The teleprotection market is estimated to expand at about 28.6 percent CAGR from 2013 to 2018. This double digit CAGR owes to rising demand for teleprotection systems in the world. Escalating demand for teleprotection systems across industries, like telecom, gas and oil, software, conveyance, air and defense, power, etc is also predicted to drive major demand for the teleprotection market.
Teleprotection systems help ward off damage and breakdown in systems. They separate the defective part remotely and automatically. Teleprotection has acquired considerable hold over the sectors of telecom and utilities. Teleprotected grids have been facing growing demand currently. Boost in old grid infrastructures, enhanced communication procedures and surge in the demand for decreasing circulation and transmission failures are also propelling the teleprotection market ahead.
The sectors of aerospace and defense are home to future prospects for the market. However, the high costs of teleprotection systems and shortage of inter-functional standards serve as obstacles in the smooth progress of the market. Different ingredients of the teleprotection market comprise teleprotection software and units, and communication system technologies. The worldwide market is sliced on the basis four categories. These include equipments, technologies, applications and geographies.
The equipments market consists of optical interface, multi-service access equipment and directional electrical interface. The market, on the basis of technologies, includes advanced systems and conventional systems. The applications teleprotection market includes the industries of power, telecom, software, oil and gas, conveyance, defense and aerospace, etc. The market, on the basis of geographies, includes Asia Pacific, Europe, rest of the world and North America.
Europe and North America have been witnessing accelerated demand for teleprotection systems. Thus, the market has been facing mounting demand in these regions. Latin America and Asia Pacific are estimated to have required grip over the teleprotection market in the years ahead. Augmented inclination towards teleprotection systems and escalating governmental policies in support of the same are also projected to raise the demand for the teleprotection market.