May. 11, 2023 /SemiMedia/ -- According to semiconductor industry insiders, Infineon Technologies AG plans to expand its workforce in Korea.

By 2030, Infineon Technologies Korea will employ 1.5 times as many employees in South Korea as it does now, and hire more mid-career experienced employees, the insider said.

Infineon expanded its operations in Korea because it sees huge growth potential in the country's renewable energy market, the source added.

Infineon's main business, power semiconductors, converts, distributes and controls electrical energy in power management systems for electronic devices. They are vital for renewable energy, converting energy produced by renewable power plants into usable electricity.

Earlier, the South Korean government announced plans to increase the share of renewable energy in the national grid to 21.6% by 2030, while renewable energy generation accounted for only 4.7% of the country's total power generation by 2021. Meaning demand for power chips will rise as the country expands renewable energy generation.