Daehan Electric Wire Offshore Cable Factory Newly Established in Dangjin, Chungnam
[Asia Economy (Hongseong) Reporter Jeong Il-woong] A Daehan Electric Wire submarine cable factory will be established in the Gode District area of Dangjin, Chungnam.
On the 9th, according to Chungnam Province, Daehan Electric Wire held a groundbreaking ceremony for a submarine cable coastal factory in the Gode District of Songak-eup, Dangjin City.
Daehan Electric Wire plans to invest a total of 100 billion KRW to build a dedicated submarine cable factory on a 44,800㎡ site within the Gode Industrial Complex by December next year.
Once the dedicated submarine cable factory is completed, it is expected to focus on producing medium and high voltage submarine cables to meet the rapidly increasing demand for submarine cables.
In particular, the factory is built adjacent to the pier, which provides the advantage of being able to ship submarine cables by vessel immediately after production, making exports favorable and overcoming the limitations of volume and weight during land transportation, according to the province.
According to market research firm (CRU Report 2021), the submarine cable market is projected to reach 148 trillion KRW by 2027, and from 2025, the submarine cable market is expected to surpass the ultra-high voltage underground cable market size.
Daehan Electric Wire, a large company affiliated with Hoban Group, recorded total assets of 1.4208 trillion KRW and sales of 1.9977 trillion KRW last year. Since building the Dangjin wire factory in 2011, it has continuously operated its business in Chungnam.
By establishing a dedicated submarine cable factory in Dangjin, the province expects it to gain the driving force to lead the rapidly growing offshore wind power market.
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Kim Tae-heum, Governor of Chungnam Province, said, “Daehan Electric Wire is a regional representative company that operates all key facilities in Dangjin, including the world’s largest single wire factory, the Dangjin factory, a technology research institute, and a power equipment factory.” He added, “In particular, the establishment of Daehan Electric Wire’s dedicated submarine cable factory will be a signal that Dangjin is emerging as a core region leading the global wire industry.”
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