Korea targets Global ESS Market
23. November 2023The Republic of Korea is positioning itself to claim a significant share of the worldwide market for Energy Storage Systems (ESS) within the next decade and a half. ESS units, which are large-scale facilities designed to store surplus electrical energy in secondary batteries for later use, are seeing a spike in demand due to the global shift towards renewable and carbon-neutral energy sources. The Korean government’s recently ratified 10th Basic Plan for Power Supply and Demand indicates a planned increase in the share of stable power sources from approximately 35% in 2022 to over 65% by 2036. In Korea, ESS-related products are subject to stringent safety and quality certifications, including KCs certification and KCs certification for explosion-proof equipment.
Globally, as nations strive for carbon neutrality by around 2050, there’s a surge in interest for renewable energies such as solar and wind, as well as carbon-free options like nuclear energy. Despite their lack of carbon emissions, these carbon-free energy sources face difficulties in modulating power output, hence the need for ESS to mitigate the disparities between supply and demand.
In a bold move to join the ranks of the United States and China as leaders in the ESS sector, South Korea is targeting a 35% stake in the burgeoning global ESS market by 2036, with the intent to jump-start its domestic ESS industry, which is currently experiencing a lull. This ambition was highlighted by Deputy Minister Kang Kyung-sung of the Ministry of Trade, Industry, and Energy during the unveiling of the “ESS Industrial Development Strategy” on October 31. The announcement was made at an ESS forum at LS Electric’s Global R&D Campus in Anyang, Gyeonggi Province, which convened industry executives, academics, and research experts.
Market projections suggest that by the year 2030, the global power capacity could expand more than fifteenfold, with the market size anticipated to escalate in tandem.
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