The firm, affiliated with HD Hyundai Heavy Industries, held a ceremony on Friday (local time) to mark the completion of the facility, which covers an area of 12,690 square meters and can store up to 60 power transformers.
"We have enhanced the storage environment and quality levels of our products while maximizing productivity through the construction of this specialized transformer storage facility," said Cho Seok, CEO of HD Hyundai Electric. "This will enable us to effectively respond to the rapidly increasing global demand for transformers, thereby enhancing customer satisfaction and strengthening our competitiveness."
The power transformer market is experiencing rapid growth, as global electricity demand is projected to increase by 24 percent by 2030 compared to 2021, according to the International Energy Agency (IEA).
Meanwhile, HD Hyundai Electric is also expanding its transformer plant in Ulsan, Korea's southeastern industrial port city.
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