South Korea Power-to-x Market Size & Outlook, 2025-2030
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South Korea power-to-x market highlights
- The South Korea power-to-x market generated a revenue of USD 1.3 million in 2024 and is expected to reach USD 4.4 million by 2030.
- The South Korea market is expected to grow at a CAGR of 23.2% from 2025 to 2030.
- In terms of segment, power-to-h2 was the largest revenue generating technology in 2024.
- Power-to-Methanol is the most lucrative technology segment registering the fastest growth during the forecast period.
Power-to-x market data book summary
| Market revenue in 2024 | USD 1.3 million |
| Market revenue in 2030 | USD 4.4 million |
| Growth rate | 23.2% (CAGR from 2025 to 2030) |
| Largest segment | Power-to-h2 |
| Fastest growing segment | Power-to-Methanol |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-Methanol, Power-to-H202 |
| Key market players worldwide | Air Liquide SA, Alfa Laval AB, Copenhagen Infrastructure Partners, Engie SA, ITM Power PLC, Linde PLC, Mitsubishi Corp, Siemens Energy, Thyssenkrupp AG, Valmet Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.4% of the global power-to-x market in 2024.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China power-to-x market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 4.4 million by 2030.
Power-to-h2 was the largest segment with a revenue share of 53.85% in 2024. Horizon Databook has segmented the South Korea power-to-x market based on power-to-h2, power-to-co/syngas/formic acid, power-to-nh3, power-to-methane, power-to-methanol, power-to-h202 covering the revenue growth of each sub-segment from 2018 to 2030.
In South Korea, the government is actively supporting PtX technologies as part of its "Green New Deal", aiming to build a sustainable economy and achieve carbon neutrality by 2050. The effort focuses on reducing reliance on fossil fuels and transitioning to cleaner energy sources, with a significant investment in green hydrogen production.
Green hydrogen produced using renewable energy, such as wind and solar power, is crucial for reducing carbon emissions across various sectors. To facilitate this transition, South Korea is investing in the necessary infrastructure for green hydrogen production, storage, and distribution, including production plants and fueling stations.
South Korea is actively integrating PtX technologies into its growing renewable energy capacity, especially offshore wind and solar power. This integration is crucial for producing green hydrogen and e-fuels, which are central to the country's clean energy strategy.
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Power-to-X Market Scope
Power-to-X Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Siemens Energy | View profile | 10001+ | München, Bayern, Germany, Europe | https://www.siemens-energy.com/ |
| Copenhagen Infrastructure Partners | View profile | 251-500 | Copenhagen, Hovedstaden, Denmark, Europe | http://cipartners.dk/ |
| ITM Power PLC | View profile | 406 | 2 Bessemer Park, Shepcote Lane, Sheffield, United Kingdom, S9 1DZ | https://www.itm-power.com |
| Air Liquide SA | View profile | 67800 | 75, Quai d'Orsay, Paris, France, 75007 | https://www.airliquide.com |
| Linde PLC | View profile | 66195 | 10 Riverview Drive, Danbury, CT, United States, 06810 | https://www.linde.com |
| Thyssenkrupp AG | View profile | 100202 | ThyssenKrupp Allee 1, Essen, NW, Germany, 45143 | https://www.thyssenkrupp.com |
| Engie SA | View profile | 97000 | 1, Place Samuel de Champlain, Courbevoie, France, 92400 | https://www.engie.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| Alfa Laval AB | View profile | 21441 | Rudeboksvagen 1, P.O. Box 73, Lund, Sweden, SE-221 00 | https://www.alfalaval.com |
| Valmet Corp | View profile | 19032 | Keilasatama 5, P.O. Box 11, Espoo, Finland, 02150 | https://www.valmet.com |
South Korea power-to-x market size, by technology, 2018-2030 (US$M)
South Korea Power-to-X Market Outlook Share, 2024 & 2030 (US$M)
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