Global Teleprotection Market to Grow at a CAGR of 19% Through 2021, Says Technavio

Technavio has published a new report on the global teleprotection market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global teleprotection market is expected to grow at a CAGR of around 19% during the forecast period, according to Technavio’s latest market research.

In this market research report, Technavio covers the market outlook and growth prospects of the global teleprotection market for 2017-2021. The market is further categorized into two product segments which are the teleprotection unit and teleprotection software, with increased demand for teleprotection units.

“The global teleprotection unit market is expected to witness a high growth during the forecast period as compared to the global teleprotection software market. The growing need for high safety and advanced measures to avoid power failure and system damage is expected to contribute toward the growth of the global teleprotection unit market,” says Anju Ajaykumar, a lead engineering tools research expert from Technavio.

Technavio’s research analysts segment the global teleprotection market into the following regions:

  • Americas
  • EMEA
  • APAC

In 2016, the Americas held the largest share of the teleprotection market accounting for close to 41% of the market share, followed by EMEA and APAC regions with approximately 34% and 25% respectively.

Americas: replacement of aging grid infrastructure to fuel growth

The major demand for teleprotection systems in the Americas is expected to arise from end-user industries such as power and telecommunication sectors. The region is expected to grow at a rapid pace with the US, Canada, Brazil, and Mexico being the major revenue contributors. Utilities in these countries are undergoing significant transformation that is largely driven by the replacement of aging grid infrastructure, addition and connection of renewables into grids, and modernization of grids by adding devices such as smart meters, integrating IP-based communication, and IT infrastructure.

The governments in the countries in this region also support these advances in the form of policies and funding. For instance, the US Energy Independence and Security Act of 2007 supported the modernization of grids, and the funding was made available under the American Recovery and Reinvestment Act of 2009. Huge investments have been made in improving the electricity distribution in the US. This in turn is expected to propel the demand for the global teleprotection market.

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EMEA: deployment of 4G communication technology to boost growth

The major demand for teleprotection systems in EMEA is expected to arise from end-user industries such as power, oil and gas, and telecommunication sectors. In Europe, the UK and Germany are rapidly deploying 4G communication technology. The growth in 4G penetration is expected to lead toward increased demand for high-voltage power supply. These developments coupled with the demand for high-voltage power supply are expected to drive the teleprotection market for providing solutions for safety systems and maintaining stable and balanced power supply. The rollout of 5G communication technology is also expected to drive the demand for the teleprotection market in EMEA.

APAC: fastest growing market with a CAGR of 26%

The teleprotection market in APAC is expected witness demand from end-user industries such as the power and telecommunication sectors. China dominates the market for teleprotection technologies in the APAC region. This is largely due to the commitment of the government toward reducing its carbon emission, diversifying its energy resources, and expanding its electricity infrastructure. China is planning to decrease the share of coal, while increasing its investment in renewable and nuclear power generation. Both these factors are expected to accelerate the demand for non-coal-fired generation, smart grids, and energy-efficient technologies. These factors have increased the demand for T&D equipment and teleprotection systems, especially for substations.

“Apart from China, the need for improving the electrification rate in countries such as India and several other countries in Southeast Asia is predicted to drive the capacity expansion, which in turn is likely to drive the demand for teleprotection systems in the APAC region,” says Anju.

The top vendors in the global teleprotection market as highlighted in this market research analysis are:

  • ABB
  • Siemens
  • Schneider Electric
  • GE

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global teleprotection market is expected to grow at a CAGR of around 19% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com