Seoul: South Korea's industry ministry announced plans to accelerate support for the power grid industry to maintain export momentum and establish it as a new growth engine. The initiative seeks to capitalize on the rising demand for power grid packages globally.

According to Yonhap News Agency, South Korea's exports of power grid packages reached an impressive US$11.56 billion in 2024, marking a 10.6 percent increase from the previous year and setting a new record. The Ministry of Trade, Industry and Energy highlighted that the nation has experienced double-digit growth in power grid package exports for four consecutive years.

Second Vice Industry Minister Choe Nam-ho emphasized the significance of the grid industry within the energy sector, noting its potential to bolster South Korea's energy exports alongside nuclear energy. Choe stated that the current global supercycle for power grids presents a prime opportunity for South Korean companies to enhance their international market presence.

Power grid packages encompass a variety of electricity-related products, including cables, transformers, circuit breakers, and energy storage systems. In line with these developments, South Korea has announced plans to achieve $15 billion in grid exports by 2030, aiming to capture 5 percent of the global market.