Teleprotection Market by Type (Teleprotection Unit, Communication Network Technology, Software, Services), Components (IED, Interface Device, SCADA), Application (Aerospace and Defense, Telecom, Information Technology, and Others), and Report 2023-2028
The global teleprotection market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.5 Billion by 2028, exhibiting a growth rate (CAGR) of 17.1% during 2023-2028. The rising demand for enhanced communication systems, increasing demand for reduced transmission and distribution losses, and the growing development of smart cities represent some of the key factors driving the market.
Teleprotection is a protection system that monitors the condition of the grid, insulates faults, and prevents damage to critical parts of the power grid. It relies on a mission-critical communications network for real-time exchange of line information and commands between protection relays. It assists in running the powerline with proper performance by disconnecting faulty parts from the rest of the network. It is used to maintain continuity in critical service delivery by avoiding faults rippling through the network. It is also employed to protect various devices and systems from damage and preserve power system stability. It assists in isolating faults on high voltage (HV) lines, transformers, reactors, and other important items of electrical plants. As a result, teleprotection finds applications in the oil and gas, telecom, information and technology (IT), transportation, aerospace, defense, and power industries across the globe.
Teleprotection Market Trends:
At present, the growing demand for teleprotection to prevent failure and damage of systems through automatic disconnection of faulty components remotely is offering a favorable market outlook. Besides this, there is a rise in the demand for enhanced communication systems among various organizations to improve visibility with detailed reporting functionality across the globe. This, along with the escalating demand for teleprotection in the power industry due to aging grid infrastructure, is currently strengthening the growth of the market. In addition, the increasing demand for reduced transmission and distribution losses is providing lucrative growth opportunities to industry investors. Moreover, there is an increase in the demand for enhanced transmission and energy savings with assistance from advanced communication and network technologies around the world. This, coupled with the growing investments in smart grid infrastructure, is positively influencing the market. Apart from this, the increasing number of wireless devices, along with the rising development of smart cities, is catalyzing the demand for teleprotection around the world. Additionally, the rising awareness among the masses about the benefits of teleprotection is supporting the growth of the market. The increasing adoption of cloud technology to provide insurance services, such as sales, policy administration, and claims management, is also propelling the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global teleprotection market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, components, and application.
Communication Network Technology
The report has provided a detailed breakup and analysis of the teleprotection market based on the type. This includes teleprotection unit, communication network technology, software, and services. According to the report, teleprotection unit represented the largest segment.
A detailed breakup and analysis of the teleprotection market based on components has also been provided in the report. This includes IED, interface device, and SCADA. According to the report, interface devices accounted for the largest market share.
Aerospace and Defense
A detailed breakup and analysis of the teleprotection market based on application has also been provided in the report. This includes aerospace and defense, telecom, information technology, and others. According to the report, telecom accounted for the largest market share.
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, North America was the largest market for teleprotection. Some of factors driving the North America teleprotection market are the growing adoption of smart grids and other energy-efficient technologies, rising demand for teleprotection in telecom industries, and the increasing utilization of wireless devices across the region.
The report has also provided a comprehensive analysis of the competitive landscape in the global teleprotection market. Detailed profiles of all major companies have also been provided. Some of the companies include GE Energy, Plc Power, RFL Electronics, Schweitzer Engineering Laboratories Inc., Selta Spa, Siemens AG, TC Communications Inc., Valiant Communications Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global teleprotection market performed so far and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global teleprotection market?
What are the key regional markets?
Which countries represent the most attractive teleprotection markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the components?
What is the breakup of the market based on the application?
What is the competitive structure of the global teleprotection market?
Who are the key players/companies in the global teleprotection market?
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