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Teleprotection Market Trends

Report ID: GMI9478
Published Date: May 2024
Report Format: PDF

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Teleprotection Market Trends

As power systems become more interconnected and automated with the adoption of smart grid technologies, the importance of grid security grows. Teleprotection solutions enable secure communication and control of smart grid devices, sensors, and control systems, facilitating the reliable & efficient operation of the grid. For instance, in February 2024, GE Vernova’s Grid Solutions announced the launch of GridBeats, a comprehensive portfolio of software-defined automation solutions aimed at streamlining grid digitalization and enhancing grid resilience. Amidst growing concerns about extreme climate events, grid operators worldwide are responding to regulatory and consumer demands to achieve net-zero emissions while also addressing sustainability needs. Realizing these goals presents significant challenges such as limited visibility into an aging infrastructure, inadequate control mechanisms, and a lack of fast, reliable & deterministic communication. GridBeats aims to modernize grid operations, boost performance, and speed up the shift toward sustainable energy. It improves visibility across the grid, from larger areas down to specific equipment.

As the demand for advanced time synchronization solutions rises to meet the stringent requirements of teleprotection applications, the need for accurate & reliable time synchronization continues to increase as teleprotection systems evolve and expand. For instance, in July 2023, Valiant Communications introduced the VCL-3086, IRIG-B to NTP Time Server, which is designed to provide an NTP time source that is locked to a IRIG-B input reference to provide NTP/SNTP time synchronization to private networks such as railways and metro (ticketing and platform) networks, airports & air-traffic control facilities, electric sub-stations, power distribution & transmission companies, oil & gas utilities, and campus networks that should maintain complete isolation from public networks for security.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for teleprotection exceeded USD 22.3 billion in 2023 and is projected to expand at over 20.5% CAGR from 2024 to 2032, due to the growing shift toward digital communication technologies such as Ethernet, fiber optics, and wireless communication.

The modern technology segment in the teleprotection industry is projected to grow at over 20% CAGR between 2024 and 2032, owing to the growing adoption of digital communication technologies and the increasing demand for advanced teleprotection solutions in modern power systems.

The power utilities industry vertical segment in the teleprotection industry accounted for over 40% share in 2023 and is estimated to witness substantial gains between 2024 and 2032, on account of the surging demand for continuous monitoring of the grid condition, isolating faults, and preventing damage to critical parts of the power grid.

Asia Pacific industry is anticipated to expand at over 21% CAGR between 2024 and 2032, driven by advancements in telecommunication technologies, the increasing interconnectedness of power grids, and the growing emphasis on grid reliability & security across the region.