Smart Grid in Korea

In 1894 Thomas Edison helped provision the Korean palace with electricity. However, for much of the 20th century, Korea lagged behind other industrialized countries in technology developments and service offerings, and the Korean economy wrestled with insufficient availability of electricity, even until the mid-1970s.

Since then, though, Korea has seen the advent of an era of innovation driven by information technology, and the country has successfully transformed into a global information hub.

Consumers in the country can now enjoy ultra high-speed broadband access, nationwide 3G mobile services, and the world’s first commercial mobile WiMAX service, among other technology offerings.

Driven by a desire for greater energy security, sustained economic growth, and reduced environmental impact, the Korean government, together with the country’s leading technology companies, have now embarked on a bold new strategy to transform the ways in which electricity is generated, distributed, and used.

Korea’s Smart Grid initiative, spearheaded by the Jeju Island demonstration project, is a comprehensive program that includes a focus on Smart Power Grid, Smart Consumers, Smart Transportation, Smart Renewables, and Smart Electricity Services.

Its goal to serve as a key engine of continued economic growth for the country and a foundation for Korean companies’ technological strength in the global Smart Grid market.

This Pike Research report analyzes the Korean market for Smart Grid technologies and applications in depth, including a focus on smart meters, transmission upgrades, substation automation, distribution automation, electric vehicle management systems, and renewable energy management systems.

It examines the policy environment and economic development objectives of the Korean government, technology and standards issues, key applications for electricity consumers, and the strategies of market players.

A detailed case study is included for the Jeju Island demonstration project, together with market forecasts for Smart Grid applications in Korea through 2016.