The global teleprotection market is anticipated to grow significantly over the forecast period. Teleprotection market is the latest emerging technology and exhibits a high potential across numerous industry verticals such as telecom, oil and gas, power, transportation, aerospace and defense information technology among others. The power vertical comprises of sub segments namely phase comparison and substation automation whereas the telecom sector comprises analog systems, universal systems and digital systems. The market is broadly categorized based on product type, components and applications.
Teleprotection systems prevent failure and damage of systems through automatic disconnection of faulty components remotely. The technology has gained significant acceptance across the telecom and utility sector. The rise in demand for teleprotected grids has spurred the teleprotection market growth considerably. Further factors including improved communication systems, ageing grid infrastructure, demand for reduced transmission and distribution losses are expected to drive the market growth. Aerospace and defense sector provides wide opportunities for teleprotection systems. Demand for seamless transmission coupled with energy saving is likely to drive market growth with assistance from advanced communication and network technologies. Favorable government regulations and policies in developed countries such as Europe and U.S. have spurred the demand for Teleprotection systems. Regions such as Asia Pacific and Latin America are expected to show increased market demand in coming years. However, lack of interoperability standards, high cost, different electricity regulations across the globe may restrain the market growth.
The teleprotection market comprises of numerous teleprotection components and products. The component market comprises of four major parts: Teleprotection SCADA, Intelligent electronic devices (IED), communication network components and interface device. The IED consists of connectors, relays, transducers, routers, switches, controllers etc. The communication network market comprises of Out band, In band and Ethernet components wherein In band includes power line communication (PLC) and Out Band includes optical fiber communication (OFC), pilot relay and copper wire communication. Ethernet includes system configuration and protection signaling etc. SCADA market for teleprotection includes requirement, function and architecture components.
The product market comprises of teleprotection unit, telecontrol software and services and communication network technology. Teleprotection unit consists of, Data terminal equipment (DTE), Optical interface equipment, Directional electrical interface equipment, Data circuit terminating equipment (DCE) etc. Communication network technology is divided into two segments namely into conventional systems and advanced systems. Lastly the teleprotection software comprises synchrophasors software, network management system software etc
The key industry players in teleprotection market include Schweitzer Engineering Laboratories, Inc. (U.S.), Siemens AG (Germany), Telco systems (U.S.), Nokia (Finland), GE Energy (U.S.), DNV Kema (Netherlands), Cisco Systems (U.S.), Alstom S.A. (France), Alcatel Lucent S.A. (France) and ABB Ltd. (Switzerland) among others.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.