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Overview of the Korean solar market based on a Solar Today survey, which helps to understand the overall market situation 2024 and after.

2024 Domestic Solar Market Size Expected to Decline by Over 47%


Since surpassing a new installation capacity of 4 GW in 2020, the domestic solar market has been on a decline, with a projected installation capacity of 2.5 GW for 2023 (as of December 12, 2023, according to the Korea Energy Agency). Industry insiders agree that they are in a survival phase. Despite the RE100 initiative driving market growth, competition from Chinese products in solar equipment has pushed Korea to prepare for the future solar industry through R&D and next-generation technologies.

Regarding policy improvements necessary for the growth of the domestic solar industry post-2024, 29.2% of respondents believe in the need for effective support systems for the domestic solar manufacturing industry. This is followed by 26.5% advocating for institutional improvements to revitalize the RE100 market, 19.6% calling for long-term policy directions like SMP and REC, 15.7% emphasizing smooth communication between government departments, public enterprises, and the industry, 7.8% supporting market-leading technologies through active R&D investment, and 1.3% mentioning other factors.






Which company makes the most efficient solar panels?


While China is currently the world's largest producer of solar panels, are the most efficient solar panels also made in China? Canary Media recently highlighted a company that holds world records for solar performance and plans to build one of the largest solar panel factories in the U.S. by 2025.

That company is Maxeon Solar Technologies. Maxeon not only has the most efficient solar panel technology but also prioritizes sustainability in its manufacturing processes.

Maxeon was spun off from the American solar company SunPower in 2020. SunPower, founded in 1985 in Silicon Valley, gained recognition for its record-breaking solar cell performance. This technology is the foundation of Maxeon's current technical superiority. While SunPower used to manufacture solar cells and panels in the U.S., they moved production overseas due to cost pressures from competing Chinese products.

Maxeon, on the other hand, has never produced panels in the U.S., instead manufacturing in Mexico, Malaysia, and the Philippines.


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