Fossil Fuels - South Korea

The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop. However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils.

The outlook for the nuclear power market varies depending on the region and country. In some countries, such as China, nuclear power is expected to continue to grow and be an important part of their energy mix. However, in other countries, such as Germany and Japan, there are plans to phase out nuclear power in the coming years. Additionally, the development of new nuclear power projects has been slow due to several factors, including safety concerns, public opposition, and high costs. The construction of new nuclear power plants has also faced delays and cost overruns. The ongoing Russia-Ukraine war has far-reaching effects on the nuclear market, as sanctions imposed on Russia cast doubts on the future of its nuclear industry in the global arena.

The fossil fuel energy market is expected to face significant challenges and changes in the coming years. While there is still significant demand for oil, natural gas, and coal, the industry is increasingly facing pressure from the growth of renewable energy sources, as well as concerns over climate change and environmental impacts, with many companies and governments investing in carbon capture and storage technologies, as well as exploring alternative sources of energy. It is difficult to predict with certainty which countries will increase their share of fossil fuels, as it depends on a variety of factors such as government policies, energy demand, and the availability and cost of alternative energy sources. However, countries with significant fossil fuel reserves and/or a reliance on fossil fuel exports may continue to prioritize their use, at least in the short term. For example, some Middle Eastern countries like Saudi Arabia and Kuwait have announced plans to increase their oil production in the coming years. Additionally, some countries with growing economies and energy demands, such as China and India, may also increase their use of fossil fuels.

The renewable energy market is expected to continue to grow in the coming years. This growth is driven by a combination of factors, including falling costs of renewable energy technologies, increasing demand for clean energy sources, supportive policies and regulations, and improvements in energy storage and grid integration technologies. In addition, the COVID-19 pandemic has accelerated the shift towards renewable energy, as governments and businesses have recognized the importance of building resilient and sustainable energy systems. The Russia-Ukraine war has brought to light the precarious and exposed reliance on certain energy sources, such as gas and oil, ultimately necessitating a significant diversification of countries' energy portfolios in the long term. Overall, the outlook for the renewable energy market is positive, and the sector is expected to continue to play an increasingly important role in meeting global energy demand while reducing greenhouse gas emissions.

Data coverage:

The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.