The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest electricity transmission construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
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1. Eastern HVDC Transmission Line
The project involves the construction of two subsea links with a combined capacity of 4,000MW high voltage direct current (HVDC) connecting the east of Scotland down to two points in the northeast of England in the UK.
Construction work started in Q3 2024 and is expected to be completed in Q4 2029.
The main aim of the project is to achieve zero net greenhouse gas emissions by 2050 and to supply power to four million homes in the region. Buy the profile here.
2. Wuwei to Shaoxing ±800 kV UHV DC Transmission Line
The project involves the construction of a 2,370km ±800 kV UHV DC transmission line from Wuwei in Gansu to Shaoxing in Zhejiang, China.
Construction work commenced in Q3 2024 and is expected to finish in Q4 2028.
3. Gansu-Zhejiang Ultra-High Voltage Flexible Direct Current (UHVDC) Transmission Line
The project involves the construction of a ultra-high voltage flexible direct current (UHVDC) transmission line from Minqin County, Wuwei City, Gansu Province to Shangyu District, Shaoxing City, Zhejiang Province in China.
Construction work started in Q3 2024 and is forecast to complete in Q1 2029.
4. Townsville to Mount Isa Transmission Line
The project involves the construction of a 1,050km transmission line from Townsville to Mount Isa corridor in Queensland, Australia.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2029.
It will create up to 800 full-time equivalent jobs during construction and support up to 100 jobs ongoing in operations and maintenance. Buy the profile here.
5. New England Clean Power Link
The project involves the laying of a 241.4Km High Voltage direct current 1,000,000 Kilovolts (kV) (1,000 MW) underwater and underground transmission cable from Quebec through Vermont to Ludlow in North America, the US.
Construction work started in Q3 2024 and is expected to be completed in Q4 2025.
The aim of the project is to carry up to 1,000MW of Canadian hydro-electricity to supply about one million homes in Ludlow and plug into the New England electric grid. Transmission Developers Inc. is developing this project with the name TDI New England.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
