Published: 06-Mar-2020 | Published By: Market Research Store
The Swedish state-run utility company Svenska Kraftnet has awarded contract to Korean Hyosung Heavy Industries for its high-voltage switchgears. Under the deal, Hyosung Heavy Industries will be selling its high voltage 420 kilovolt (kV) switchgears to Swedish company for the next two years. Financial terms have not been published in public domain.
Subsequent to joining the market in 2010 as first South Korean significant supplier of extra high voltage transformers to the United Kingdom energy organization National Grid, this most recent agreement has extended Hyosung's presence in Europe.
The organization has intensified its strategic activities in Sweden over the past three years to capture the order for its goods tailored for the needs of the customers.
The global high voltage switchgear market is expected fetch more than USD 18 billion by 2026 as per the recently published report by Market Research Store. During the forecast years, the global high voltage switchgear market is expected to rise by about 7% CAGR till 2026.
Hyosung Heavy Industries is preparing to strengthen ties in manufacturing, production and development with European companies to further access further International markets.
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