Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
HD Hyundai Electric eyes North American MV/LV circuit breaker market
HD Hyundai Electric's medium- and low-voltage circuit breakers that have received certifications from UL Solutions and UL Solutions in Canada / Courtesy of HD Hyundai Electric
By Park Jae-hyuk
HD Hyundai Electric said Tuesday its air circuit breaker, molded case circuit breaker, vacuum circuit breaker and magnetic contactor have received certifications from UL Solutions and UL Solutions in Canada, two leading safety testing institutions in North America.
With these certifications, the electronic equipment manufacturer is seeking to expand its share in the North American medium- and low-voltage circuit breaker market.
UL Solutions issues certifications for electrical and electronic products, home appliances and industrial equipment after rigorous safety and quality testing.
Although not required by law, certifications from UL Solutions and UL Solutions in Canada are effectively mandatory for selling products in the North American market— especially those at risk for fire or electric shock — playing a crucial role in ensuring product reliability and market competitiveness.
“With these certifications, we plan to expand our presence not only in the ultrahigh voltage transformer market — where we have long maintained a leading share — but also across distribution equipment, including medium- and low-voltage circuit breakers in North America,” an HD Hyundai Electric official said.
According to market research firm Global Market Insight, the medium- and low-voltage circuit breaker market is forecast to grow from $12.2 billion in 2024 to $29.2 billion by 2034, reflecting a compound annual growth rate of 8.8 percent.
Given this outlook, HD Hyundai Electric plans to complete construction of a new distribution equipment factory by the end of this year in Cheongju, North Chungcheong Province.
Once complete, the company’s annual medium- and low-voltage circuit breaker production capacity is expected to double to about 13 million units.