Hyosung Heavy Industries has reaffirmed its credibility in the European market by securing a series of ultra-high-voltage power equipment orders worth a combined KRW 230 billion across several European countries, including the United Kingdom, Sweden and Spain, during the month.
Industry observers note that the company’s success reflects the technology-focused management philosophy consistently emphasized by Chairman Cho Hyun-joon, which has become a key driving force behind Hyosung Heavy Industries’ ability to penetrate Europe’s high-entry-barrier power equipment market.
Hyosung Heavy Industries announced on the 22nd that it recently signed an approximately KRW 120 billion contract with SP Energy Networks, the power grid operator in Scotland, to supply ultra-high-voltage transformers. The UK is seeing rapidly rising demand for power infrastructure as it expands renewable energy capacity, and the contract positions Hyosung Heavy Industries as a participant in key offshore wind projects supporting the country’s net-zero policy goals.
Since entering the UK market in 2010, Hyosung Heavy Industries has built a strong track record over nearly 15 years by providing not only equipment supply but also customized design and maintenance services. Based on this accumulated trust, the company has maintained the No. 1 market share in the UK’s ultra-high-voltage transformer market since 2022.
Expansion into Northern and Southern Europe is also accelerating. This month, Hyosung Heavy Industries secured an order worth about KRW 50 billion from a Swedish power distribution company, continuing a cooperative relationship that began last year. Earlier in the month, the company also recorded contract wins in Norway, further strengthening its presence across Northern Europe.
In Southern Europe, Hyosung Heavy Industries signed transformer and reactor supply contracts worth around KRW 60 billion with major Spanish power and energy companies. This marks the company’s first tangible achievement in the Southern European market and is expected to serve as a foothold for building a Europe-wide order portfolio.
Europe’s power equipment market is regarded as a high-end arena dominated by global leaders, making market entry difficult without clear technological differentiation. Hyosung Heavy Industries further demonstrated its competitiveness this year by passing a stringent short-circuit test required by France’s transmission system operator for ultra-high-voltage transformers.
The tested product is a 600 MVA-class transformer, the largest capacity required in France, capable of supplying electricity to more than 500,000 households. As testing difficulty increases sharply with higher capacity, successfully completing the test is seen as proof that the company meets Europe’s highest stability and reliability standards.
Analysts attribute Hyosung Heavy Industries’ expanding European order book to Chairman Cho Hyun-joon’s technology-centered management philosophy. Cho has repeatedly stressed that products with inferior technology or quality are unacceptable, noting that ultra-high-voltage power equipment, with its long service life, must be backed by a clear technological edge to earn lasting customer trust.
Meanwhile, Europe’s power market is expected to grow at an average annual rate of more than 5 percent through 2030, reaching an estimated USD 6–7 billion, driven by carbon neutrality targets and replacement demand for aging power grids. With countries such as the UK accelerating infrastructure investment to expand offshore wind capacity to as much as 50 GW, Hyosung Heavy Industries’ growth potential in the European market is widely expected to increase further.
