Hyosung Heavy Industries and Taihan Cable & Solution said on the 2nd that they completed joint development of an "integrated cable preventive diagnosis and asset management solution (integrated power solution)" and will move into full-scale commercialization.
The integrated power solution is the result of combining Hyosung's AI-based power equipment asset management solution "ARMOUR+" and Taihan Cable & Solution's real-time cable diagnosis and monitoring system "PDCMS." On Nov. 11, the two companies signed a "business agreement on technology cooperation in the power sector and discovery of new business models."
With this solution, the diagnostic systems that had been separated into existing cables and power equipment were integrated into one, establishing an "integrated diagnostic system" that covers entire substation facilities such as transformers, circuit breakers, and cables, beyond individual power equipment units. Hyosung Heavy Industries said this allows customers to monitor all diagnostic information for power systems at the substation level on a single screen and to make precise and consistent decisions on replacement and investment plans for equipment.
Hyosung Heavy Industries plans to use this solution to propose integrated monitoring of extra-high-voltage power equipment and cables and expand its business portfolio. It will seek to participate in a range of businesses beyond existing power equipment customers, including engineering, procurement, and construction (EPC) designers, data centers, solar, and offshore wind power.
According to the global market research firm Fortune Business Insights, the global power asset management market is projected to grow at an average annual rate of 5.8%, from about 6.3 trillion won in 2022 to about 9.1 trillion won in 2029. As aging transmission and distribution facilities increase and the expansion of renewable energy and data centers makes power systems more complex, demand is rising for asset management focused on pre-diagnosis and prevention.