Categories: Market Research

Teleprotection Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Teleprotection Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/teleprotection-global-market-report

According to The Business Research Company’s Teleprotection Global Market Report 2024, 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.

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.

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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 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 teleprotection market report table of contents includes: