[Asia Economy Reporter Su-yeon Woo] Hyundai Electric is accelerating its pursuit of the next-generation power market by advancing preventive diagnostic technology for power equipment using artificial intelligence (AI).
On the 13th, Hyundai Electric announced that it signed a Memorandum of Understanding (MOU) for the development of an online power equipment preventive diagnostic solution with OnePredict, a company specializing in AI predictive maintenance solutions.
This MOU aims for both companies to develop an online power equipment preventive diagnostic solution targeting domestic and international power plants, shipyards, petrochemical companies, and general manufacturers, and to jointly conduct business utilizing this solution.
Hyundai Electric signed a business agreement on the 13th with AI predictive maintenance solution developer OnePredict to develop an online power equipment preventive diagnosis solution. (From left in the photo) Lee Jun-yeop, CTO (Executive Director) of Hyundai Electric, and Yoon Byung-dong, CEO of OnePredict, are posing for a commemorative photo. Photo by Hyundai Electric
Hyundai Electric provides solutions that maximize customer asset value by managing the performance of key power equipment installed in substations or factories in real time through its self-developed ICT platform, INTEGRICT. OnePredict, an AI-based predictive maintenance solution company, is recognized as a domestic leader in this field, offering differentiated equipment diagnosis and fault prediction solutions across various industries.
Through this technological cooperation, both companies will advance AI-based power equipment diagnostic technology and ICT/cloud-based solution technology, enhancing the accuracy of equipment diagnosis and the convenience of monitoring, and promote the development of an online power equipment preventive diagnostic solution capable of real-time diagnosis.
Additionally, the two companies plan to jointly promote a project to establish an online preventive diagnostic solution for power transformers at the 154kV substation within Ulsan Hyundai Heavy Industries, while providing comprehensive diagnostic services including fault diagnosis and health condition analysis.
Global market research firm Market and Markets forecasts that the global equipment preventive diagnostic market will continue to grow at an annual average rate of 23%, reaching approximately $13.9 billion by 2026.
A Hyundai Electric official stated, "Our goal is to secure differentiated market competitiveness by combining Hyundai Electric’s over 40 years of accumulated power equipment design and manufacturing know-how with OnePredict’s industry-leading industrial AI technology," adding, "We will gradually expand application cases in domestic and international industrial and utility markets."
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