The teleprotection market has experienced exponential growth, increasing from $21.92 billion in 2023 to $28.11 billion in 2024, with a CAGR of 28.2%. This growth is attributed to increasing power demand, blackouts, interconnection expansion, renewable energy rise, and cybersecurity concerns. The market is expected to reach $70.77 billion by 2028, reflecting a CAGR of 26.0%. Key growth drivers include urbanization, transportation electrification, 5G integration, transmission infrastructure investments, and cleaner energy sources. Major trends include blockchain technology adoption, cloud-based solutions, hybrid teleprotection, human-machine collaboration, and predictive analytics.
Major Driver In The Teleprotection Market
The teleprotection market is expected to witness growth driven by the huge demand in the telecommunications sector. The telecommunications industry, encompassing wireless communication, telecom services, and telecom equipment, experiences increased demand due to factors like digitization, work-from-home scenarios, and online transactions. Teleprotection plays a crucial role in ensuring the physical interface between telecommunications infrastructure and protective relays, activating circuit breakers or reclosers to prevent network failures in response to faults. In 2021, the combined 4G customer base of the top three telcos in India expanded by 50.8% from FY19 to FY21, reaching 715 million subscribers. This substantial rise in telecom sector demand is expected to drive the teleprotection market, shaping its landscape in 2023, 2024, and 2028.
Request A Free Sample Of The Global Teleprotection Market Report
Teleprotection Market Competitive Landscape
EnerNex SpA, Mitsubishi Electric Corporation, Siemens AG, General Electric Company, Cisco Systems Inc., Schneider Electric SE, ABB Ltd., Nokia Corp, Toshiba Corporation, Eaton Corporation, Alstom SA, Amperion Inc., DNV GL, Schweitzer Engineering Laboratories Inc., Alcatel Lucent SA, Horizon Power Systems Inc., BPL Global, ARTECHE Group, Nova Systems Ltd., Efacec Power Solutions SA, L&T Electrical & Automation, OMICRON electronics GmbH, G&W Electric Company, NovaTech LLC, Quanta Technology LLC, RFL Electronics Inc., Rugged Controls LLC, NR Electric Co Ltd., ZIV Automation India Pvt Ltd., SEL Engineering Services Inc., Kalkitech, Moxa Inc., TC Communications Pvt Ltd.
Key Teleprotection Market Trend
Partnerships and collaborations are key trends in the teleprotection market. Major companies in the teleprotection market are entering into partnerships and collaborations to expand in new markets and gain leverage over each other's resources. For instance, in April 2022, Réseau de Transport d'Électricité (RTE), a France-based public utility company, partnered with Nokia, a Finland-based information and technology provider, to construct a new grid network for digital communication. The new grid network will facilitate transporting TDM flows for teleprotection and differential protection applications, transporting all traffic flows, including back-office, flows to enterprise sites and remote-control flows to SCADA, and many more.
Get The Full Global Teleprotection Market Report
Teleprotection Market Segmentation
The teleprotection market covered in this report is segmented –
1) By Type: Teleprotection Unit, Communication Network Technology, Telecontrol Software and Services
2) By Component: Intelligent Electronic Device (IED), Interface Device, Communication Network Components, Teleprotection SCADA
3) By Application: Power, Telecom, Information Technology, Oil and Gas Pipelines, Transportation, Aerospace and Defense, Other Applications
By Geography:The regions covered in the teleprotection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the teleprotection market in 2023.
The Teleprotection Global Market Report 2024 furnishes information about the global teleprotection market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
