Competition Heats Up for Market Leadership in "GW-Class" HVDC
Key Technology Advances Ahead of Saemangeum?Seohwaseong Demonstration
Race for Speed in Privately Led Valve and Control Device Sectors
Hyosung Heavy Industries has reportedly achieved virtual success in localizing the valve, one of the core components of 2GW-class voltage source high-voltage direct current (HVDC) technology. The valve is a power device that converts alternating current (AC) and direct current (DC) to and from each other. While Hyosung Heavy Industries had previously applied this technology to a 200MW-class voltage source HVDC, this is the first time in Korea that a company has developed a 2GW-class version, which is much more technically demanding. As conditions become more favorable for the transmission of renewable energy, this achievement is expected to make a significant contribution to the localization of the government’s planned “energy highway.”
According to industry sources on December 14, Hyosung Heavy Industries recently completed the detailed design of the “submodule,” a key component of the 2GW voltage source HVDC valve. A company representative stated, “We have now completed the detailed design of the submodule,” and added, “The localization of other components and related technologies is also progressing as planned.” The detailed design phase involves finalizing specifications such as voltage and current capacity, thermal management methods, insulation structure, and applicable components, so that the submodule can actually be manufactured.
Previously, Hyosung Heavy Industries developed a 200MW-class voltage source HVDC and installed the equipment at Korea Electric Power Corporation’s Yangju substation last year. Based on this experience, the company has spent the past two years working on scaling up the system for 2GW application, and has now nearly secured the 2GW valve technology.
HVDC systems are largely composed of a converter transformer, valve, and control device. The converter transformer adjusts the voltage, while the valve is a power electronics device that converts AC and DC. The control device manages the power conversion process by controlling the operation of the power semiconductors inside the valve. Currently, converter transformers are being jointly developed by the four major domestic power companies, including Hyosung Heavy Industries, as a government-led national project, while the valve and control device are being developed individually by each company in the private sector.
In particular, the submodule developed by Hyosung Heavy Industries combines power semiconductor devices, energy storage components, and drive/protection circuits. The valve is composed of hundreds to thousands of submodules to form a “valve tower,” which converts large-scale power. The submodule design criteria serve as the basis for the overall configuration and control method of the valve, making detailed submodule design a key step in the valve development process.
The 200MW-class high-voltage direct current (HVDC) system supplied by Hyosung Heavy Industries to the Korea Electric Power Corporation's substation in Yangju, Gyeonggi Province. Hyosung Heavy Industries
Scaling up power equipment is considered an essential challenge, given the increasing scale of power transmission. HVDC converts AC power to DC for long-distance, high-capacity transmission. Among these, voltage source HVDC, unlike the conventional current source method, uses power semiconductors to actively control the flow of electricity. It is regarded as advantageous for integrating renewable energy and stabilizing the grid. However, as equipment capacity increases, the complexity of electrical and thermal design, as well as control technology for the conversion equipment, also increases.
HVDC-related technology is classified as a highly advanced field in which only a few companies-such as GE Vernova of the United States, Siemens Energy of Germany, and Hitachi Energy of Japan (formerly the Swedish ABB power grid division)-have commercial references, and these are considered the global “big three.” By securing valve technology, Hyosung Heavy Industries has taken a significant step toward reaching the global standard.
If localization of the control device is achieved following the transformer and valve, the government-led 2GW-class voltage source HVDC demonstration project is expected to be able to use domestically produced equipment. The demonstration section will be between Saemangeum and Seohwaseong (approximately 220 kilometers). The government plans to establish a special purpose company (SPC) by the end of 2026 and aims to complete the demonstration line by 2030. In parallel with the demonstration project, localization development of key equipment is also underway.
Other companies are also accelerating their technology development efforts. In July, LS Electric signed a memorandum of understanding (MOU) for technological cooperation with GE Vernova to localize voltage source HVDC converter valves. LS Electric has experience producing “current source” HVDC valves and valves for static synchronous compensators (STATCOM).
According to the global market research firm Fortune Business Insights, the global HVDC converter station market is estimated to be worth approximately $13.68 billion (about 20.1 trillion won) in 2024, and is projected to expand to about $30.41 billion by 2032. During this period, the market is expected to grow at an average annual rate of about 10.9%.
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