Digital Fault Recorder Market Highlights:
Market Research Future (MRFR), an emerging market research company, on conducting a study on the global Digital Fault Recorded Market, suggests that the digital fault recorder market (DFR) to thrive at about 4.75% CAGR across the forecast period (2018 to 2023). The function of digital fault recorder is to monitor and evaluate low, medium, and high-voltage networks across power plants and transformer sub-stations. And detection of short circuits, on-the-line power fluctuations, and a transformer’s breaking operations, and critical load cases are other activities performed by digital fault recorder.
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Digital fault recorder is a device used to monitor, access, and optimize any disturbance that might happen on the grid, power plants, and substations. Digital fault recorder stores the critical information within the substation and archives this data in a remote enterprise network location for permanent storage and analysis. The main advantages of digital fault recorder include secure data collection, meeting requirements of international fault recording standards, and providing a permanent detailed record of all substation activity at a nominal cost. Transimssion segment is expected to dominate the Digital Fault Recorder Industry during the forecast period.
The high electricity consumption is generating the need for installing safety measures for the seamless distribution of electricity. The growing power requirements due to changing customer needs is laying the groundwork for a competent and responsive power grid system to develop. It is an electrical grid that comprises smart appliances, smart meters, renewable, and energy-efficient resources. In recent times, the necessity for power across both industrial and residential power is increasing significantly. Thus, power grid systems that can accommodate the surging demand are installed. The expansion of the global population base that is observed to underpin the upscaling electricity need, is also resulting in a growing number of power plants and substations. As the energy requirement is high and such developments are taking place at a rapid pace, the need to ensure security emerges as the main priority. The role of digital fault recorder lies herein.
Global Digital Fault Recorder Market Segmental Analysis:
Based on type, the market is segmented into dedicated digital fault recorder and multifunctional digital fault recorder.
The multifunctional segment is estimated to hold the largest share during the forecast period due to growing adoption of multifunctional digital fault recorder in the electricity network and power generation.
The voltage segment includes less than 66 kV, 66-220 kV, and above 220 kV. The 66-220 kV segment is expected to hold the largest share during the forecast period due to increasing energy demand over long distances in the region.
The digital fault recorder with voltage 66-220 kV are used to transmit power over long distances which is likely to drive the market for digital fault recorder.
Region wise, Asia-Pacific held the largest market share of the global digital fault recorder market in 2017. It is estimated that Asia-Pacific region will continue to dominate the market during the forecast period, due to rising government investment, especially in China where the Chinese government is expected to invest USD 317 billion to improve power grid infrastructure by 2020.
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 the increasing electricity demand. Similarly, North America being the second largest region is also focusing towards immediate need for reliable power supply system, driving the demand for digital fault recorder
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