BOULDER, USA: South Korea has become well-recognized in recent years as a global technology hub, and its leading technology companies have successfully developed and exported a wide range of innovative products.
Now, the Korean government, in partnership with private industry, is spearheading a new Smart Grid strategy to transform the ways in which electricity is generated, distributed, and consumed in the country, driven by a desire for greater energy security, sustained economic growth, and reduced environmental impact.
According to a new report from Pike Research, these efforts will result in Smart Grid infrastructure investments totaling $15.8 billion within Korea itself during the period from 2009 to 2016, and will serve as the foundation for a significant global export market as well.
“Korean technology companies have been at the forefront of innovation in information and communications technology,” says industry analyst Andy Bae. “They are now poised to take a significant leadership role in the Smart Grid market, both within Korea and on a global level.”
Bae adds that Korean companies will aim to leverage their technology assets in other sectors to create an advanced Smart Grid infrastructure that improves power generation and distribution efficiencies, incorporates renewable and distributed generation resources, and supports the evolution of transportation infrastructure toward electric vehicles.
Pike Research forecasts that electricity distribution automation and transmission upgrades will be the largest opportunities in Korea’s Smart Grid market over the next several years, followed by substation automation and renewable energy management systems. The firm anticipates that smart metering and electric vehicle management system will also be substantial application areas, though not as large.