Republic of Korea: Wind Powered Generator Market 2024

Wind Powered Generator Market Size in Republic of Korea

In 2021, the South Korean wind powered generator market decreased by -46.4% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, enjoyed a resilient expansion. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Wind Powered Generator Production in Republic of Korea

In value terms, wind powered generator production reached $X in 2021 estimated in export price. Over the period under review, production showed a deep reduction. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. Wind powered generator production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Wind Powered Generator Exports

Exports from Republic of Korea

Wind powered generator exports from South Korea surged to X units in 2021, with an increase of 180% against the year before. In general, exports continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 1,610% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, wind powered generator exports soared to $X in 2021. Overall, exports, however, recorded a deep slump. The growth pace was the most rapid in 2018 with an increase of 1,065%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for wind powered generator exports from South Korea, accounting for a 55% share of total exports. Moreover, wind powered generator exports to the United States exceeded the volume sent to the second major destination, Singapore (X units), twofold. The third position in this ranking was taken by South Africa (X units), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +68.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+78.1% per year) and South Africa (-14.3% per year).

In value terms, the United States ($X) remains the key foreign market for wind powered generating sets exports from South Korea, comprising 35% of total exports. The second position in the ranking was taken by Canada ($X), with a 2% share of total exports. It was followed by India, with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +57.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-31.0% per year) and India (+25.3% per year).

Export Prices by Country

In 2021, the average wind powered generator export price amounted to $X per unit, increasing by 127% against the previous year. In general, the export price, however, faced a precipitous contraction. The pace of growth appeared the most rapid in 2017 an increase of 139% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+25.0%), while the prices for the other major destinations experienced a decline.

Wind Powered Generator Imports

Imports into Republic of Korea

In 2021, supplies from abroad of wind powered generating sets increased by 12% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports saw a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 689% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, wind powered generator imports contracted remarkably to $X in 2021. Overall, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 2,427%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Estonia (X units), China (X units) and Denmark (X units) were the main suppliers of wind powered generator imports to South Korea, with a combined 86% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Estonia (with a CAGR of +98.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X) constituted the largest supplier of wind powered generating sets to South Korea, comprising 84% of total imports. The second position in the ranking was held by Estonia ($X), with an 11% share of total imports. It was followed by China, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Denmark totaled +80.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (-13.4% per year) and China (-8.9% per year).

Import Prices by Country

The average wind powered generator import price stood at $X per unit in 2021, shrinking by -95% against the previous year. Over the period under review, the import price recorded a deep reduction. The growth pace was the most rapid in 2018 an increase of 232%. Over the period under review, average import prices reached the maximum at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+41.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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