NEWARK, Del, June 30, 2023 (GLOBE NEWSWIRE) -- The global teleprotection market is estimated to capture a valuation of US$ 25 billion in 2023 and is predicted to surpass a valuation of US$ 182.2 Billion by 2033. The market is estimated to rise at a CAGR of 22% from 2023 to 2033.
Which Sector Drive the Global Market?
The power and energy sector significantly drives the market. Here are different sectors within the power and energy industry fueling the global market:
- Power Transmission: The power transmission sector plays a significant role in driving the global market. The demand for teleprotection is growing due to secure and reliable electricity transmission. These systems can minimize disruptions, detect faults, apparent, and isolate to upgrade infrastructure.
- Power Distribution: The distribution sector is another essential sector that plays a crucial role in the global market. Teleprotection helps to protect distribution networks, manage power quality, and enable remote control. It focuses on grid reliability, improves performance, and reduces outages.
- Renewable Energy Integration: The growing integration of renewable energy, including wind and solar energy, drives the global market. Integration of renewable energy manages grid stability, monitors power flow, and ensures efficiency. Renewable energy continue to grow with the adoption of teleprotection in the coming period.
- Oil & Gas Pipelines: The oil & gas pipeline is another sector that significantly drives the global Teleprotection market. The adoption of teleprotection in this sector is widely used for monitoring, control, and safety. These systems protect against accidents, monitor pressure, detect leaks, and integrate pipeline infrastructure.
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Key Takeaways:
- The teleprotection market is estimated to register a CAGR of 22% with a valuation of US$ 182.2 billion during the forecast period.
- In the historical period, the market secured a valuation of US$ 19.6 billion with a CAGR of 28.2% in 2022.
- China is estimated to dominate the global market by capturing a valuation of US$ 46.1 billion during the forecast period.
- Japan is estimated to register a valuation of US$ 28.4 billion with a CAGR of 22.3% by 2033.
- With a CAGR of 20.7%, the United States is significantly driving the global market by 2033.
- South Korea is estimated to collect a valuation of US$ 11.1 billion in the global market by 2033.
How are Key Players Adding Value in the Global Market?
The teleprotection industry is highly competitive with a number of prominent players globally. The key players are significantly driving the global market by innovating advanced and improved products. They invest their million-dollar amount in research and development activities to carry out new ideas to expand the market revenue.
Key players are adopting various marketing tactics to drive the global market mergers, acquisitions, collaborations, acquisitions, and product launches. These players are taking efforts to upsurge the market to another height by adopting these marketing strategies. Key players are focused on consumers' requirements and provide them with advanced products to increase their sales volume.
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Key Players in the Global Market are:
- Siemens AG
- General Electric (GE)
- Schneider Electric SE
- SEL (Schweitzer Engineering Laboratories)
- Nokia Corporation
- Huawei Technologies Co., Ltd.
- Cisco Systems, Inc.
- GE Grid Solutions
- Mitsubishi Electric Corporation
- Schweitzer Engineering Laboratories (SEL)
- Eaton Corporation
- Toshiba Corporation
- Alstom Grid
- Schweitzer Engineering Laboratories (SEL)
Recent Developments in the Global Market are:
- ABB Ltd announced its newly launched product FOX615 Core. This product is developed by cutting edge technology network utility including MPLS-TP network.
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Global Market by Categorization:
By Type:
- Teleprotection Unit
- Communication Network Technology
- Teleprotection Software
By Components:
- Intelligent Electronic Device
- Interface Device
By Application:
- Power
- Telecom
- Information Technology
- Oil & Gas Pipelines
- Transportation
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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