Teleprotection Market REPORT OVERVIEW
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The global teleprotection market size was 814 billion in 2020. As per our research, the market is expected to reach USD 2129.3 million by 2027, exhibiting a CAGR of 14.6% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with teleprotection experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Teleprotection refers to a system used in electrical power systems to ensure the safe and reliable operation of protective devices. It involves the use of telecommunication technology to transmit protection signals and data between different points in the power grid. The main purpose of teleprotection is to quickly and accurately detect faults or abnormal conditions in the power system and initiate protective actions to isolate faulty equipment or sections of the grid to prevent further damage and ensure power system stability.
Teleprotection systems are particularly important for high-voltage transmission networks, where faults can have significant consequences and impact a large number of consumers. By using telecommunication channels to transmit protection signals, teleprotection allows protective devices located at different substations or grid points to communicate with each other and coordinate their actions to clear faults or disturbances in the system.
COVID-19 IMPACT: Changes in Power Demand Patterns Reduced Demand Significantly
COVID-19 had a life changing impact globally. The teleprotection market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for teleprotection experienced a reduced demand.
The pandemic brought about shifts in power demand patterns, with many commercial and industrial establishments reducing operations or operating remotely. These changes could have impacted the load flow in the power grid, requiring adjustments or adaptations in teleprotection settings to maintain effective fault detection and protection. During the pandemic, there might have been challenges in conducting regular maintenance and upgrades on existing teleprotection infrastructure, leading to potential reliability issues or extended periods between updates.
To adhere to social distancing guidelines and minimize on-site staff, power utilities may have increased their reliance on remote monitoring and control systems, including teleprotection systems. This could have prompted investments in digital communication technologies to support remote operations. The market is anticipated to boost the teleprotection market share following the pandemic.
LATEST TRENDS
"Integration of IEC 61850 Standard to Broaden Market Growth"
The IEC 61850 standard, which provides guidelines for communication and interoperability in substation automation systems, is being increasingly implemented in teleprotection systems. This standardization facilitates seamless integration and communication between various devices and protection relays in the power grid. Teleprotection systems are being designed to work seamlessly with other smart grid technologies, such as synchrophasors and Wide Area Monitoring Systems (WAMS). This integration enables more comprehensive monitoring and control of power grid conditions.
Teleprotection systems are benefiting from the continuous improvement in communication technologies, such as the adoption of high-speed fiber-optic networks and the integration of digital communication protocols. These advancements enhance the speed and reliability of teleprotection signals and data exchange. With the growing reliance on digital communication for teleprotection, there is a greater emphasis on strengthening cybersecurity measures. Efforts are being made to protect teleprotection systems from potential cyber threats and ensure the integrity and confidentiality of data transmitted over communication networks. These latest developments are anticipated to boost the teleprotection market share.
Teleprotection Market SEGMENTATION
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- By Type
Based on type, the market is divided into 4 Independent Commands, 8 Independent Commands and Others.
4 Independent Commands holds a major share of the global market.
- By Application
Based on application, the market is bifurcated into Electrical Transmission, Communication for Oil & Gas, Communication for Transportation, and Others.
Electrical Transmission as application holds a major share of the global market.
DRIVING FACTORS
"Grid Reliability to Boost Market Share"
Teleprotection systems play a crucial role in ensuring the reliability and stability of electrical power grids. By rapidly detecting and isolating faults, teleprotection helps prevent widespread blackouts and minimizes downtime in the power supply. As power grids continue to expand and integrate renewable energy sources and other distributed energy resources, teleprotection becomes essential to manage the increased complexity and maintain grid stability.
"Remote Monitoring and Control to Boost Market Size"
Teleprotection allows power utilities to remotely monitor and control various components of the power grid, including substations and protective relays. This capability reduces the need for physical visits to remote locations, leading to operational efficiency and cost savings. Teleprotection systems enable quick detection of faults in the power grid. By using high-speed communication networks, protective devices at different points in the grid can exchange information and coordinate their actions to isolate faulty sections promptly. These factors are anticipated to drive the teleprotection market share.
RESTRAINING FACTORS
"Communication Network Reliability to Hamper Market Share"
Teleprotection heavily relies on fast and reliable communication networks to transmit protection signals and data. Any disruptions or failures in the communication infrastructure can lead to delays or inaccuracies in fault detection and protection coordination. As teleprotection systems become more interconnected and dependent on digital communication, they become susceptible to cybersecurity threats. Protecting teleprotection networks from cyber attacks is crucial to ensure the integrity and security of the power grid. The factors are anticipated to hinder the growth of the teleprotection market share.
Teleprotection Market REGIONAL INSIGHTS
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"North America Dominates the Teleprotection Market "
North America is the largest market shareholder for teleprotection market share. Companies based in North America may have a higher concentration of shareholders from the region, including individual investors, institutional investors, and mutual funds. North American investors, such as large pension funds, asset management firms, and private equity firms, might find certain companies attractive for investment due to their financial performance, growth potential, or alignment with investment strategies. Europe is the second major shareholder for the growth of the teleprotection market share.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- ABB [Switzerland]
- Siemens [Germany]
- GE Energy [U.S.]
- Alcatel Lucent [Finland]
- Alstom [France]
- Nokia [Finland]
- Schweitzer Engineering Laboratories [U.S.]
- TC Communications [U.S.]
- RFL Electronics [U.S.]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 814 Million in 2020 |
Market Size Value By |
US$ 2129.3 Million by 2027 |
Growth Rate |
CAGR of 14.6% from 2020 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the teleprotection market expected to touch by 2027?
The global teleprotection market is expected to reach USD 2129.3 million by 2027.
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What CAGR is the teleprotection market expected to exhibit by 2027?
The teleprotection market is expected to exhibit a CAGR of 14.6% by 2027.
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Which are the driving factors of the teleprotection market?
Grid Reliability and Remote Monitoring and Control are drivers of this teleprotection market.
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Which are the top companies operating in the teleprotection market?
ABB, Siemens, GE Energy, Alcatel Lucent, Alstom, Nokia, Schweitzer Engineering Laboratories, TC Communications, and RFL Electronics are key companies operating in the teleprotection market.