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Hyundai Heavy Industries Group will offer AI-powered smart ship and vessel lifecycle solutions that can analyze big data on operations and components for more efficient and safer navigation as it transforms into a global shipbuilding platform business.
The company is currently developing projects' artificial intelligence (AI) software systems.
Due to strengthened carbon emissions regulations and growing demand for eco-friendly remodeling services, Hyundai Heavy quadrupled its annual revenue in just three years, from 238.1 billion won in 2017 to 1.09 trillion won.
Industry analysts noted that Hyundai Heavy is strengthening its foothold in other stages of the ship’s lifecycle such as operation, maintenance, repair, and remodeling.
Hyundai Heavy's establishment of another affiliate, Avikus Corp., at the end of 2020 is construed as a move to engage in such businesses.
Avikus specializes in the development of autonomous ship navigation technologies.
An investment banking official said that Hyundai Heavy is aiming to obtain revaluation from the market as a tech company, potentially through M&As of software companies.
