Seoul – September 24, 2026 -- Hyosung Heavy Industries is scaling its proprietary voltage-source converter (VSC) HVDC technology to 2 gigawatts, building on a commercial base of 200 MW systems, as it targets a position among the world's top three power solutions providers within five years.
Hyosung began HVDC development in 2012 with a 20 MW demonstration project in Jeju
The company subsequently developed 200 MW converter valves and control systems and deployed them on live grids, building operational experience that it is now applying to large-scale 2 GW systems. Since 2012, Hyosung has pursued in-house development of core HVDC components rather than licensing external technology, part of a South Korean government push to localize converter valves, control systems and converter transformers.
Chairman Cho Hyun-joon calls HVDC a core competitiveness technology for future energy markets
"HVDC is more than a transmission technology; it is a core technology that will shape competitiveness in the future energy market," Cho said, adding that Hyosung will provide full support to become a leading player in reshaping the global HVDC market.
Global HVDC market is projected to grow from $15.62 billion in 2025 to $22.07 billion by 2030
That represents a compound annual growth rate of 7.2%, according to a global market research firm cited by the company, as renewable generation sited far from demand centers drives adoption of long-distance, high-capacity transmission.
Hyosung recorded roughly KRW 9.3 trillion in new orders through August
The company is expanding beyond HVDC into ultra-high-voltage transformers, STATCOM and ESS grid-stabilization solutions. In the US, its Memphis, Tennessee ultra-high-voltage transformer plant, acquired in 2020, serves as a manufacturing hub for North American power infrastructure, and Hyosung secured transformer supply contracts with multiple US Big Tech companies this year.
Hyosung showcased VSC-HVDC technology at CIGRE 2026 in Paris in August
The participation marked an expansion of technical collaboration with European customers as the company positions itself in the region's next-generation power grid market. Cho said future competitiveness in the power industry will depend on integrated grid solutions, combining Hyosung's ultra-high-voltage transformer and circuit breaker expertise with HVDC, ESS and STATCOM offerings.