Revenue from HV Transmission Systems to Reach USD 31 Bln by 2023
A recent report from Navigant Research analyzes the global market for high voltage transmission systems (HVTSs), including global market forecasts for revenue, segmented by technology and region, through 2023.
Driven by rapid economic growth and electrification in China, India, and parts of the Middle East and Africa, the high voltage transmission system (HVTS) market is expanding globally. At the same time, the HVTS vendor landscape is changing as focus shifts to rebuilding and extending transmission infrastructure to utility-scale wind and solar projects in remote regions.
According to a recent report from Navigant Research, worldwide revenue from HVTSs is expected to grow from $20.8 billion in 2014 to $31 billion in 2023.
“The dramatic expansion of high-voltage transmission systems occurring today recalls the initial wave of electrification seen during the 20th century in North America and Europe,” says James McCray, senior research analyst with Navigant Research. “Meanwhile, many existing HVTSs have been operational for 30 to 40 years or more, and are now approaching replacement and upgrade cycles, driving demand for all types of HVTS technologies.”
As these technologies become smarter and more powerful, the associated IT systems used to manage complicated HVTS deployments are leveraging digital wireless sensors in every new piece of equipment, according to the report. With the capital costs and uncertainty associated with new transmission grid and high voltage (HV) substation construction, utilities and grid operators are looking to draw out as much additional capacity as possible on existing facilities and avoid costly new transmission line construction wherever possible.
The report, “High Voltage Transmission Systems”, analyzes the global HVTS market, with a focus on seven technologies: high voltage direct current, high voltage alternating current, submarine cables, flexible AC transmission systems, asset management and condition monitoring, supervisory control and data acquisition, and substation automation. The report provides an analysis of the market issues, including drivers and challenges, as well as regional trends and opportunities, related to HVTS solutions. Global market forecasts for revenue, segmented by technology and region, extend through 2023. The report also provides technical descriptions of the primary technologies that represent the main components of the HVTS grid and profiles the key industry players.
Press release; Image: ABB (Illustration)