Product ID: SQMIG45K2084
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.
Global Digital Fault Recorder Market Report Snapshots
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