Market Trends of Digital Fault Recorder Industry
This section covers the major market trends shaping the Digital Fault Recorder Market according to our research experts:
Transmission Segment to Dominate the Market
- Transmission systems are the means of transmitting power from a generating source to various load centers. The growth in investment of transmission infrastructure, for the creation of a reliable power supply system, is driving the demand for digital fault recorders in this segment.
- Fault records are one of the most important pieces of evidence that event analysts can have during system event investigations. Proper use and interpretation of event records can lead to corrective action for a given system problem resulting in improved performance and reliability of any transmission system. Thus, the use of digital fault recorders is expected to grow.
- By type, the multifunctional digital fault recorder segment is expected to grow more in comparison to a dedicated digital fault recorder in this segment, due to its increasing usage for generating power and electricity network.
- Asia-Pacific and North America are the major regions producing electricity to meet the energy demand and thus expected to have increased demand for digital fault recorder which is installed in a substation to record the waveform from a fault on a transmission line.
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Asia-Pacific to Witness Significant Growth
- The Asia-Pacific is expected to witness significant growth in the global digital fault recorder market during the forecast period. This is attributed to the increase in government investments to improve power grid infrastructure in order to maximize the reliability of power systems.
- India is one of the major countries for the digital fault recorder market in Asia-Pacific due to the rise in demand for power grid infrastructure in the country. An increase in demand for resources of renewable energy and the power grid is also driving the digital fault recorder market in Asia-Pacific.
- Japan, China, and India are making investments in the transmission & distribution segment; China accounts for the largest share of the digital fault recorder market in the Asia-Pacific. The country is an export-oriented economy and has witnessed exponential growth in the demand for electricity in the past few years, fueled by high industrialization and infrastructural developments, leading to investment in reliable T&D networks.
- Moreover, it is also estimated that the growth in Asia-Pacific is expected to be driven by growing demand for electricity in countries such as China and India. As of 2019, electricity generation has reached 12690.5 TWh in Asia-Pacific with a growth rate of 3.1% from the previous year.
- Hence, the demand for digital fault recorder in Asia-Pacific is expected to be increased in order to cater to increasing electricity demand.
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