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
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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.
Principal Consultant
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 |
|
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| 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. |
The valuation of the HVDC transmission system is projected to reach US$ 266.8 million in 2023.
By 2033, the total value of the HVDC transmission system industry in Korea is expected to exceed US$ 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.
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 Used
18. Research Methodology
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HVDC Transmission System Industry Analysis in Korea
