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The digital fault recorder (DFR) market is highly dynamic because of change in technology, increasing grid reliability requirements, standards and regulations, and the growing complexity of power systems. Digital fault recorders are crucial components in power grids that capture and store data on electrical disturbances which help in fault analysis and diagnosis. Therefore, the dynamic nature of this market is dramatically influenced by an ongoing digital evolution in the field of recording faults.
Dynamic changes are shaped by technological advancement in the digital fault recorder market. Development of DFRs to handle more data volumes as well as enable real-time monitoring with advanced analytics tools has been necessitated by increasingly complex power systems. The inclusion of synchrophasors, GPS synchronization, communication protocols among other features make modern day DFRs very efficient and user friendly. Manufacturers relentless pursue innovation for overall growth and competitiveness on DFR markets.
Grid reliability requirements are a driving force influencing the market dynamics of digital fault recorders. Electricity supply utilities prioritize their grid reliability ensuring a continuous flow of electricity to customers. Quick and accurate diagnosis of faults can be done using DFRs thereby facilitating quick decisions while minimizing downtime’s for operations. Furthermore also there is an increased emphasis on grid modernization and integration of renewable energy sources that makes it necessary to develop advanced fault recording systems thus shaping market dynamics towards changing needs within power utilities.
Regulatory standards and compliance also greatly impact the dynamics of the digital fault recorder market globally. Governments establish standards for quality electrical power supply, system performance or even short circuit study forcing utility companies to invest in modernized fault recording equipment’s . Compliance with such regulations therefore serves as one reason behind adoption rates for these devices affecting their demand due to availability that meets or exceeds regulatory demands.
There is an increasing complexity seen within power systems resulting from smart grids, advanced control systems as well as integration of renewable energy sources all these affect how digital fault recorders operate dynamically. Fault records and analysis should be accurate as power networks become more interconnected and complicated. For that reason, digital fault recorders have become indispensable tools for ensuring stability and reliability of modern power systems since they can be used to capture and store quality data on electrical disturbances.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022-2030 |
Digital Fault Recorder Market Highlights:
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 Developments:
Asia 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 Market
Global 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.
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