According to the Korea Customs Service's export-import trade statistics released on Nov. 7, Korea's transformer industry has witnessed substantial growth, with exports of ultra-high-capacity transformers reaching $670 million from January to September 2024. This represents a 40% increase over the same period last year. The ongoing global transition to renewable energy and the expansion of artificial intelligence (AI) technologies have driven demand for high-performance transformers, especially from the United States and Saudi Arabia.

Notably, transformer exports to the U.S. reached $223 million, largely due to replacements of aging transformers, while Saudi Arabia imported $203 million in transformers for projects like Neom City. European demand has surged as well, with exports to Northern Europe surpassing $60 million this year.

Leading manufacturers, such as HD Hyundai Electric and Hyosung Heavy Industries, have reported strong performance due to the high demand. HD Hyundai Electric achieved a 20% operating profit margin for two consecutive quarters, and Hyosung Heavy Industries saw a rise to 14% in Q3. With over five years of orders secured, Korean transformer companies are experiencing a supplier-dominant market as international buyers continue to prioritize their efficient, durable, and advanced products.

Source: businesskorea.co.kr