Trade for the South Korean solar power industry
Exports of photovoltaic cells and modules by the South Korean solar power industry reached more than 1.5 million dollars in 2022. Exports have risen from the previous year, but neighboring superpowers, such as China, stand as a challenge for trade and price competitiveness in the near future. Imports of solar panels fell from the previous year, likely due to the high solar panel installation demand in 2021 which saw over four gigawatts worth of new domestic installations.Household energy demand in South Korea
The South Korean government introduced a ceiling on the system marginal price (SMP) in late 2022 to limit the selling price of electricity in the market and to help households in the face of rising global energy prices. The increase in prices has created greater interest in private solar panel installations, which the government has decided to subsidize. However, environmental concerns linger as the growing amount of waste materials from panels and modules remain difficult and expensive to recycle. Despite these challenges, the future of the solar power industry remains strong as many countries, including South Korea, strive toward grid parity and a more sustainable energy system.
