ID: MRFR/E&P/5521-HCR | 111 Pages | Published By Priya Nagrale on March 2023
Digital Fault Recorder Market is projected to be worth USD 500 Million, registering a CAGR of 4.75% during the forecast period
Digital Fault Recorder Market overview
The global Digital fault recorder market is expected to grow at 4.75% CAGR during the forecast period.A digital fault recording system uses communications to retrieve fault, disturbance, and sequence of event records captured by the protection relays distributed throughout a substation. Digital fault recorders provide a permanent detailed record of all substation activity at lesser costs, provide secure data collection, and isolate the IED network. A digital fault recorder is primarily used in power transmissions and large distributed applications. The high level of industrialization and the allied increased demands for reliable power supply systems are major driving factors for the digital fault recorder market. DFR uses communications to retrieve fault, disturbance, and sequence of event records captured by protection relays distributed throughout a substation. It stores this critical substation information internally, which is used in local station troubleshooting. It archives this data in a remote enterprise network location for permanent storage and analysis. The rise in contracts, agreements, and product developments fuels the global market.Various environmental legislation is laid down by the environmental protection agencies across the globe, coupled with investments in energy projects, which is anticipated to provide more extensive opportunities for the players operating in the digital fault recorder market. 66-220kV segment is estimated to dominate the digital fault recorder market during the forecast period. Moreover, it is also estimated that the growth in Asia-Pacific will be driven by growing demand for energy in countries such as China and India. According to IBEF, electricity consumption in India is projected to reach 15,300 TWh by 2040 from 4897 TWh from 2016.Growing demand for digital substations has become the major driver for the growth of the global digital fault recorder market. Moreover, government continuous investment in power grid infrastructure in order to maximize the reliability of power infrastructure is likely to drive the digital fault recorder market. For instance, the Chinese government is expected to invest around USD 317 billion to improve power grid infrastructure by 2020.Transmission segment held the largest share within digital field recorder market in 2017. On the other hand, digital fault recorder is also used in generation and distribution sectors in order to check the stability of a power system. The global digital fault recorder market is projected to grow at a moderate rate during the forecast period, as this technology is still in its nascent stage. Some of the utility operators across the world are still hesitant as the installation of digital field recorder involves high initial investment. Global Digital fault recorder market has been segmented based on installation, voltage, station, type, and region. Based on type, the market is classified into dedicated and multifunctional. Multifunctional segment is expected to grow at the fastest rate due to growing adoption of multifunctional digital fault recorder in the electricity network and power generation. Based on station, the market is segmented as automated and non-automated. Automated digital fault recorder is estimated to dominate the market as this segment enables remote monitoring, control, and coordination of the transmission and distribution component installed in the substation. The global digital fault recorder market is further segmented based on voltage, including less than 66 kV, 66-220 kV, and above 220 kV. 66-220 kV segment of the global digital fault recorder market is estimated to register the highest market share during the forecast period.
Digital Fault Recorder Market
The key players of global turboexpanders market are GE (US), Elspec (Israel), Siemens AG (Germany), Qualitrol (US), Logiclab (Italy), Ducati Energia (Italy), Ametek (US), E-Max Instruments (US), Kocos (Germany), and Procom Systems (Ontario).
Recent DevelopmentsAsia Pacific regional trends are wholesome for the market growth. It can be ascribed to the increase in government investments to improve power grid infrastructure to maximize the reliability of power systems. India is a rapidly growing country in the market in the Asia Pacific due to the rise in demand for power grid infrastructure in the country. An increase in demand for renewable energy and power grid resources is also driving the DFR market in the Asia Pacific. The growth of this market can be attributed to the increasing demand for reliable and accurate data recording in the energy sector. In addition, there have been growing concerns over grid security are also fueling the demand for digital fault recorders.
Market Segmentation: Digital Fault Recorder Market Global Digital fault recorder MarketGlobal digital fault recorder market is expected to witness a moderate growth during the forecast period, as these recorders are based on growing demand for digital substations. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. According to IEA World Energy Outlook 2017, China is planning to invest around USD 27.5 billion towards the development of its transmission network. Such investment is likely to drive the market for digital fault recorder.
Hence, the demand for digital fault recorder in Asia Pacific will be increased in order to cater to increasing electricity demand. Similarly, North America being the second largest region is also focusing towards immediate need for reliable power supply system.
|Market Size||2030: Significant Value|
|CAGR||4.75% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Voltage, Type , Installation , Station|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GE (US), Elspec (Israel), Siemens AG (Germany), Qualitrol (US), Logiclab (Italy), Ducati Energia (Italy), Ametek (US), E-Max Instruments (US), Kocos (Germany), and Procom Systems (Ontario).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Growing demand for digital substations|
The market is expected to achieve a growth rate of more than 4.75% in the years ahead.
The market can note solid growth over the coming years, with strong backing from factors like rising demand for digital substations combined with the massive investments being made in power grid infrastructure by the government.
Prominent companies in the global market for digital fault recorder are GE (US), Siemens AG (Germany), Kocos (Germany), Ducati Energia (Italy), E-Max Instruments (US), Logiclab (Italy), Procom Systems (Ontario), Qualitrol (US), Ametek (US), Elspec (Israel), and others.
The main types of digital fault recorder listed in the report are dedicated and multifunctional.
North America is the second-most lucrative market.