The Newton-Evans HV Equipment Market Overview series of reports for 2024-2026 includes a total of 15 market snapshots or overviews for a variety of HV equipment. The HV equipment totals for major components of substation equipment and transmission network installation excludes additional even larger expenditures for transmission lines/cables, structures/towers, land acquisition, ROW and transmission-related IT/OT investments.
An excellent guide to HV substation project costs is provided in the MISO Transmission Cost Estimation Guide for 2025, which can be found here: https://cdn.misoenergy.orgMISO%20Transmission%20Cost%20Estimation%20Guide%20for%20MTEP25337433.pdf This guide provides a wide array of related cost assumptions that include ancillary equipment related costs as well as some estimates of current-year equipment prices and project overhead costs.
The Newton-Evans’ estimated outlay of expenditures for U.S. HV and MV substation construction activities reached about $5.4 billion in 2025, while total estimated spending for all HV equipment categories other than power transformers, reached about the $6.1 billion level. The estimates shown in Figure 1 below includes total estimated spending for HV equipment being purchased in conjunction with new substation developments (bundled procurement) as well as the amounts purchased for equipment retrofits and upgrades in existing substations and network locations (“loose” procurement).
Power transformers, substation automation and P&C topics are treated separately from HV equipment in our market overview series of studies. For Figure 1, we have included our estimate of spending for LPTs. The entire range of power transformers included in the total costs for HV substations amounted to an additional $4.3 billion. You can read up on U.S. power transformer market estimates here: https://www.newton-evans.com/highlights-of-the-newly-released-2026-2028-newton-evans-market-overview-series-on-substation-automation/
Note that our estimates account for only about one-half of all reported capital expenditures for U.S. transmission activities. Our estimates exclude the additional billions of dollars that are spent for new/uprated transmission lines, cables and supporting structures/towers and for land acquisition and transmission software/IT-OT development.
A listing of all HV equipment summary reports included in this year’s series of market overviews can be found here: https://www.newton-evans.com/product/overview-of-the-2026-2028-u-s-transmission-and-distribution-equipment-market-high-voltage-series/.
Figure 1 follows.
summary reviews and highlights from completed studies
