of total imports. It was followed by Taiwan (Chinese) (X units), with a 0.3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +15.5%.

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to South Korea, comprising 31% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -3.4%.

Import Prices by Country

In 2022, the average import price for solar cells and light-emitting diodes amounted to $X per unit, rising by 5.4% against the previous year. Over the period under review, the import price, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2013 an increase of 61%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+23.1%).

Source: IndexBox Platform

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