Global annual revenue from the high-voltage transmission systems sector is forecast to grow from $20.8bn this year to $31bn by 2023.

The study from Navigant Research finds that the growth is being driven by the dramatic expansion of high-voltage transmission systems in the Asia Pacific, Latin America, the Middle East and Africa.

Navigant compares the pace of growth in these regions to the “initial wave of electrification and transmission system growth that was seen during the 20th century in North America and Europe”.

James McCray, Navigant’s senior research analyst, said: “The HVTS market will see tremendous capital investment over the next 10 years, as the infrastructure that was installed in the post-World War II era ages out, coal and nuclear generation is retired, and new utility scale renewable wind and solar generation is installed in remote areas.”

He added: “As these technologies become more powerful and smarter, the associated IT systems used to manage complicated HVTS deployments now leverage digital wireless sensors in every new piece of equipment, enabling better visibility on the performance, health, and capacity of the transmission system at every point along the way.”

Navigant states that the HVTS vendor landscape is also changing, “as the focus shifts to rebuilding and extending transmission lines to utility-scale wind and solar in remote regions and deploying mega-scale HVTS infrastructure across China, India, and parts of Africa”.

It added that “these efforts will create significant markets over the next decade, and companies like GE, with its joint venture agreement with China XD Group and its merger proposal with Alstom, are looking to expand their product manufacturing, sales, and delivery capabilities in all regions”.