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 USD 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 USD 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 | USD 266.8 million |
| Expected Industry size by 2033 | USD 646.9 million |
| Forecasted CAGR between 2023 to 2033 | 10.8% |
Key Insights that Promotes the Sales of HVDC Transmission System in Korea
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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.
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.
In Korea, two provinces have been gaining the maximum HVDC transmission system demand: South Gyeongsang and North Jeolla.
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.
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.
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) |
|
| LS Electric |
|
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 266.8 million |
| Projected Industry Size in 2033 | USD 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. |
The valuation of the HVDC transmission system is projected to reach USD 266.8 million in 2023.
By 2033, the total value of the HVDC transmission system industry in Korea is expected to exceed USD 646.9 million.
From 2023 to 2033, the Korea HVDC transmission system industry is expected to achieve a 10.8% CAGR.
The VSC technology segment is projected to capture 60.1% of the industry shares in 2023.
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HVDC Transmission System Industry Analysis in Korea
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