South Korea's ESS Market Could Exceed 40 Trillion KRW as Semiconductor Power Demand Rises

Industry insiders in South Korea expect the country’s domestic energy storage system (ESS) market to surpass 40 trillion KRW as electricity demand grows from expanding semiconductor complexes. According to NS3.AI, South Korea’s Ministry of Climate, Energy and Environment has started drafting an early power supply plan for a new semiconductor industrial complex in the Honam region. Separately, the 11th Basic Plan estimated that South Korea would need 21.75GW of long-duration energy storage systems by 2038.