New York, US, March 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Digital Fault Recorder Market Information by Voltage, Type, Installation, Station, and Region - Forecast till 2030", The market for digital fault recorders could touch USD 500 million by 2022, attaining a CAGR of 4.75% from 2022 to 2030.
Digital Fault Recorder Market Overview
An electrical instrument called a digital fault recorder keeps track of the power quality and logs information when there is a system disruption. This device has the ability to record all occurrences as well as its own parameters, including voltage, current, frequency, rotational phase angle, and more, in real time. These devices gather data in accordance with predetermined criteria and aid in monitoring, evaluating, and diagnosing existing issues.
Large dispersed applications and power transmissions are the two main uses of a digital fault recorder. The digital fault recorder market is primarily driven by the increasing degree of industrialization and the corresponding rise in need for dependable power supply systems. DFR retrieves fault, disturbance, and sequence of event records from protection relays dispersed across a substation using communications. For use in local station troubleshooting, it internally maintains this crucial substation information. For long-term archival and analysis, it stores this data in a remote enterprise network location.
Market Competitive Landscape:
The affluent companies in the digital fault record industry include
- GE (US), Elspec (Israel)
- Siemens AG (Germany)
- Qualitrol (US)
- Logiclab (Italy)
- Ducati Energia (Italy)
- Ametek (US)
- E-Max Instruments (US)
- Kocos (Germany)
- Procom Systems (Ontario)
- Among others.
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Digital Fault Recorder Market COVID 19 Analysis
After its breakout in December 2019, Covid-19 has spread to other nations, prompting the World Health Organization to declare a global public health emergency. Because of Coronavirus, the global digital fault recorder market has already seen significant losses.
Travel bans, aircraft delays, restaurant closings, emergency declarations, limits on indoor activities, a decline in corporate confidence, volatility in the stock market, and an increase in public panic are just a few examples of how the upheaval in the world has affected daily life.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant Value |
| CAGR during 2022-2030 | 4.75% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Type, Installation, Station |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Growing demand for digital substations |
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Digital Fault Recorder Market USP Covered:
Market Drivers:
Power consumption is rising quickly in today's world as a result of urbanization and industrialization. The utility sector must adapt to the shifting consumer preferences and rising energy consumption. The majority of the global demand for power is anticipated to come from the residential and industrial sectors. In order to supply stable power, the power grid system should be intelligent. To stabilize power grid fluctuation, a digital fault recorder is absolutely essential. An essential tool for keeping an eye on power grids and guaranteeing the dependability of the electricity supply is the digital fault recorder (DFR). DFR is used to monitor and document any grid disturbances that might occur, including short circuits, major load situations, transformer failures, and power fluctuation that might arise.
DFR is, in essence, a tool for tracking and analyzing power system failures. A variety of industries employ the digital fault recorder to assure the dependability of the electrical supply and enhance performance.
The expansion of transmission and distribution networks as well as the construction of new power grid infrastructure are top priorities for both public and commercial organizations worldwide. Similar trends are expected to increase demand for digital fault recorders, including expanding installation of energy-efficient technology and growing demand for a stable electrical supply.
Market Restraints:
The mounting cost of installing digital fault recorder systems has been one of the key challenges preventing the growth of the market for these devices in recent years.
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However, there are chances for both established and new emerging competitors to enter the market with cutting-edge technologies due to the increased demand for accurate and dependable devices to detect faults in the energy and oil and gas sectors. Other encouraging elements promoting the market's expansion include the investment in micro- and smart-grid area as well as the demand for real-time monitoring tools for electrical systems and equipment.
Digital Fault Recorder Market Segmentation
Insights By Type
The market is divided into dedicated and multifunctional categories based on type. Due to the increasing use of multifunctional digital fault recorders in the electricity network and power generation, the multifunctional category is anticipated to grow at the fastest rate.
Insights By Station
The market is divided between automated and non-automated stations based on station. The transmission and distribution component installed in the substation may be remotely monitored, controlled, and coordinated thanks to the automated digital fault recorder section, which is predicted to dominate the market.
Insights By Voltage
Voltage-based divisions of the worldwide digital fault recorder market include less than 66 kV, 66-220 kV, and above 220 kV. The global digital fault recorder market's 66-220 kV category is anticipated to have the maximum market share throughout the forecast period.
Insights By Installation
Generation and Transmission & Distribution are the two major segments, depending on installation.
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Digital Fault Recorder Market Regional Insights
The biggest digital fault recorder market share is anticipated to be in North America. The efficient power distribution system, the surging number of power grid projects, and the expansion of the information and communication technology sector are the key causes of this.
From 2023 to 2028, the Asia Pacific area is anticipated to experience the fastest growth. In order to guarantee a steady and dependable supply of electricity, Asian governments, and major market participants are spending extensively on cutting-edge technology connected to power grid infrastructure and smart grid. As a result, this trend is anticipated to support the APAC market's rapid expansion. The DFRs market in this region will be driven by the rising number of renewable energy projects and the strong demand for premium power grid infrastructure.
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