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Growing Number of Wireless Devices to Fuel Growth of Teleprotection Market
As smart cities idea is gaining prominence, and with increasing number of wireless devices, it's critical to have well-optimised communication protocols that make optimum use of limited network resources like bandwidth. According to new research, the number of mobile devices in use will be nearly 15 billion worldwide in 2021, up from slightly over 14 billion the previous year. By 2025, the number of mobile devices is predicted to reach 18.22 billion, a 4.2 billion increase above 2020 levels. Such numbers compel for a teleprotection systems, which primarily drives the growth of global teleptrotection market. A teleprotection system keeps track of transmission line conditions and manages tripping to isolate faults as fast as possible. Teleprotection systems avoid system failure and damage by automatically and remotely disconnecting the problematic component.
The average American adult has spent 3 hours and 43 minutes per day using their mobile devices in 2019. According to research, the amount of time spent on mobile devices surpassed the amount of time spent watching television, which was 3 hours and 35 minutes. Zooming in on the smartphone data, we discover that in 2019, US individuals spent an average of 2 hours and 55 minutes per day using their smartphones, up nine minutes from the previous year (eMarketer, 2019). At a commercial level, establishing and building an effective communication system is critical for any organisation because it allows crucial messages to be communicated efficiently throughout the organisation. The implementation of an effective communication system in an organisation is usually the duty of management.
Growing Telecom Infrastructure in Emerging Economies to Drive Teleprotection Market Growth
The communication & technology is expected to be the fastest-growing segment of the teleprotection market over the forecast period. Emerging economies are expanding telecom infrastructure, particularly in China, Brazil, India, and South Korea, among others, and increasing teleprotection requirement contributing toward the growth of teleprotection market. Teleprotection systems provide benefits such as improved communication, increased stability, and high efficiency. The market growth for telecom industry is likely to be boosted by evolving technologies and the demand for energy-efficient solutions in the communication and technology industry.
Software, hardware, internet, telephone, and content, application, and support services are provided by companies ranging from Fortune 500 companies to small businesses, individual developers, and open-source networks in the telecom & IT market. The value proposition is incomplete without relevant content and applications. Every company in the telecommunications and information technology industries is looking for untapped markets, fresh products, and better features. At the same time, we see the expansion of social data as the number one concern of CIOs and CMOs throughout the world. Marketers have a constant supply of inbound data thanks to social interaction and networking, but they require strong investigative and analytical capabilities to identify, evaluate, and draw patterns from all the digital redundancies, which necessitates teleprotection systems.
Growing Concerns to Reduce CO2 Emissions Across Asia Pacific to Drive Growth of Teleprotection Market in Region
Asia Pacific houses the highest number of teleprotection users and is predicted to increase at the highest rate over the projection period. The increased deployment of teleprotection systems in the power and telecommunications sectors will drive the growth of teleprotection market here. Furthermore, regional governments are focused on CO2 emission reduction and energy saving, as well as expanding power infrastructure, which is helping to drive market growth, particularly in emerging economies. Over the projected period, the increased use of smart grid, and other energy-efficient technologies would also drive demand for teleprotection systems.
The technology of communication networks is further divided into standard and sophisticated systems. Teleprotection systems will be in high demand in the aerospace and defence sectors over the projected period. Increased demand is seen in different industries of electricity and telecom, as well as a substantial demand for reliable power supply from developing countries. The launch of diversified new product requirements from firms working in the military, aerospace & defence, and information technology sectors, as well as integration with intelligent and advanced communication technologies, are opportunities in teleprotection market. Tele-protected grids, and utilities are in high demand for use in a variety of industry verticals. With the progress of communication network technologies, it is now possible to use high-end technologies to process a large amount of data and signals to reduce the risk of failure, and blackouts for both customers, and OEMs.
Global Teleprotection Market: Competitive Landscape
The key companies in teleprotection market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in February 2021, Hitachi ABB Power Grids has been chosen by CKW, a Swiss grid operator, to improve its grid communications network. The 200,000-plus customer energy provider is looking to upgrade its grid communications infrastructure to assure reliable operations and manage the transition to a more dispersed and decentralised grid. The FOX615 hybrid platform and the FOXMAN network management system from ABB Hitachi Power Grids will be installed by CKW. The corporation wanted to invest in a highly dependable communication network that could support both legacy and new technologies while also meeting its severe cybersecurity requirements.
On the other hand, in May 2021, Through the Group's EPC firm Alfanar Construction, ZIV and its parent company ALFANAR were able to domestically construct and deliver 550,000 smart meters to the Saudi Electricity Company (SEC). The Saudi Electricity Company's most important project for digital transformation is the Smart Metering Project (SMP), which has deployed over 10 million smart meters in record time. The deployed ZIV meter is a modular design with dual technology integration, including PLC PRIME 1.4 and NB-IoT. It's a smart meter with a one-of-a-kind sealed holster that can hold a pluggable communications module (LTE Cat 1). On all channels, it is PLC-PRIME 1.4 certified, as well as OIML R46 certified.
A few of the players in the teleprotection market include Abb Ltd, Altalink, General Electric, Cisco Systems, Inc., Alstom, Schweitzer Engineering Laboratories, Telco Systems, and Siemens.
Global Teleprotection Market is Segmented as Below:
By Offering
By End-User Industry
By Region
Key Elements Included In The Study: Global Teleprotection Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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