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Trendy, Hyosung! In the Heavy Industries Sector
The term 'global village' once blossomed as transnational communication and transportation advancements. This phrase, however, seems antiquated now. Today, with the rise of the internet and the widespread use of smartphones, global events are shared in real-time, ushering in the frequent use of the word 'global.' Now, corporations prioritize candidates possessing a 'global mindset,' a quality often discussed as a fundamental trait of modern individuals.
But does having a global mindset simply mean communicating in foreign languages and understanding foreign cultures? Certainly not. A global mindset is defined as the ability to maintain balance amidst the intricate, ambiguous, and conflicting tensions arising from globalization. Recognizing diversity from an international perspective and proactively challenging new environments are key components of global competence and mindset in the global market. In a time when the importance of a global mindset is more pronounced than ever, Hyosung Heavy Industries has made meaningful strides by entering the global energy market and flexibly responding to the changing trends.
The Global Energy Sector
COVID-19 caused unprecedented disruption to international relations and restriction of human mobility within nations. Consequently, this situation precipitated a drastic reduction in power demand, especially in countries heavily reliant on commerce and services. Energy consumption declined dramatically, reducing fuel imports, promoting renewable energy, while international trade of coal, oil, and uranium declined. Total energy production decreased significantly due to reduced reliance on thermal and nuclear power.
Although the global power demand slightly declined due to the 2020 pandemic, it has rebounded since 2021. The International Energy Agency (IEA) projected a sustained coal power supply stagnation. However, the renewable energy sector is demonstrating record growth and is expected to meet over 90% of the increasing energy demand. This stems from the global community's gradual abolition of thermal power generation production and investment, coupled with predictions that the rising growth of China and India will offset the low competitiveness of natural gas. Forecasts for 2030 anticipate a steeper growth of renewable energy. This expectation is attributed to the accelerated growth of the energy storage market, driven by governments’ enforcement of renewable energy policies in response to the climate crisis.
According to the 'Energy Storage Market Outlook Series' released by Bloomberg New Energy Finance (BNEF), global energy storage capacity will increase by 68% - 16GW in 2022 compared to the previous year. Furthermore, it is expected to record an average annual growth rate of 23% by 2030, leading to an annual increase in energy storage capacity of 88GW.
Hyosung Heavy Industries' Global Market Expansion
Since its establishment in 1962, Hyosung Heavy Industries has evolved alongside the development of the domestic power grid. It is now the nation's leading power equipment company and a global enterprise playing a pivotal role as a core partner to power companies worldwide. With production bases in the United States, India, China, and more, it supplies products to over 70 countries, claiming the top spot in the domestic ESS market share.
Recently, Hyosung Heavy Industries has signed a contract to supply a large-scale Energy Storage System (ESS) of 50MW capacity to Downing, the largest power investment developer in the UK, in the Southampton region. With the highest capacity ever supplied to the international market, the product is slated to connect to the transmission network of National Grid, a UK public power company. This deal draws attention as it marks a successful entry into the European ESS market, already dominated by major global companies, thus recognizing Hyosung Heavy Industries for its quality and technical capabilities. Hyosung Heavy Industries strives to establish strategic relationships with major equipment suppliers in Europe, leveraging this contract with the UK.
Furthermore, Hyosung Heavy Industries has been supplying ESS to Asia and the American markets. In 2019, to expand ESS sales in the United States, Hyosung Heavy Industries opened a local office in the western region, targeting the American market. Since optimizing ESS based on the application and installation environment and the customer's usage is crucial, Hyosung Heavy Industries exerts efforts in research and development to deliver an ESS tailored to the customer's needs. As a competitive ESS supplier, Hyosung Heavy Industries is bolstering its footholds in established markets, such as the United States and Europe while preparing to penetrate emerging markets in Australia and Africa.
Hyosung Heavy Industries' Technology Leading the Future Power Grid System
Energy storage systems are not the only products Hyosung Heavy Industries offers on the global market. Hyosung Heavy Industries is receiving considerable attention in the overseas market for developing the nation’s first ultra-high-voltage transformer. Through design, production, and testing, Hyosung Heavy Industries provides customized solutions that comply with international standards such as IEC, ANSI, IEEE, NEMA, BS, JIS, JEC, and individual country standards. By complying with the technical standards of each country from design to manufacturing and testing, Hyosung Heavy Industries has entered and is establishing its position in the global market, supplying transformers to countries including Korea, the United States, the United Kingdom, Peru, France, Vietnam, Thailand, India, and Saudi Arabia.
Moreover, as renewable and hydrogen energy use is expected to increase worldwide, the need for technology that can reliably supply and manage eco-friendly energy is becoming pronounced. As a preparation for the eco-friendly energy era, Hyosung Heavy Industries acquired STATCOM and HVDC technologies to build future power grid systems. In addition to STATCOM, a technology that enhances the stability of power transmission and distribution, and HVDC, a power supply technology with high long-distance transmission efficiency and stability that does not generate electromagnetic waves, thus having a lower environmental impact, can complement renewable energy production and supply.
In particular, STATCOM improves the stability and quality of the power system by supplying reactive power to transmission lines. This technology can address the instability caused by unavoidable weather conditions during renewable energy generation, such as wind and solar power. STATCOM, already acknowledged for its outstanding technology, is being exported overseas to Panama, India, and Spain. The HVDC (High Voltage Direct Current transmission) system is a technology that applies the latest technology of voltage source converters, a modular multi-level converter (MMC) method. This technology, which allows easy expansion of system capacity and voltage level, can reflect various customer needs in its design, reduce maintenance costs, and can be installed in a small area, making it suitable for regions requiring small land areas, such as metropolitan areas, and can be linked with offshore wind power systems. It can enable long-distance transportation of electricity generated at power plants, making it possible to efficiently transport wind and solar power plants to urban areas.
Hyosung Heavy Industries is highly optimistic that as renewable energy demand increases, the global market entry of renewable energy-related technologies such as STATCOM and HVDC will also expand. As Hyosung Heavy Industries continues to provide key technologies for future power grid systems, the company will continue to equip global capabilities to meet future needs.
As global movements are emerging to respond to the climate crisis and move towards carbon neutrality, energy policies are also rapidly changing. With the worldwide trend of reducing fossil fuel usage and expanding renewable energy, the demand for core technologies needed to construct future power grid systems like ESS, STATCOM, and HVDC from Hyosung Heavy Industries is rapidly increasing, and the market is expected to grow sharply.
We've moved beyond the once commonly used phrase, 'global village,' and now the era of hyper-connectivity has arrived. Hyosung Heavy Industries is relentlessly working to develop the technologies required to use renewable energy to replace fossil fuels with the highest level of technological prowess. Hyosung Heavy Industries is constantly striving for global market entry and expansion of the market share of the essentials needed to construct future power grid systems. By leading in ESS, STATCOM, and HVDC technologies, Hyosung Heavy Industries plans to solidify its position as a leading company in the newly emerging renewable energy era, equipped with global technological capabilities and proactively responding to changes.
Hyosung Heavy Industries is committed to playing a significant role in the transformation towards a low-carbon future, and will continue to develop advanced technologies and solutions to support the increasing demand for reliable, sustainable energy.
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