Digital fault recorder has the capability to monitor and evaluate the low, medium and high-voltage networks in transformer sub-stations and power plants. The device is optimized to monitor and record any disturbance that may happen on the power grids. The digital fault recorder market is expected to grow at a CAGR of more than 4.4% over the forecast period (2021 - 2026). Growing demand for digital substations has become the major driver for the growth of the digital fault recorder market. Moreover, continuous investment in the power grid infrastructure in order to maximize the reliability of power infrastructure in various nations across the globe is likely to drive the digital fault recorder market. However, higher costs of installations of digital fault recorder systems is a major factor hindering the growth of digital fault recorder market in recent times.
- Transmission is to dominate in the digital fault recorder market due to the increase in investments in the power transmission infrastructure across the globe.
- Various environmental legislations being laid down by the environmental protection agencies across the globe coupled with investments in energy projects is anticipated to provide larger opportunities for the players operating in the digital fault recorder market.
- Asia-Pacific is expected to witness significant growth in the digital fault market over the forecast period.
Key Market Trends
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.
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.
The digital fault recorder market is fragmented. Some of the major players in the market include GE Grid Solutions LLC, AMETEK, Inc., Siemens AG, Kinkei System Corp, and KoCoS Messtechnik AG.
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1.2 Market Definition
1.3 Study Assumptions
4.2 Market Size and Demand Forecast in USD million, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5.3.1 North America
5.3.4 Middle-East and Africa
5.3.5 South America
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 GE Grid Solutions LLC
6.3.2 AMETEK, Inc.
6.3.3 Siemens AG
6.3.4 Kinkei System Corp
6.3.5 KoCoS Messtechnik AG 2020
6.3.6 Elspec LTD
6.3.7 Ducati Energia SpA
6.3.8 Prosoft Systems Ltd.
6.3.9 Qualitrol Co LLC
6.3.10 ERLPhase Power Technologies Ltd.
A selection of companies mentioned in this report includes:
- GE Grid Solutions LLC
- AMETEK, Inc.
- Siemens AG
- Kinkei System Corp
- KoCoS Messtechnik AG 2020
- Elspec LTD
- Ducati Energia SpA
- Prosoft Systems Ltd.
- Qualitrol Co LLC
- ERLPhase Power Technologies Ltd.