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 observed in the historic period can be attributed to various factors, including the increasing demand for power, a rise in the incidence of blackouts, the expansion of interconnection capabilities, the emergence of renewable energy sources, and growing concerns related to cybersecurity in the energy sector.

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 anticipated growth in the forecast period can be attributed to several factors, including rapid urbanization, electrification of transportation, the integration of 5G technology, investments in transmission infrastructure, and the global transition to cleaner energy sources. These elements collectively contribute to the expansion of the teleprotection market. Additionally, major trends expected during this period encompass the adoption of blockchain technology, the utilization of cloud-based teleprotection solutions, the emergence of hybrid teleprotection solutions, increased emphasis on human-machine collaboration, and a rising prevalence of predictive analytics in the teleprotection domain. These trends signify the industry's response to evolving demands and technological advancements, shaping the future landscape of teleprotection solutions.

The teleprotection market is anticipated to experience substantial growth driven by the high demand in the telecom sector. The telecommunications industry encompasses wireless communication, telecom services, and telecom equipment, facilitating global data transmission in various forms such as words, speech, audio, or video. The increasing demand for the telecom sector is attributed to factors such as enhanced digitization, work-from-home scenarios, and increased online transactions. Teleprotection plays a critical role by serving as the physical interface between telecommunications infrastructure and protective relays. This protection system activates circuit breakers or reclosers in response to faults, preventing network failures. For example, a report by Care Rating in 2021 highlighted a robust 50.8% expansion in the combined 4G customer base of the top three telecom companies from FY19 to FY21, contributing to the rise in demand for teleprotection.

The expansion of power infrastructure is identified as another key driver for the teleprotection market. Power infrastructure is essential for modern societies, providing energy for diverse needs, from basic residential requirements to complex industrial processes. Teleprotection systems are utilized in power infrastructure to monitor the health of transmission lines, using sensors and relays to detect abnormal situations such as overloads, short circuits, or ground faults. The global renewable power capacity is expected to witness significant growth, according to the International Energy Agency, further contributing to the expansion of the teleprotection market.

An increased demand for energy-saving and seamless transmission is expected to fuel the growth of the teleprotection market. Energy-saving involves the efficient use of energy only when needed, and seamless transmission ensures power provided to the grid without any loss or failure of generation. Factors such as increased household incomes, electrification of transportation and heating, rising demand for digitally connected devices, and air conditioning contribute to the rise in power demand. Teleprotection plays a crucial role in reducing power outages, ensuring reliability in power supply to customers, and preventing damages to staff involved in electricity production. The International Energy Agency's Global Energy Review 2021 projects a significant increase in electricity demand in 2021, emphasizing the importance of teleprotection in meeting growing energy needs.

Partnerships and collaborations are prominent trends in the teleprotection market, with major companies leveraging such alliances to expand into new markets and tap into each other's resources. For example, in April 2022, Réseau de Transport d'Électricité (RTE), a France-based public utility company, entered into a partnership with Nokia, a Finland-based information and technology provider. The collaboration aimed to construct a new grid network for digital communication, facilitating the transportation of TDM flows for teleprotection and differential protection applications. The network was designed to handle various traffic flows, including back-office flows to enterprise sites and remote-control flows to SCADA.

Major companies in the teleprotection market are adopting cutting-edge technologies, such as security testing suites, to penetrate new markets and gain a competitive edge by optimizing available resources. Siemens AG, a Germany-based multinational technology conglomerate, exemplifies this trend by launching an all-in-one security testing suite for industrial networks in October 2023. This suite, incorporating teleprotection, serves as a comprehensive toolset for assessing the security posture of industrial communication networks. It streamlines one-time scanning of devices and network segments during maintenance, integrating leading security tools to enhance risk discovery and mitigation. The suite's capabilities contribute to minimizing the effort required for comprehensive cybersecurity testing in industrial environments.

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.

North America was the largest region in the teleprotection market in 2023. The regions covered in the teleprotection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the teleprotection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the realm of teleprotection solutions, essential types include teleprotection units, communication network technology, and telecontrol software and services. Teleprotection units are crucial for monitoring the grid's health, identifying flaws, and preventing damage to vital components. These units serve as physical connections between protection relays and the telecommunications network. Components of teleprotection include intelligent electronic devices (IED), interface devices, communication network components, and teleprotection SCADA. Teleprotection applications span diverse industries such as power, telecom, information technology, oil and gas pipelines, transportation, aerospace and defense, among others.

The teleprotection market research report is one of a series of new reports that provides teleprotection market statistics, including teleprotection industry global market size, regional shares, competitors with a teleprotection market share, detailed teleprotection market segments, market trends and opportunities, and any further data you may need to thrive in the teleprotection industry. This teleprotection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The teleprotection market consists of revenues earned by entities by teleprotection solution and services. The market value includes the value of related goods sold by the service provider or included within the service offering. The teleprotection market also includes sales of power line carrier and communication devices which are used in providing teleprotection services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.