Hyundai Electric Launches Eco-Friendly Power Equipment Brand 'Greentrick'
[Asia Economy Reporter Suyeon Woo] Hyundai Electric has unveiled a new eco-friendly brand and is targeting the eco-friendly power equipment market.
On the 15th, Hyundai Electric announced the launch of its eco-friendly power equipment brand 'GREENTRIC' and stated that it will be applied to products shipped from the end of this month. GREENTRIC is a compound word combining Green, meaning eco-friendly, and Electric, referring to power equipment.
By applying the new brand to the entire lineup of eco-friendly products developed with proprietary technology, Hyundai Electric expects to build an image of 'eco-friendly technology superiority' in the power equipment market.
The products to which the GREENTRIC brand will be first applied are three eco-friendly product groups developed by Hyundai Electric as part of its ESG (Environmental, Social, and Governance) management: ▲170kV eco-friendly Gas Insulated Switchgear (GIS, reducing greenhouse gas emissions by 99.2%) ▲eco-friendly insulating oil transformers ▲engine-integrated shaft generators.
Recently, due to active eco-friendly policies in the international community such as carbon neutrality declarations and the launch of a new climate change regime, the eco-friendly power equipment market is gaining attention. According to global power market research institutions like the Golden Report, the European GIS market, which prefers eco-friendly products, was approximately 2 trillion KRW in 2021 and is growing at an average annual rate of 7%, expected to reach 2.62 trillion KRW by 2025. Among these, the market size for the GIS product group developed by Hyundai Electric (SF6-free) is expected to grow at an average annual rate of 65% over the next five years, expanding to 600 billion KRW by 2025.
Hyundai Electric plans to target the eco-friendly and smart solution markets, which are regarded as the two pillars of the next-generation power equipment market, by utilizing two brands: the GREENTRIC eco-friendly brand and the existing ICT-based energy solution brand 'INTEGRICT.'
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A Hyundai Electric official said, "The launch of this eco-friendly brand is an active expression of Hyundai Electric's commitment to ESG management," adding, "Based on accumulated technology and know-how, we will expand the development of eco-friendly product groups and lead the next-generation power equipment market based on our existing ICT solution business."
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