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Hyundai Electric Launches Eco-friendly Power Equipment Brand "GREENTRIC"
Hyundai Electric, Hyundai Heavy Industries (HHI) Group's affiliate specializing in power equipment and energy solutions, recently unveiled a new eco-friendly brand in a bid to tap into the market for environment-friendly power equipment.
Hyundai Electric announced on July 15 the launch of "GREENTRIC," and products hitting the market from the end of the month will be labeled with this new brand.
GREENTRIC is a straightforward compound word combining "green" as in eco-friendly and "electric" as in power equipment.
As all eco-friendly product line-ups developed with Hyundai Electric’s own technologies will be offered under this new brand, the company is looking to building a strong brand image as a "powerhouse in green technology" in the market for electric equipment.
The GREENTRIC brand will be first applied to three eco-friendly product lines developed as part of Hyundai Electric's ESG (environmental, social, and governance) management agenda, namely the 170 kV eco-friendly gas insulated switchgear (GIS, reducing greenhouse gas emissions by up to 99.2%); power transformers filled with eco-friendly insulating oil; and engine mounted generators.
The market for these products is expected to expand due to the growing interest in environment-friendly power equipment as the international community is increasingly acting on the environment with proactive policies, which is evident in governments declaring visions for going carbon-neutral and the launch of a new climate regime to respond to the global warming, among others.
According to global market-research consultancies analyzing the electricity and electrical-equipment industries, including Goulden Reports, the GIS market in Europe, where consumers are known for endeavors to reduce their environmental impact, is expected to grow at a CAGR (compound annual growth rate) of 7% from KRW 2 trillion in 2021 to KRW 2.62 trillion in 2025.
Further, the segment of GIS products free of sulfur hexafluoride (SF6) as developed by Hyundai Electric is expected to grow at a CAGR of a whopping 65% for the next five years to reach KRW 600 billion in 2025.
Hyundai Electric plans to fully utilize the new GREENTRIC brand as well as the existing INTEGRICT brand, a self-developed information and communications technology (ICT) platform, for an aggressive expansion in the segments of eco-friendly products and smart solutions, which are emerging as the two pillars of the next-generation power equipment market.