What Has Been The Historical And Current Growth Of The Teleprotection Market?
The teleprotection market has seen considerable growth due to a variety of factors.
• In recent times, we have seen a rapid expansion in the size of the teleprotection market. The market, which will be worth $27.57 billion in 2024, is forecasted to balloon to $35.01 billion in 2025, growing at a compound annual growth rate (CAGR) of 27.0%.
The surge in growth during the historical period can be tied to factors such as heightened demand for power, a higher frequency of power outages, growing interconnectivity, the popularity of renewable energy sources, and concerns over cybersecurity.
What are the Forecasted Growth and Key Factors of the Teleprotection Market?
The teleprotection market is expected to maintain its strong growth trajectory in upcoming years.
• Expect substantial expansion in the teleprotection market size in the upcoming years, with a projected rise to $89.2 billion in 2029, reflecting a compound annual growth rate (CAGR) of 26.3%.
This growth during the forecast period is linked to factors such as rapid urbanization, the electrification of transport systems, 5G technology integration, transmission infrastructure investments, and a shift to cleaner energy sources. Key trends to watch during the forecast period are the adoption of blockchain technology, the use of cloud-based and hybrid teleprotection solutions, collaboration between humans and machines, and the growing use of predictive analytics.
What Are the Critical Driver Fuelling the Teleprotection Market's Growth?
The teleprotection market's growth is anticipated to be fueled by a strong need within the telecom sector. This industry encompasses enterprises involved in wireless communication, telecom services, and the distribution of telecom equipment, transmitting data globally in the form of text, voice, audio, or video. An increase in digitization, telecommuting, and online transactions have stimulated the telecom industry's expansion. The function played by teleprotection is to provide the physical interface between telecom infrastructure and protective relays. This protection system triggers circuit breakers or reclosers upon a fault to avert network failure. In 2024, the Canadian Radio-television and Telecommunications Commission (CRTC) reported that mobile services contributed to 55.5% of total revenues, exhibiting a growth of 5.7% from $29.2 billion in 2021 to $30.9 billion in 2022. Furthermore, the average data consumption for mobile subscribers surged by 21.3% from 2021 to 2022. Hence, the burgeoning demand for the telecom industry is going to escalate the requirement for teleprotection.
How Is the Teleprotection Market segmented?
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
Subsegments:
1) By Teleprotection Unit: Standalone Teleprotection Units, Integrated Teleprotection Systems
2) By Communication Network Technology: Fiber Optic Communication, Microwave Communication, IP-Based Communication Networks
3) By Telecontrol Software And Services: Telecontrol Software Solutions, Configuration And Integration Services, Support And Maintenance Services
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What New Trends Are Influencing the Teleprotection Market?
Strategic alliances and cooperation have emerged as the primary trends in the teleprotection market. Leading businesses in the field of teleprotection are capitalizing on such partnerships to explore untapped markets and capitalize on mutual resources. For instance, in April 2022, Réseau de Transport d'Électricité (RTE), an electricity transport public utility corporation from France, collaborated with Nokia, an information and technology firm based in Finland, to build a new digital communication grid network. This innovative network will enable the transportation of TDM flows for teleprotection and differential protection applications, along with all traffic flows including back-office operations, enterprise site flows, SCADA remote-control flows, amongst other functionalities.
Who Are the Key Players in the Teleprotection Market?
Major companies operating in the teleprotection market include:
• EnerNex SpA
• Mitsubishi Electric Corporation
• Siemens AG
• General Electric Company
• Cisco Systems Inc.
• Schneider Electric SE
• ABB Ltd.
• Nokia Corp
• Toshiba Corporation
• Eaton Corporation
• Amperion Inc.
• DNV GL
• Schweitzer Engineering Laboratories Inc.
• 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.
What Is The Most Dominant Region In The Teleprotection Market?
North America was the largest region in the teleprotection market in 2024. The regions covered in the teleprotection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
