Analytical Study of HVDC Transmission System Demand in Korea from 2023 to 2033
The demand for HVDC transmission systems is expected to surge across Korea, particularly in South Gyeongsang and North Jeolla. By the end of 2023, sales of HVDC transmission systems are poised to reach a valuation of US$ 266.8 million. The demand for HVDC transmission systems in Korea is projected to develop at a 10.8% CAGR from 2023 to 2033, with the industry expected to reach US$ 646.9 million by 2033.South Korea is actively promoting research and development in the energy industry, fostering the creation of cutting-edge HVDC transmission systems. The government is creating an environment conducive to businesses for the development and implementation of innovative HVDC systems. This is achieved by providing incentives, subsidies, and investments in state-of-the-art technology.
This commitment aligns with larger objectives in Korea, such as reducing carbon emissions, improving energy efficiency, and ensuring a stable electricity supply. It further emphasizes the need for HVDC transmission lines in the country.
Attributes
Details
Industry size in 2023
US$ 266.8 million
Expected Industry size by 2033
US$ 646.9 million
Forecasted CAGR between 2023 to 2033
10.8%
Key Insights that Promotes the Sales of HVDC Transmission System in Korea
Effective long distance power transmission- High Voltage Direct Current (HVDC) lines, essential for connecting distant power sources to key Korean cities, help reduce energy loss over extended distances.
Integration of renewable energy sources- Accessories connected to fitness and wearable technology serve the expanding health and wellness trends in Korea.
Grid performance- HVDC systems are the optimal choice for the rapidly evolving energy infrastructure due to their improved control and stability.
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Key Trends Influencing Demand for HVDC Transmission System in Korea
Cross-border HVDC links with China and Japan are being explored more and more by Korea. These linkages are driving the demand for an improved HVDC transmission system to maximize resource usage, increase energy commerce, and enhance regional energy security.
Subsea HVDC transmission is becoming increasingly popular to tie offshore wind farms directly to the mainland grid. The ambitious aspirations of South Korea for offshore wind generation require sophisticated HVDC systems to transfer this renewable energy via offshore areas effectively.
In Korea, smart grid and digitalization elements are being added to HVDC systems. This fits with the drive for a cutting-edge and effective power infrastructure in Korea. This is because it enables more agile and flexible grid management through sophisticated control, monitoring, and data analytics.
Comparative View of Adjacent Markets
The table provided below offers a comparative analysis of the HVDC transmission system ecosystems in Korea, the global HVDC transmission system market, and the HVDC transmission system ecosystem in Japan. It is evident that Korea is poised to secure a substantial portion of the global HVDC transmission system sales.
HVDC Transmission System Ecosystem in Korea:
Attributes
HVDC Transmission System Ecosystem in Korea
Forecast CAGR between 2023 to 2033
10.8%
Industry Size in 2023
US$ 266.8 million
Key trend
One significant development in Korea is the increasing utilization of HVDC for the seamless integration of clean energy sources into the grid
Key challenge
One of the primary challenges facing manufacturers is ensuring grid stability in the face of severe weather and system disturbances
Global HVDC Transmission System Market:
Attributes
Global HVDC Transmission System Market
Forecast CAGR between 2023 to 2033
7.7%
Industry Size in 2023
US$ 11,561 million
Key trend
The capacity to transmit electricity between distinct alternating current networks and the requirement for minimal expenses and potential losses are the primary trends
Key challenge
To ensure interoperability across diverse HVDC systems from various manufacturers, it is essential to establish common technical standards
HVDC Transmission System Ecosystem in Japan:
Attributes
HVDC Transmission System Ecosystem in Japan
Forecast CAGR between 2023 to 2033
9.4%
Industry Size in 2023
US$ 720 million
Key trend
The area is poised to benefit from the integration of HVDC to update and modernize the outdated electrical infrastructure for efficiency and sustainability.
Key challenge
Growth could be impeded by the need to address the limited availability of land and consider the environmental impacts of expanding HVDC infrastructure.
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Category wise Insights
VSC Technology to Occupy a Significant Share of the Korea Industry
In 2023, the VSC technology is likely to gain an industry share of 60.1% in Korea. The country is actively expanding its capacity for renewable energy, particularly in wind and solar power. Variable and dispersed renewable energy sources can be efficiently integrated into the grid with the assistance of HVDC systems based on VSC.
Technology Segment
Voltage Source Converters (VSC) Technology
Expected share in 2023
60.1%
Because of its ability to precisely manage power flow, renewable energy can be seamlessly integrated, supporting regional efforts to reduce carbon emissions and switch to a cleaner energy mix.
VSC HVDC technology excels in improving power quality and grid stability. The growing demand, the need for grid resilience, and the integration of various energy sources pose challenges for the power infrastructure in Korea.
VSC-based systems are essential for preserving a dependable and robust power infrastructure. This is because they offer quick reaction times, enhanced fault tolerance, and voltage regulation, guaranteeing grid stability even in dynamic situations.
2000 MW and above Power Rating to Gain Momentum from 2023 to 2033
The 2000 MW and above power rating for HVDC transmission system in Korea is estimated to garner a 36.8% share in 2023.
Power Rating Segment
2000 MW and above
Expected share in 2023
36.8%
Enormous amounts of electrical power can be transmitted across great distances with minimal losses using HVDC systems rated at 2000 MW or above. These high power ratings allow efficient and reliable energy transmission in Korea, meeting the increasing demand for electricity, particularly in densely populated regions. They are essential for moving electricity from isolated power supply sources to large load centers. This satisfies the growing energy requirements of industrial and urban areas.
Increased power ratings lead to increased system effectiveness. The total cost of transmitting power can be decreased using these 2000 MW systems as they transport more energy with minimal losses. This efficiency is crucial in Korea, where cost effectiveness and sustainability depend on maximizing the use of both imported and domestic energy supplies.
Region wise Insights
In Korea, two provinces have been gaining the maximum HVDC transmission system demand: South Gyeongsang and North Jeolla.
Renewable Energy Opportunities to Bolster Demand in the South Gyeongsang
Significant potential for renewable energy, particularly in offshore wind energy, exists in South Gyeongsang. The coastal portions of the region are ideal for offshore wind turbines. HVDC transmission systems are essential for efficiently transmitting power from offshore wind turbines to the mainland grid. The need to harness this immense offshore wind power opportunity and integrate it into the broader energy grid is driving the adoption of HVDC transmission systems in South Gyeongsang.
Solar Energy Infrastructure to Bolster Sales in North Jeolla
The capacity for solar energy in North Jeolla has been steadily increasing. Solar farms in the area utilize abundant sunlight to generate power. HVDC systems are vital for the efficient distribution of this solar energy. The growing reliance on solar energy sources is directly associated with increased HVDC transmission in North Jeolla.
Similar to South Gyeongsang, North Jeolla is susceptible to meteorological hazards, including typhoons. The regional system must be robust enough to withstand adverse weather conditions and maintain a steady electricity supply. The potential of HVDC transmission system to improve grid resilience makes them preferable for areas susceptible to severe weather occurrences.
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Competitive Landscape
Companies invest significantly in research and development to create cutting-edge technologies and solutions, aiming to remain competitive within the HVDC Transmission System industry. This involves developing sophisticated monitoring and control systems, exploring novel materials and designs, and improving the effectiveness and reliability of HVDC systems. Innovations in these areas can provide businesses with a significant competitive edge, enabling them to offer their clients more efficient and cost-effective solutions.
Many Korean HVDC transmission system firms are aiming to increase their international market share to gain a competitive edge. This involves participating in global initiatives, forming strategic alliances with infrastructure and utility companies abroad, and exporting their expertise and technology. By taking part in significant international initiatives, these businesses can showcase their expertise and build a strong global reputation. This is likely to lead to additional contracts and opportunities.
Recent Developments Observed in Korea HVDC Transmission System Ecosystem
Company
Recent Developments
Korea Electric Power Corporation (KEPCO)
In 2023, Turkey received a proposal from South Korea's Electric Power Corporation (KEPCO) to collaborate on the construction of four APR 1400 nuclear reactors, with a combined power output of 5.6 GW.
The estimated value of the project is KRW 40,000 billion, equivalent to US$ 32.5 billion. However, neither its location nor its timeline has been made public.
LS Electric
In 2023, LS Electric Co., a unit of the LS Group in South Korea specializing in power equipment manufacturing, announced the opening of its first North American manufacturing base in Texas, United States.
This move is a crucial step for the firm, especially considering the increasing demand for power distribution systems from Korea-based companies in the chip, automotive, and battery sectors that are expanding their operations in the United States.
Scope of the Report
Attribute
Details
Estimated Industry Size in 2023
US$ 266.8 million
Projected Industry Size in 2033
US$ 646.9 million
Attributed CAGR between 2023 and 2033
10.8%
Historical Analysis of Demand for HVDC Transmission System in Korea Countries
2018 to 2022
Forecast Period
2023 to 2033
Report Coverage
Industry size, industry trends, analysis of key factors influencing HVDC transmission system in Korea, insights on global players and their industry strategy in Korea, ecosystem analysis of local and regional Korea providers
Key Cities within Korea Analyzed while Studying Opportunities for HVDC Transmission System in Korea
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Key Companies Profiled
Korea Electric Power Corporation (KEPCO)
LS Electric
Hyundai Electric & Energy Systems
Samcheonri Co. Ltd.
Hyosung Heavy Industries
Hyundai Heavy Industries
Samsung C&T
Doosan Heavy Industries & Construction
KET, Korea Electric Terminal Co. Ltd.
Taihan Electric Wire Co. Ltd.
Some of the Important Players in Korea Dealing with HVDC Transmission System
Korea Electric Power Corporation, KEPCO
LS Electric
Hyundai Electric & Energy Systems
Samcheonri Co. Ltd.
Hyosung Heavy Industries
Hyundai Heavy Industries
Samsung C&T
Doosan Heavy Industries & Construction
KET, Korea Electric Terminal Co. Ltd.
Taihan Electric Wire Co. Ltd
Key Segments
By System Component:
HVDC Transmission System Solution
AC & DC Harmonic Filters
Converters
DC Lines
Circuit Breakers
Others
HVDC Transmission System Services
By Technology:
LCC
VSC
Others
By Deployment:
Overhead
Underground
Subsea
Combination
By Power Rating:
Below 1000 MW
1000 to 2000 MW
2000 MW & above
By Cities/Provinces:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
How is the Demand for the HVDC Transmission System in Korea in 2023?
The valuation of the HVDC transmission system is projected to reach US$ 266.8 million in 2023.
By 2033, what will be the Overall Value Share of the HVDC Transmission System in Korea?
By 2033, the total value of the HVDC transmission system industry in Korea is expected to exceed US$ 646.9 million.
What is the anticipated growth rate of the Korea HVDC Transmission System Industry?
From 2023 to 2033, the Korea HVDC transmission system industry is expected to achieve a 10.8% CAGR.
Which technology type of HVDC Transmission System is likely to dominate?
The VSC technology segment is projected to capture 60.1% of the industry shares in 2023.
Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.7. Regional Parent Market Outlook
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By System Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By System Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By System Component, 2023 to 2033
5.3.1.Solution
5.3.1.1. AC & DC Harmonic Filters
5.3.1.2. Converters
5.3.1.3. DC Lines
5.3.1.4. Circuit Breakers
5.3.1.5. Others
5.3.2.Services
5.4. Y-o-Y Growth Trend Analysis By System Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By System Component, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Technology
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Technology, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Technology, 2023 to 2033
6.3.1. LCC
6.3.2. VSC
6.3.3. Others
6.4. Y-o-Y Growth Trend Analysis By Technology, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Technology, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Deployment
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Deployment, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment, 2023 to 2033
7.3.1. Overhead
7.3.2. Underground
7.3.3. Subsea
7.3.4. Combination
7.4. Y-o-Y Growth Trend Analysis By Deployment, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Deployment, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Power Rating
8.1. Introduction / Key Findings
8.2. Historical Market Size Value (US$ Million) Analysis By Power Rating, 2018 to 2022
8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Power Rating, 2023 to 2033
8.3.1. Below 1000 MW
8.3.2. 1000 - 2000 MW
8.3.3. 2000 MW & above
8.4. Y-o-Y Growth Trend Analysis By Power Rating, 2018 to 2022
8.5. Absolute $ Opportunity Analysis By Power Rating, 2023 to 2033
9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
9.1. Introduction
9.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
9.3.1. South Gyeongsang
9.3.2. North Jeolla
9.3.3. South Jeolla
9.3.4. Jeju
9.3.5. Rest of Korea
9.4. Market Attractiveness Analysis By Region
10. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By System Component
10.2.2. By Technology
10.2.3. By Deployment
10.2.4. By Power Rating
10.3. Market Attractiveness Analysis
10.3.1. By System Component
10.3.2. By Technology
10.3.3. By Deployment
10.3.4. By Power Rating
10.4. Key Takeaways
11. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By System Component
11.2.2. By Technology
11.2.3. By Deployment
11.2.4. By Power Rating
11.3. Market Attractiveness Analysis
11.3.1. By System Component
11.3.2. By Technology
11.3.3. By Deployment
11.3.4. By Power Rating
11.4. Key Takeaways
12. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By System Component
12.2.2. By Technology
12.2.3. By Deployment
12.2.4. By Power Rating
12.3. Market Attractiveness Analysis
12.3.1. By System Component
12.3.2. By Technology
12.3.3. By Deployment
12.3.4. By Power Rating
12.4. Key Takeaways
13. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By System Component
13.2.2. By Technology
13.2.3. By Deployment
13.2.4. By Power Rating
13.3. Market Attractiveness Analysis
13.3.1. By System Component
13.3.2. By Technology
13.3.3. By Deployment
13.3.4. By Power Rating
13.4. Key Takeaways
14. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By System Component
14.2.2. By Technology
14.2.3. By Deployment
14.2.4. By Power Rating
14.3. Market Attractiveness Analysis
14.3.1. By System Component
14.3.2. By Technology
14.3.3. By Deployment
14.3.4. By Power Rating
14.4. Key Takeaways
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By System Component
15.3.3. By Technology
15.3.4. By Deployment
15.3.5. By Power Rating
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. ABB Ltd.
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.2. Siemens AG
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.3. Toshiba Corporation
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.4. General Electric Co.
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.5. Mitsubishi Electric Corporation
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.6. Prysmian SpA
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.7. TransGrid Solutions Inc.
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.8. Abengoa S.A.
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.9. ATCO LTD.
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.10. LS Industrial Systems Co., Ltd.
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
17. Assumptions & Acronyms Used18. Research Methodology
