Wedoany.com Report-Jan 15, South Korea's industry ministry said Wednesday the government will accelerate support for the power grid industry to maintain export momentum and foster it as a new growth engine.
The announcement came as South Korea's exports of power grid packages reached $11.56 billion in 2024, surging 10.6 percent from a year earlier to set a new high, according to the Ministry of Trade, Industry and Energy.
South Korea has also recorded a double-digit growth in power grid package exports for four consecutive years, it added.
"The grid industry is a key segment in the energy sector that can drive South Korea's energy exports, along with nuclear energy," Second Vice Industry Minister Choe Nam-ho said.
"With the global market for power grids in a supercycle, now is an opportunity for South Korean firms to expand their presence overseas," Choe added.
Power grid packages include a wide range of electricity-related products, such as cables, transformers, circuit breakers and energy storage systems.
South Korea recently unveiled plans to achieve $15 billion in grid exports by 2030, accounting for 5 percent of the global market.
