According to market research company Displaybank, this now makes Korea the fourth largest installation market worldwide. Spain accounted for the largest market with 2,281 MW, and was followed by Germany with 1,532 MW and the USA with 333 MW.

Kenny Kim, Vice President at Displaybank, notes however, that only about 60 MW came from Korea whereas the rest was imported from Europe, USA and Japan. “The Korean PV industry expects the government to additionally expand subsidies and related industry support in order to promote continuous advancement of the industry,” he adds.