For an Executive Summary of this report please contact ediz.ibrahim@visiongain.com (+44 (0)20 7549 9976) or refer to our website: https://www.visiongain.com/Report/1335/High-Voltage-Direct-Current-(HVDC)-Transmission-Market-2014-2024

2. Contents
1. Report Overview
1.1 Global High Voltage Direct Current Transmission Market Overview
1.2 Global High Voltage Direct Current (HVDC) Market Segmentation
1.3 Market Definition
1.4 How This Report Delivers
1.5 Key Questions Answered by This Analytical Report Include:
1.6 Who is This Report for?
1.7 Why You Should Read This Report
1.8 Methodology
1.9 Frequently Asked Questions (FAQ)
1.10 Associated Visiongain Reports
1.11 About Visiongain
2. Introduction to the High Voltage Direct Current Transmission Market
2.1 Brief History of HVDC Transmission
2.2 HVDC Transmission Project Types
2.3 HVDC Transmission Project Components
2.3.1 HVDC Converter stations
2.3.2 HVDC Transmission Lines
2.3.3 HVDC Circuit Breakers – An HVDC Transmission Game Changer
2.4 Advantages and Disadvantages of HVDC Transmission
2.4.1 Advantages
2.4.2 Disadvantages
3. Global High Voltage Direct Current Transmission Market Forecast
2014-2024
3.1 Global High Voltage Direct Current Transmission Market Forecast 2014-2024
3.2 Global HVDC Transmission Market Overview
3.3 Global HVDC Transmission Market Analysis
3.4 Global HVDC Transmission Market Drivers & Restraints
3.4.1 Environmental Considerations
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3. Contents
3.4.2 Reducing Greenhouse Gas Emissions
3.4.3 HVDC versus Gas Transport Solutions
3.4.4 Large Scale Solar Integration Possibilities
3.4.5 Grid Management and Renewables Integration
3.4.6 Vast Distance Transfers
3.4.7 Energy Security
3.4.8 Power Balancing and Investment Decision Vulnerability
3.4.9 Underground versus Overground
4. High Voltage Direct Current Transmission Submarket Forecasts 2014-
2024
4.1 HVDC Transmission Submarket Analysis
4.2 HVDC Converter Station Submarket Forecast 2014-2024
4.2.1 HVDC Converter Station Submarket Analysis
4.2.2 HVDC Back-to-Back Converter Station Projects
4.3 HVDC Transmission Lines Submarket Forecast 2014-2024
4.3.1 HVDC Transmission Lines Submarket Analysis
4.3.2 Global HVDC Transmission Market Distance Forecast 2014-2019
5. Regional High Voltage Direct Current Transmission Markets 2014-
2024
5.1 Regional High Voltage Direct Current Transmission Market Forecasts 2014-2024
5.2 Regional HVDC Transmission Market Share Forecasts 2014-2024
5.3 Barriers to Entry Analysis
5.4 Asian HVDC Transmission Market & Submarket Forecasts 2014-2024
5.4.1 Asian HVDC Transmission Market Overview
5.4.2 Asian HVDC Transmission Market Analysis
5.4.2.1 Asian HVDC Transmission Market Drivers and Restraints
5.4.3 Chinese HVDC Outlook
5.4.4 Indian HVDC Outlook
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4. Contents
5.4.5 Sri Lankan HVDC Outlook
5.4.6 South Korean HVDC Outlook
5.4.7 Asian HVDC Transmission Projects
5.4.8 Asian HVDC Distance Added Forecast 2014-2019
5.5 European HVDC Transmission Market & Submarket Forecasts 2014-2024
5.5.1 European HVDC Transmission Market Overview
5.5.2 European HVDC Transmission Market Analysis
5.5.2.1 European HVDC Transmission Market Drivers and Restraints
5.5.3 Southern European Outlook
5.5.4 UK and Ireland Outlook
5.5.5 Western, Central, and Northern European Outlook
5.5.6 Desertec and Other HVDC Grid Propositions
5.5.7 European HVDC Transmission Projects
5.5.8 European HVDC Distance Added Forecast 2014-2019
5.6 North American HVDC Transmission Market & Submarket Forecasts 2014-2024
5.6.1 North American HVDC Transmission Market Overview
5.6.2 North American HVDC Transmission Market Analysis
5.6.2.1 North American HVDC Transmission Market Drivers and Restraints
5.6.3 Canadian HVDC Outlook
5.6.4 US HVDC Transmission Outlook
5.6.5 North American HVDC Transmission Projects
5.6.6 North American HVDC Distance Added Forecast 2014-2019
5.7 African HVDC Transmission Market & Submarket Forecasts 2014-2024
5.7.1 African HVDC Transmission Market Overview
5.7.2 African HVDC Transmission Market Analysis
5.7.2.1 African HVDC Transmission Market Drivers and Restraints
5.7.3 North African HVDC Outlook
5.7.4 DRC Hydropower and African Power Demands
5.7.5 African HVDC Transmission Projects
5.7.6 African HVDC Distance Added Forecast 2014-2019
5.8 South American HVDC Transmission Market & Submarket Forecasts 2014-2024
5.8.1 South American HVDC Transmission Market Overview
5.8.2 South American HVDC Transmission Market Analysis
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5. Contents
5.8.2.1 South American HVDC Transmission Drivers & Restraints
5.8.3 South American HVDC Transmission Projects
5.8.4 South American HVDC Distance Added Forecast 2014-2019
5.9 Southeast Asia and Oceania HVDC Transmission Market & Submarket Forecasts 2014-2024
5.9.1 Southeast Asian and Oceania HVDC Transmission Market Overview
5.9.2 Southeast Asian and Oceania HVDC Transmission Market Analysis
5.9.2.1 Southeast Asian and Oceania HVDC Transmission Market Drivers and Restraints
5.9.3 Southeast Asian and Oceania HVDC Transmission Projects & Upgrades Planned or Under
Construction
6. PEST Analysis of the High Voltage Direct Current Transmission Market
2014-2024
7. Expert Opinion
7.1 Renewable UK
7.1.1 Background Information
7.1.2 Importance of HVDC for the Development of Renewable Energy Sources
7.1.3 Relationship Between Interconnectors, Bootstraps and Renewable Energy Sources
7.1.4 Renewables and HVDC in the UK
7.1.5 Government Support: Financial and Regulatory
7.1.6 UK-Iceland Interconnector
7.1.7 UK-France Channel Tunnel Interconnector and New Ofgem Regulatory Support
7.1.8 HVDC and Renewables Outside of the UK
7.1.9 Distributed Generation Versus HVDC
7.1.10 Scottish HVDC Projects and the Independence Referendum
8. Leading Companies in the High Voltage Direct Current Transmission
Market
8.1 Leading HVDC Transmission Component Suppliers
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6. Contents
8.1.1 ABB Overview
8.1.1.1 Analysis and Future Outlook
8.1.1.2 M&A Activity
8.1.1.3 Regional Focus
8.1.2 Siemens Overview
8.1.2.1 Analysis and Future Outlook
8.1.2.2 M&A Activity
8.1.2.3 Regional Focus
8.1.3 Alstom Overview
8.1.3.1 Analysis and Future Outlook
8.1.3.2 Regional Focus
8.2 HVDC Cable Manufacturers
8.2.1 Prysmian Overview
8.2.1.1 Analysis and Future Outlook
8.2.2 Nexans Overview
8.2.2.1 Analysis and Future Outlook
8.3 Other Leading Companies in the HVDC Transmission Market
9. Conclusion
9.1 Market Outlook
9.2 Key Findings
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7. High Voltage Direct Current (HVDC) Transmission
Market 2014-2024: Converter Station &
Transmission Line Expenditures
5.7 African HVDC Transmission Market & Submarket Forecasts 2014-
2024
Table 5.16 and Figure 5.24 shows visiongain’s forecast for HVDC transmission infrastructure
expenditure in the African region over the next 10 years.
Table 5.16 African HVDC Transmission Market & Submarket Forecasts 2014-2024
($m, AGR %, CAGR%, Cumulative)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014-24
Converter
Stations 17 17 433 433 433 267 167 367 407 720 800 713 4,757
AGR (%) 0.0 2500.0 0.0 0.0 -38.5 -37.5 120.0 10.9 77.0 11.1 -10.8
Transmission
Lines 355 599 866 866 931 345 565 452 598 718 838 870 7,646
AGR (%) 68.9 44.5 0.0 7.5 -62.9 63.8 -19.9 32.1 20.1 16.7 3.9
Total Sales 371 616 1,299 1,299 1,364 611 731 819 1,004 1,438 1,638 1,583 12,402
AGR (%) 65.8 111.0 0.0 5.0 -55.2 19.6 12.0 22.6 43.2 13.9 -3.3
Figure 5.24 African HVDC Transmission Market & Submarket Forecasts 2014-2024
($m, AGR %)
120.0
100.0
80.0
60.0
40.0
20.0
0.0
-20.0
-40.0
-60.0
Page 108
1,800
1,600
1,400
1,200
1,000
800
600
400
200
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2019-24 16.7
9.9
CAGR (%) 2014-19 3.5
CAGR (%) 2014-24
-80.0
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AGR (%)
CAPEX ($m)
Converter Stations Transmission Lines AGR %
Source: Visiongain 2014
Source: Visiongain 2014

8. High Voltage Direct Current (HVDC) Transmission
Market 2014-2024: Converter Station &
Transmission Line Expenditures
The existing Inga-Kolwezi HVDC transmission line, commissioned in 1982, has been delivering
only half of its potential due to poor maintenance, theft and the tropical climate. An upgrade of this
facility is now underway, with ABB as the lead. Estimated completion is 2013.
5.7.5 African HVDC Transmission Projects
The below Table 5.18 details the HVDC projects under construction or planned for the African
region.
Table 5.18 African HVDC Transmission Projects & Upgrades Planned or Under
Construction (Project, Type, Location, HVDC Lead, Lead Sponsors, Status, Details
(Cost, Voltage, Power Rating, Length)
Page 113
Project Project
Type
Location HVDC
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Lead
(if
confirmed)
Lead
Sponsor(s)
(if
confirmed)
Expected
Commission/
Status
Details
-Cost ($m)
-Voltage
(kV)
-Power
Rating
(MW)
-Length
(km)
Cahora
Bassa:
Songo
Station
Refurbish-ment
Mozam
bique
Upgrade
to over-groud
line
ABB
Hidroeléctri
ca De
Cahora
Bassa
Refurbishment of
convertor station in
Mozambique, due for
completion in 2014.
Part of the Cahora
Bassa HVDC
transmission system
commissioned in 1979.
$650
533 kV
2500 MW
- km
Water
berg
South
Africa
Over
ground - Eskom
On Hold from 2012;
feasibility study for the
coal plant this would be
linked with was
completed in early
2014. Expected
commission 2018-
2017.
$1,300
800 kV
- MW
1,700 km
Ethiopia-
Kenya
Interconn
ection
Ethiopia
-Kenya
Over
ground
Lah-meyer
Inter-national
Ethiopian
Electric
Power
Corporation
EEPCO
and
KETRACO
(Kenya)
Expected commission
2017.
$2,095
500 kV
2,000 MW
1,045 km
Mozam-bique
Backbone
(STE
Mozam
bique
Over
ground - Electrici-dade
de
The Joint Development
Agreement has been
$1,800
500 kV
3100 MW

9. High Voltage Direct Current (HVDC) Transmission
Market 2014-2024: Converter Station &
Transmission Line Expenditures
7. Expert Opinion ____
7.1 Renewable UK
7.1.1 Background Information
Visiongain: Can you tell me a little bit about Renewable UK and your involvement working with
this organisation?
Zoltan Zavody (ZZ): Renewable UK was originally the British Wind Energy Association (BWEA),
and is around 35 years old now (the name changed happened about four years ago). It is the
industry association that looks after the wind, wave and tidal industries in the UK. That includes
onshore and offshore wind and our membership includes not just wind generators and developers,
but also manufacturers and the supply chain, such as cable companies.
I have been with Renewable UK for three years and I look after grid and system operation issues.
That means making sure there is enough grid capacity so that we can connect renewable and the
other is ensuring the system can accommodate ever more variable generation by maintaining
system stability.
Seb Rae (SR): I work for Renewable UK on a specific supply chain programme called Grow
Offshore Wind that directs government money toward the supply chain at the lower end. So small
and medium sized enterprises who are looking to get into the offshore win sector. I follow the
market at that level, so my knowledge is at that level, and is UK focussed. I’ve been here just about
one year.
7.1.2 Importance of HVDC for the Development of Renewable Energy
Sources
ZZ: As you know, the benefit of HVDC is that the losses over long distances are lower than with
AC. A lot of our renewable resource is out in the elements, and far from demand, i.e. cities and
towns. In contrast to a thermal plant that can just be plonked down anywhere (with some
constraints of course), renewable might be quite far away and therefore need grid connections.
Particularly with the offshore industry, that is the case. There comes a point when you go out to
sea where it just makes sense to have DC connections.
Page 128
Visiongain: How important is HVDC for the development of and transition to renewables?
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10. High Voltage Direct Current (HVDC) Transmission
Market 2014-2024: Converter Station &
Transmission Line Expenditures
8.1.2 Siemens Overview
Table 8.4 Siemens Overview (Total Revenue 2013, Revenue from Confirmed HVDC
Transmission Projects, Share of HVDC Transmission Projects, HQ, Ticker, IR Contact,
Website)
Page 145
Total company revenue, FY2013
($m)
Source: Visiongain 2014
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$96,732m
Total cost of confirmed HVDC
transmission projects for which
it is lead supplier ($m)
$11,803m
Share of HVDC projects with
confirmed component suppliers
by total cost (%)
25%
Headquarters Munich, Germany
Ticker SI:NYSE
SIE:DE
IR Contact Mariel von Drathen
Head of Investor Relations
mariel.vondrathen@siemens.com
+49 (89) 636-32474
Website www.siemens.com
8.1.2.1 Analysis and Future Outlook
Siemens is an electrical engineering company that over the previous decades has diversified its
business to a great degree (healthcare, telecommunications etc.). The diversity of the company is
illustrated by the fact that all confirmed HVDC transmission orders, from which revenue will be
generated over multiple years, is only a small portion of total revenue each year.
It is now reversing this approach, selling off non-core business assets to focus on its core
competencies: industrial-scale engineering and infrastructure, which includes the development of
HVDC transmission solutions. Where the company is not selling a non-core asset it is
restructuring; a good example of this is the streamlining of its Osram lighting division.
The company has expertise across the electricity supply value chain, from conventional power
plants, to smart grids, to renewables to transmission. Understanding each element, and being a
leading supplier for each, enables it to anticipate the development challenges that will face HVDC
transmission.