Teleprotection Market Size, Share & Growth | Forecast [2031]

Report Description

The global teleprotection market size is estimated to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the support of sophisticated communication and network technologies. Moreover, the growing need for energy savings and flawless transmission presents another key driver of the market.

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Teleprotection systems use remote disconnection of problematic components to prevent system failure and harm. The system is widely equipped with critical technology that enables users to isolate malfunctioning components from the rest of the network. This is a vital and crucial activity in order to maintain the powerline working properly.

Moreover, it acts as a physical link between the telecommunications network and the protection relays. In general, teleprotection is a new developing technology that has a lot of promise in a variety of industries including telecommunications, oil and gas, electricity, transportation, aerospace, and defense information technology.

The COVID-19 pandemic has triggered a negative forced to disturb the market expansion due to several restrictions from governments towards business operations. The market for teleprotection is, however, expected to recover soon and coming back to a new normal as the COVID restriction has been sharply declined due to subsiding number of the virus cases.

Market Trends, Drivers, Restraints, and Opportunities

• Growing need for teleprotected grids for effective communication network has accelerated the expansion of the market.
• Wide demand for enhanced communication technologies that can replace ageing grid infrastructure is pushing the market growth.
• With the help of modern communication and network technologies, need for flawless transmission combined with energy savings is expected to drive market expansion.
• Lack of interoperability standards, expensive costs, and disparities in electrical regulations especially in developing countries act as key hurdles that can hinder the market growth.
• Need for lower transmission, distribution losses, and teleprotection systems in the aerospace and military industry is a key factor that create lucrative opportunities for the market expansion.

Scope of the Report

The report on the global teleprotection market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Power segment to expand at a considerable CAGR

On the basis of applications, the teleprotection market is bifurcated into telecom and power. The telecom segment is further fragmented into digital systems, universal systems, and analog systems. The power segment is further bifurcated into substation automation and phase comparison. The power segment is projected to expand at a considerable CAGR during the forecast period as it permits to prevent faults and damages by automatically and often isolating the defective element from the rest of the network.

SCADA segment to hold significant share of the market

In terms of components, the market is divided into interface device, SCADA, and IED. The SCADA segment is further fragmented into function, architecture components, and requirement. The IED segment is further classified as switches, controllers, connectors, relays, transducers, and routers. The SCADA segment is expected to hold significant share of the market ascribed to rising demand for displaying and identifying the location of a malfunction.

Teleprotection units segment to grow at a high rate

Based on types, the teleprotection market is segregated into software, services, teleprotection units, and communication network technology. The teleprotection units segment are further classified as data circuit terminating equipment, optical interface equipment, directional electrical interface equipment, and data terminal equipment. The communication network technology segment is further divided into ethernet, out band, and in band.

The ethernet segment is further classified as system configuration and protection signaling. The out band segment is further categorized as copper wire communication, optical fiber communication, and pilot relay. The in band segment constitutes power line communication. The teleprotection units segment is expected to grow at a high rate during the projected period owing to the power system's dependable functioning, which can provide a secure and uninterrupted supply of electricity.

Europe is anticipated to constitute a key market share

In terms of regions, the teleprotection market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period owing to favorable government rules and policies in for effective communication network and other IT infrastructure in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to high demand for low transmission and distribution losses for various IT network in the region.