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Hyundai Electric Joins Hands with KEPCO to Tap into Next-Generation Electricity Market
Hyundai Electric, Hyundai Heavy Industries (HHI) Group's power equipment and energy solution affiliate, and Korea Electric Power Corporation (KEPCO) are tapping into the next-generation electricity market by working together to develop an advanced preventive diagnostic technology.
Hyundai Electric announced on June 24 that it has recently signed a memorandum of understanding (MoU) with KEPCO for technical cooperation on preventive diagnosis of gas-insulated transformers (GITs).
The MoU seeks new technical advances by combining Hyundai Electric's preventive diagnostic technology for power equipment and KEPCO's know-how in big data analytics for energy management and in facility maintenance.
Building on its ICT- and AI-based predictive maintenance technology secured through the long-standing experience in the manufacturing of power facilities, Hyundai Electric is seeking to advance into the market for asset management solutions.
The preventive diagnostic technology is a solution that enables optimal maintenance of power equipment by monitoring the status of facilities in real time while analyzing various data in relation to signs of abnormality, including breakdowns, thereby diagnosing problems in advance.
By helping prevent accidents and predict the remaining useful life of products, this cutting-edge technology is being hailed as one of the core next-generation technologies in the area of substation equipment asset management.
Starting with the online preventive diagnostic system introduced for gas-insulated switchgear (GIS) in 1997, KEPCO has since expanded the application of this technology, establishing a comprehensive preventive diagnostic system for substations in 2018. Further, since 2019, KEPCO has been working on the development of an AI-based preventive diagnostic technology, heightening expectations for the synergy effects to be created through this MoU.
Previously, HTF Market Intelligence, a leading market research company focusing on market intelligence and data analytics, predicted that the global market for preventive diagnostics for transformers would grow at a compound annual growth rate (CAGR) of 37% to approximately USD 5 billion by 2020.
"We expect this MoU will pave the way for upgrading the preventive diagnostic technology, which is increasingly taking center stage in the area of substation equipment asset management," commented Cho Seok, President & CEO of Hyundai Electric. "We aim to focus our efforts on establishing an early dominance in the global next-generation electricity market, with our ICT- and AI-based asset management solution."
"Great synergy effects are expected between the nation's largest electric utilities service provider and the top leader in equipment manufacturing, bringing technical excellence to the power industry and benefits to customers," said Kim Sung-arm, Senior Executive Vice President for Power Grid at KEPCO. "Both parties are committed to making this MoU a prime example of a successful cooperation in our industry."