Global Digital Fault Recorder Market

Global Digital Fault Recorder Market Size, Share, Growth Analysis, By Type(66 kV, 66-220 kV), By Application(Generation, Transmission) - Industry Forecast 2024-2031


Report ID: SQMIG45K2084 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Digital Fault Recorder Market Insights

Digital Fault Recorder Market size was valued at USD 2.66 billion in 2019 and is poised to grow from USD 2.86 billion in 2023 to USD 5.46 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

An intelligent electronic device (IED) called a digital fault recorder (DFR) samples binary data during power system transients and uses communications to obtain records of faults, disturbances, and sequences of events that were recorded by protective relays. In response to events observed in the power system, it saves data in a digital format. Data that is gathered by DFRs includes harmonics, frequency, and voltage levels, among other things. They allow for data archiving for long-term preservation and analysis as well as local substation troubleshooting.

Power consumption is rising quickly in today's globe as a result of urbanization and industrialization. The utility sector must adapt to consumers' shifting consumption habits and the rising demand for electricity. The global demand for power is anticipated to be dominated by the residential and industrial sectors. In order to supply stable electricity, the power grid system should be intelligent. To stabilize power grid fluctuation, a digital fault recorder is absolutely essential. For example, the typical yearly power use for a household utility user in the United States in 2019 was 10,715 kilowatt-hours (kWh), or around 893 kWh per month. Hawaii had the lowest annual power use per residential customer at 6,446 kWh, while Louisiana had the most at 14,407 kWh.

Furthermore, the combined energy usage of six energy-intensive manufacturing subsectors—chemicals, petroleum and coal products, paper, primary metals, food, and nonmetallic minerals goods—according to MECS 2018 was equal to 16.9 quadrillion Btu, or 87 percent of all manufacturing energy consumption. Chemicals, petroleum and coal products, and paper were the three most energy-intensive manufacturing subsectors in 2019, accounting for approximately 70% of all manufacturing energy usage.

The global digital fault recorder market has suffered as a result of the Covid-19 pandemic. Due to the lockdown and societal conventions of distance, major corporations have temporarily ceased operations in many regions. Due to the increased urbanization and growing demand for efficient use of existing space, the sector anticipates significant demand and necessity following the pandemic. For example, global energy demand was estimated to fall by 6% in 2019 compared to 2019, a drop that will be seven times larger than that seen during the financial crisis of 2009. The overall mean electricity generation from 16 European nations in April 2020 declined by 9% (25 GW) compared to the mean value from 2015 to 2019, with fossil energy generation falling by 28% (24 GW), nuclear energy falling by 14% (11 GW), and renewable energy rising by 15%. (15 GW). Although it is easy and obvious that total energy demand is falling, the effects on various energy sources and consumption patterns in various places are quite intricate. But the demand has risen post-pandemic and hence it is expected to boost the growth of the global digital fault recorder market.

US Digital Fault Recorder Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 2.66 billion

Fastest Growth

North America

Growth Rate

7.4% CAGR

Global Digital Fault Recorder Market BY Region ($ Bn)
Country Share for Asia Pacific (%)
Global Digital Fault Recorder Market
Global Digital Fault Recorder Market BY Region (%)

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Global Digital Fault Recorder Market Segmental Analysis

Digital Fault Recorder Market is segmented based on the type, application, and region. Based on the type, the global digital fault recorder market is segmented as less than 66 kV, 66-220 kV, and above 220 kV. Based on application, the global digital fault recorder market is segmented into generation, transmission & distribution. Based on region, Digital Fault Recorder Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Digital Fault Recorder Market Analysis by Type

Due to the rising demand for electricity over long distances in the area, the 66-220 kV sector is anticipated to have the biggest share over the projection period in the global digital fault recorder market. The market for digital fault recorders is projected to be driven by the usage of digital fault recorders with voltages of 66-220 kV in long-distance power transmission. High voltage transmission lines are used in order to transfer electricity to larger distances. For example, more than 642,000 miles of high-voltage transmission lines and nearly 6.3 million miles of local distribution lines make up the U.S. electric grid, which is subject to a variety of federal, state, tribal, and municipal regulatory regimes. The Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corporation (NERC), which develop, issue, and enforce mandatory reliability standards, typically have jurisdiction over the bulk-power system's reliability (i.e., the facilities and control systems required for operating an interconnected electric transmission network and the electric generation facilities required to maintain system reliability).

Digital Fault Recorder Market Analysis by Application

In 2021, the transmission segment held the largest share in the global digital fault recorder market during the forecast period. Power may be transferred from a producing source to numerous load centers via transmission networks. The need for digital fault recorders in this market is being driven by the increase in investment in transmission infrastructure for the development of a dependable power supply system. For example, it’s difficult to build transmission lines in the US. The newly approved Infrastructure Investment and Jobs Act (IIJA) aims to improve and modernize the electrical system in order to handle efforts to reduce carbon emissions and electrify society as a whole. The IIJA alters the landscape of energy transmission in two key ways: first, by significant investments in new transmission technology and infrastructure, and second, by strengthening the DOE's regulatory authority over the construction of new transmission lines. About $73 billion of the approximately $550 billion in new expenditure over the following five years goes toward grid automation and energy transmission infrastructure. the deployment of smart grid technologies; $5 billion in grants for electricity transmission, storage, and distribution projects; $3 billion in grants; $2.5 billion for a "revolving loan fund" that enables the DOE to act as an anchor tenant for new and updated transmission lines to improve the financial viability of such projects; and $500 million for a state-level transmission and distribution network.

Furthermore, according to the International Energy Agency, achieving long-term sustainability targets may need a 50% increase in global grid investment over the following ten years. It will be especially important to make large investments in the almost 7 million kilometers (km) of transmission lines that exist around the world to enable the ongoing conveyance of rising volumes of renewable energy and to assist control supply and demand instability. Such huge investments in the transmission structure are expected to boost the growth of the global digital fault recorder market during the forecast period.

Global Digital Fault Recorder Market BY Region, 2023 (%)

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Global Digital Fault Recorder Market Regional Insights

During the projected period, the Asia-Pacific region is anticipated to have substantial expansion in the global digital fault recorder market. This is ascribed to an increase in government spending to upgrade the infrastructure of the power grid in an effort to boost the dependability of electricity systems. Due to the rising need for power grid infrastructure in the nation, India is one of the key markets for digital fault recorders in the Asia-Pacific region. The need for renewable energy sources and the electrical grid is growing, which is another factor driving the Asia-Pacific market for digital fault recorders. For example, the Power Grid Corporation of India Limited (PGCIL) declared that the investments in five projects totaling Rs. 821.29 crores have been approved by the board of directors. The first project, which would cost Rs 129.28 crore and be finished in February 2023, entails improving the transmission network beyond Kolhapur (Maharashtra) for electricity export from solar and wind energy zones in the southern area. The Srinagar-Leh transmission system strengthening project, which would cost Rs 288.71 crore and be finished by December 2024, is the second project. Increased transformation capacity in the southern area will be achieved by the third project, which would cost Rs 176.22 crore and be finished by March 20, 2023.

China dominates the Asia-Pacific for global digital fault recorders market, while Japan, China, and India are investing in the transmission and distribution sector. Due to the nation's export-driven economy and recent exponential rise in manufacturing and infrastructure, investments in dependable T&D networks have been made to meet the nation's rising electrical consumption. Additionally, it is predicted that rising power consumption in nations like China and India would fuel the expansion in the Asia-Pacific region.

For example, depending on weather trends, the demand for electricity in India often peaks in the warmer months of April through August. Similar to 2021 and 2019, when peak monthly demand was 15% and 19% higher, respectively than the average monthly demand in 1Q21, it is anticipated that monthly electricity consumption would peak in 2022 at roughly 132 billion kWh, 15% higher than the average monthly demand in 1Q22. Pandemic-related lockdowns in 2020 reduced demand, although the highest monthly demand was still 6% higher than the average monthly demand in 1Q20.

Global Digital Fault Recorder Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Digital Fault Recorder Market Dynamics

Digital Fault Recorder Market Driver

  • 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.
  • One of the most crucial pieces of information that event analysts might have during a system event inquiry is fault records. Any transmission system's performance and reliability may be enhanced by the proper usage and interpretation of event data, which can result in remedial action being taken for a specific system issue. Thus, it is anticipated that more people would utilize digital fault recorders.
  • Over the past several years, the global digital fault recorder market has shown tremendous growth. DFR is crucial in addressing a number of problems related to faults and disturbances in substations. During the forecast period, the DFR market is anticipated to be driven by an increase in fault recorder usage in the power sector. According to estimates, the DFR industry would have a lot of chances as a result of the rise in energy consumption brought on by industrialization. As a result, it is projected that the DFR market would grow significantly over the forecast period.
  • The market for digital fault recorders is anticipated to be driven by an increase in the need for reliable power supply systems and the cardinal substation. One of the main factors driving the market for digital fault recorders is the focus of the governments of the emerging nations on improving the infrastructure of the power grid. By raising awareness of environmental preservation and numerous goals related to energy efficiency, digital fault recorder devices are supplying a useful platform.

Digital Fault Recorder Market Restraint

  • A digital fault recorder employs an expensive microprocessor, which raises the recorder's overall cost. Additionally, it calls for qualified employees for monitoring and controlling, which is anticipated to slow the market expansion for digital fault recorders.

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Global Digital Fault Recorder Market Competitive Landscape

The global digital fault recorder market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, a major supplier of solutions and services for radio frequency and microwave test and measurement, NSI-MI Technologies has been purchased by AMETEK, Inc. With yearly sales of about $90 million, NSI-MI was purchased for $230 million. NSI-MI can offer whole test and measurement systems for specialized applications throughout the aerospace, defense, automotive, wireless communications, and research areas thanks to their experience in cutting-edge radio frequency and microwave technology. The firm offers customers complete anechoic and simulation chambers, a wide range of aftermarket services, and a varied array of testing apparatus, components, and software. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.

Top Players in the Global Digital Fault Recorder Market

  • GE
  • Elspec
  • Siemens AG
  • ABB Ltd.
  • Schweitzer Engineering Laboratories, Inc.
  • NR Electric Co., Ltd.
  • Schneider Electric SE
  • Mitsubishi Electric Corporation
  • Ametek, Inc.
  • Chongqing TOP Oil Purifier Co., Ltd.
  • Qualitrol LLC
  • Camlin Power Ltd.
  • Kocos AG
  • ERLPhase Power Technologies Ltd.
  • Dynamic Ratings, Inc.
  • Littelfuse, Inc.
  • BPL Global, Ltd.
  • Yokogawa Electric Corporation
  • Pentair PLC
  • Doble Engineering Company

Digital Fault Recorder Market Recent Developments

  • In July 2022, the 180 MW Bajoli Holi Project has been put into service by the hydropower division of GE Renewable Energy, a division of GE Power India Limited (GEPIL). Since the project's connection to the grid in March 2022, three units of 60 MW each have been producing power. The 180 MW run-of-the-river power plant was built on the river Ravi in the Chamba region of Himachal Pradesh, northern India, and features a head race tunnel that is more than 16 km long.
  • In July 2022, the Korea Electric Power Corporation (KEPCO) awarded a contract worth more than $100 million to GE Renewable Energy's Grid Solutions division and KAPES, a KEPCO-GE joint venture, to build a 500 MW Back-to-Back Voltage Sourced Converter (VSC) High Voltage Direct Current (HVDC) link in Incheon, South Korea.

Global Digital Fault Recorder Key Market Trends

  • The growing adoption of IEC 61850. IEC 61850 is used by almost all utilities in Europe, although very few do so in North America. In the United States, a poor understanding of the technology's advantages and perceived hazards of adopting the standard are the main reasons for the lack of acceptance. Relays will be made easier to connect digitally, communicate with one another, and provide functions like streamlined islanding schemes thanks to IEC 61850. The data communication component of the automation system is mostly the attention of antiquated protocols like Modbus and DNP3. The user may build automation systems based on what should be done rather than how the data should be delivered thanks to IEC 61850's expansion beyond the data. A high-level summary of the contrast between IEC 61850 and DNP3 may be seen in the table below. This may boost the growth of the global digital fault recorder market during the forecast period.
  • With a capacity estimated to rise by around 2 terawatts by 2030, Asia-Pacific is positioned to become the primary location for renewable-energy development and investment in the 2020s. Greater population growth, promising economic outlooks, and significant potential resulting from the low market penetration of renewable energy sources all contribute to demand expanding faster than in any other area of the world. Green post-pandemic recovery initiatives are expected to support the industry's sustained growth. This may further boost the growth of the global digital fault recorder market during the forecast period.

Global Digital Fault Recorder Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global digital fault recorder market analysis, in terms of type, the 66-220 kV segment held the largest share in the global digital fault recorder market owing to the usage of digital fault recorders with voltages of 66-220 kV in long-distance power transmission. High voltage transmission lines are used in order to transfer electricity to larger distances. Based on application, the transmission segment held the largest share in the global digital fault recorder market during the forecast period due to the need for digital fault recorders in this market being driven by the increase in investment in transmission infrastructure for the development of a dependable power supply system. And by region, the Asia-Pacific region held the largest share in the global digital fault recorder market. This is ascribed to an increase in government spending to upgrade the infrastructure of the power grid in an effort to boost the dependability of electricity systems.

Report Metric Details
Market size value in 2023 USD 2.66 billion
Market size value in 2031 USD 5.46 billion
Growth Rate 7.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • 66 kV, 66-220 kV, Above 220 kV
  • Application
    • Generation, Transmission, Distribution
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • GE
  • Elspec
  • Siemens AG
  • ABB Ltd.
  • Schweitzer Engineering Laboratories, Inc.
  • NR Electric Co., Ltd.
  • Schneider Electric SE
  • Mitsubishi Electric Corporation
  • Ametek, Inc.
  • Chongqing TOP Oil Purifier Co., Ltd.
  • Qualitrol LLC
  • Camlin Power Ltd.
  • Kocos AG
  • ERLPhase Power Technologies Ltd.
  • Dynamic Ratings, Inc.
  • Littelfuse, Inc.
  • BPL Global, Ltd.
  • Yokogawa Electric Corporation
  • Pentair PLC
  • Doble Engineering Company
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Digital Fault Recorder Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Digital Fault Recorder Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Digital Fault Recorder Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Fault Recorder Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Fault Recorder Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Digital Fault Recorder Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Digital Fault Recorder Market size was valued at USD 2.66 billion in 2019 and is poised to grow from USD 2.86 billion in 2023 to USD 5.46 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

The global digital fault recorder market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, a major supplier of solutions and services for radio frequency and microwave test and measurement, NSI-MI Technologies has been purchased by AMETEK, Inc. With yearly sales of about $90 million, NSI-MI was purchased for $230 million. NSI-MI can offer whole test and measurement systems for specialized applications throughout the aerospace, defense, automotive, wireless communications, and research areas thanks to their experience in cutting-edge radio frequency and microwave technology. The firm offers customers complete anechoic and simulation chambers, a wide range of aftermarket services, and a varied array of testing apparatus, components, and software. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'GE', 'Elspec', 'Siemens AG', 'ABB Ltd.', 'Schweitzer Engineering Laboratories, Inc.', 'NR Electric Co., Ltd.', 'Schneider Electric SE', 'Mitsubishi Electric Corporation', 'Ametek, Inc.', 'Chongqing TOP Oil Purifier Co., Ltd.', 'Qualitrol LLC', 'Camlin Power Ltd.', 'Kocos AG', 'ERLPhase Power Technologies Ltd.', 'Dynamic Ratings, Inc.', 'Littelfuse, Inc.', 'BPL Global, Ltd.', 'Yokogawa Electric Corporation', 'Pentair PLC', 'Doble Engineering Company'

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.

The growing adoption of IEC 61850. IEC 61850 is used by almost all utilities in Europe, although very few do so in North America. In the United States, a poor understanding of the technology's advantages and perceived hazards of adopting the standard are the main reasons for the lack of acceptance. Relays will be made easier to connect digitally, communicate with one another, and provide functions like streamlined islanding schemes thanks to IEC 61850. The data communication component of the automation system is mostly the attention of antiquated protocols like Modbus and DNP3. The user may build automation systems based on what should be done rather than how the data should be delivered thanks to IEC 61850's expansion beyond the data. A high-level summary of the contrast between IEC 61850 and DNP3 may be seen in the table below. This may boost the growth of the global digital fault recorder market during the forecast period.

During the projected period, the Asia-Pacific region is anticipated to have substantial expansion in the global digital fault recorder market. This is ascribed to an increase in government spending to upgrade the infrastructure of the power grid in an effort to boost the dependability of electricity systems. Due to the rising need for power grid infrastructure in the nation, India is one of the key markets for digital fault recorders in the Asia-Pacific region. The need for renewable energy sources and the electrical grid is growing, which is another factor driving the Asia-Pacific market for digital fault recorders. For example, the Power Grid Corporation of India Limited (PGCIL) declared that the investments in five projects totaling Rs. 821.29 crores have been approved by the board of directors. The first project, which would cost Rs 129.28 crore and be finished in February 2023, entails improving the transmission network beyond Kolhapur (Maharashtra) for electricity export from solar and wind energy zones in the southern area. The Srinagar-Leh transmission system strengthening project, which would cost Rs 288.71 crore and be finished by December 2024, is the second project. Increased transformation capacity in the southern area will be achieved by the third project, which would cost Rs 176.22 crore and be finished by March 20, 2023.

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