Digital Fault Recorder Market Set to Soar Past USD 5.46 Billion by 2030
The global Digital Fault Recorder market size is expected to reach USD 5.46 billion by 2030 and exhibit a CAGR of 7.4% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for reliable power supply, growing adoption of digital substations, rising focus on grid modernization and smart grid initiatives, need for effective fault detection and analysis, integration of advanced communication technologies are fueling the market’s growth.
Westford, USA, Aug. 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Digital Fault Recorder market, increasing adoption of Internet of Things (IoT) technology, emergence of big data analytics for fault analysis, integration of artificial intelligence (AI) and machine learning (ML) algorithms, deployment of cloud-based solutions for data storage and analysis, development of portable and lightweight fault recorders, implementation of wide-area monitoring systems (WAMS), focus on interoperability and standardization of fault recorders, growing demand for real-time monitoring and analysis capabilities, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Digital Fault Recorder Market”
- Pages – 157
- Tables – 63
- Figures – 75
A digital fault recorder (DFR) is an intelligent electronic device that records data from power system protection relays. It stores the data in a digital format and can be used to troubleshoot faults and disturbances on the power system. DFRs are used in power grids, substations, and industrial plants.
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Prominent Players in Digital Fault Recorder Market
- ABB
- Ametek
- AMETEK Grid Automation
- CIRCUTOR
- CSI AG
- Ducati Energia
- ERLPhase Power Technologies Ltd.
- Elspec Ltd.
- GE Grid Solutions LLC
- Hitachi ABB Power Grids
- Honeywell International Inc.
- InnoVista Power Systems
- KoCoS Messtechnik AG
- L&T Electrical & Automation
- Megger
- Mitsubishi Electric Corporation
- Qualitrol
- R. Stahl AG
- Siemens AG
- Socomec
- SPEAR Power Systems
- Schneider Electric
- Schweitzer Engineering Laboratories
Dedicated Fault Recorder Demand to Grow Substantially in the Forecast Period
The dedicated fault recorder type dominated the global market owing to its specialized functionality. It is a purpose-built device explicitly designed for fault detection and analysis, providing accurate and detailed data capture. In addition, they offer advanced features and capabilities tailored to meet the specific needs of power utilities, industrial sectors, and other end-users. Their focused functionality and high-performance capabilities make them a preferred choice for critical fault monitoring and analysis applications.
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Power Quality Monitoring is the Leading Application Segment
In terms of application, power quality monitoring is the leading segment, as it plays a crucial role in ensuring the reliability and stability of electrical power systems. In addition, It involves the measurement and analysis of various power quality parameters such as voltage sags, voltage swells, harmonics, flicker, and transients. Several factors drive the demand for power quality monitoring. Firstly, the increasing integration of renewable energy sources such as solar and wind power into the grid has raised the importance of maintaining consistent power quality.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a presence of prominent utility market players. This can be attributed to several factors, including the strong emphasis on grid modernization and smart grid initiatives and early adoption of advanced technologies. The region has witnessed significant investments in upgrading power infrastructure and implementing digital solutions for fault detection and analysis.
A recent report thoroughly analyzes the major players operating within the Digital Fault Recorder market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Digital Fault Recorder.
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Key Developments in Digital Fault Recorder Market
- The 180 MW Bajoli Holi Project has been serviced 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 over 16 km long.
Key Questions Answered in Digital Fault Recorder Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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