Korean transformer manufacturer expanding US presence
USA, Tennessee, Memphis: Hyosung Heavy Industries is penetrating the US market after completing the expansion of its HV transformer production in Memphis.
Image source: Business Korea
USA, Tennessee, Memphis: Hyosung Heavy Industries is penetrating the US market after completing the expansion of its HV transformer production in Memphis.
Hyosung Heavy Industries expect continued growth in the US market due to an increase in new power generation sources and a growing demand for transmission and distribution in the global power market.
The company acquired the facility in 2020, where it manufactures 100 MVA or higher large power transformers (LPTs). Since 70 % of the installed LPTs in the USA are over 25 years old and the typical lifespan of the units is 30–40 years, the manufacturer can expect a steady demand for their products, as anticipated by experts.
Furthermore, the United States has made net-zero decarbonization a top national goal, with plans to achieve net-zero energy generation by 2035. This will result in an increase in orders for large-scale solar and wind power generation, transmission and distribution facilities, and fuel demand for products like static synchronous compensators (STATCOMs), energy storage systems (ESSs), and gas insulated switchgear (GIS), all of which are critical to a successful energy transition.
Source: Business Korea
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