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Hyundai E&C is elevating offshore wind power as a core growth pillar that will drive the company's performance post-2030. This strategic pivot comes as expanding carbon-free energy sources—alongside nuclear and solar power—has emerged as a primary focus of South Korea's national energy policy, triggering a simultaneous growth phase for the offshore wind market both domestically and internationally. Leveraging its unmatched domestic construction track record and dedicated vessel fleet, Hyundai E&C aims to sharpen its competitive edge in bidding and target overseas markets over the mid-to-long term.

According to industry sources on July 7, Hyundai E&C is entering the offshore wind sector with an aggressive target of securing more than 12 trillion won in cumulative orders by 2030. As of June this year, the company's cumulative order book for offshore wind stood at approximately 1 trillion won. Specifically, its project portfolio includes the Shinan Ui offshore wind farm (660 billion won), Jeju Hanlim offshore wind farm (250 billion won), and Southwest Sea offshore wind farm (110 billion won). To achieve its goal, the builder will need to secure an additional 11 trillion won worth of contracts over the next four and a half years.

The company explains that this target is well within reach, given the early signals pointing to rapid market expansion. Recognizing that current infrastructures are insufficient to meet national climate goals, the South Korean government outlined plans in its 11th Basic Plan for Electricity Supply and Demand to aggressively boost the share of carbon-free generation sources—including nuclear, hydrogen, solar, and wind—from roughly 40% in 2023 to 70% by 2038.

Hyundai E&C projects that domestic offshore wind power generation will surge 17.6-fold, jumping from 4,330 gigawatt-hours (GWh) in 2024 to 76,234 GWh by 2035. Global trends reflect a similar trajectory. Market Research Future, a global market intelligence firm, forecasts that the global offshore wind market will scale up more than tenfold, expanding from approximately 25 billion dollars in 2025 to roughly 264 billion dollars by 2035.

Offshore wind is a crucial component of Hyundai E&C’s active mid-to-long-term roadmap. The company is advancing a strategic framework through 2030 built around energy-centric growth, expansion into advanced overseas markets, and strengthening dominance over core products—with offshore wind categorized directly under the consolidation of core product dominance.

To lock in these targets, Hyundai E&C plans to deploy its full administrative and technical capabilities. The company intends to leverage its unique position as the only South Korean construction firm with a proven track record in offshore wind installations, backed by the nation's largest fleet of dedicated offshore wind construction vessels.

Building on this foundation, the builder is reinforcing its execution capabilities and technical edge in fabricating and installing offshore wind foundations and upper substructures. It also plans to expand its proprietary self-developed projects while maximizing participation and market share in the global offshore wind arena.

"We will transform climate crisis response into our primary growth driver by focusing on renewable energy and low-carbon solutions, such as offshore wind and the hydrogen-ammonia value chain, thereby securing a dominant position in future markets," Hyundai E&C CEO Lee Han-woo stated in the company's 2026 Sustainability Report.

Hyundai Steel Industries, a wholly-owned subsidiary, is also stepping up to support the initiative. Currently operating fabrication facilities in Yulchon and Cheonan, the subsidiary is focusing on diversifying its steel structure business through the installation of offshore wind foundations and the construction of specialized vessels, while maintaining a competitive edge via heavy equipment leasing. In the steel fabrication sector, it has been leading the domestic market through projects like the Southwest Sea offshore wind farm, and has already penetrated overseas markets by manufacturing jacket foundations for an offshore wind farm in Taiwan. It also holds multiple intellectual property rights regarding offshore wind installation systems.

"By breaking ground on the 390-megawatt (MW) Shinan Ui offshore wind project last year, we achieved the largest track record in the domestic offshore wind sector," a Hyundai E&C official said. "We have also commenced the early works contract for the 600-MW Wando Geumil offshore wind project, ahead of signing the main contract later this year. Moving forward, we are preparing a diverse lineup of new developments, including the Yeonggwang Gagi offshore wind project."

                                                                                                                 Lee Su-il