Press release
Global Teleprotection Market Insights, Industry Outlook, Growing Trends And Demands 2033
Global Teleprotection Market
The Business Research Company offers in-depth market insights through Teleprotection Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The teleprotection market size has grown exponentially in recent years. It will grow from $21.92 billion in 2023 to $28.11 billion in 2024 at a compound annual growth rate (CAGR) of 28.2%. The growth in the historic period can be attributed to increasing power demand, rising incidence of blackouts, increasing interconnection, rise of renewable energy sources, cybersecurity concerns.
The teleprotection market size is expected to see exponential growth in the next few years. It will grow to $70.77 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to rapid urbanization, electrification of transportation, integration of 5G technology, investments in transmission infrastructure, transition to cleaner energy sources. Major trends in the forecast period include adoption of blockchain technology, cloud-based teleprotection solutions, hybrid teleprotection solutions, human-machine collaboration, increasing use of predictive analytics.
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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
Major Driver - Telecom Sector Surge Fueling Growth In The Teleprotection Market
The huge demand in the telecom sector is expected to drive the growth of the teleprotection market. The telecommunications industry is made up of businesses that include wireless communication, telecom services, and telecom equipment and sends data in the form of words, speech, audio, or video worldwide. The demand for the telecom sector has grown due to increased digitization, work-from-home scenarios, online transactions and others. The physical interface between the telecommunications infrastructure and the protective relays is provided by teleprotection. The protection system activates circuit breakers or reclosers in response to a fault to prevent network failure. For instance, in 2021, according to a report published by Care Rating, an India-based service rating business with a presence that provides a broad range of sector-specific rating and grading services, the combined 4G customer base of the top 3 telcos expanded by a robust 50.8% from Financial Year (FY)19 to (FY)21, from 474 million to 715 million, increasing the proportion of 4G subscribers in their total subscriber base from 51.4% to 70.3%. Thus, a rise in demand for the telecom sector will increase the demand for teleprotection.
Competitive Landscape:
Major companies operating in the teleprotection market report are 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.
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Top Trend - All-In-One Teleprotection-Integrated Suite For Industrial Networks
Major companies in the teleprotection market are adopting new technologies such as security testing suite to expand in new markets and gain leverage over each other's resources. Security testing suite is a comprehensive set of tools and techniques designed to assess the security posture of software applications, networks, or systems. For instance, in October 2023, Siemens AG, a Germany-based multinational technology conglomerate, launches new all-in-one security testing suite for industrial networks. An all-in-one security testing suite for industrial communication networks, incorporating teleprotection. This software framework streamlines one-time scanning of devices and network segments during maintenance, integrating leading security tools. The suite enhances risk discovery and mitigation, minimizing the effort required for comprehensive cybersecurity testing in industrial environments.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Teleprotection Market Characteristics
3. Teleprotection Market Trends And Strategies
4. Teleprotection Market - Macro Economic Scenario
5. Teleprotection Market Size And Growth
…..
27. Teleprotection Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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