According to Future Market Insights, the digital fault recorders market is expected to secure US$ 1.73 billion in 2023 to while expanding at a CAGR of 11%. The market is likely to hold a value of US$ 4.94 billion in 2033.
With the advancement of digital monitoring technology, devices that have traditionally performed other functions with DFR capabilities are readily available in the market. Providing significant cost advantages and reducing manpower requirements, these new applications improve power plant personnel's ability to identify and diagnose problems by eliminating the need for dedicated monitoring equipment.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 1.6 billion |
| Expected Market Value (2023) | US$ 1.73 billion |
| Anticipated Forecast Value (2033) | US$ 4.94 billion |
| Projected Growth Rate (2023 to 2033) | 11% CAGR |
Supporting growth factors for the market include:
Due to the rise in demand for renewable energy sources in power systems, fault detection, and analysis are gaining traction in the market. Faults that occur inside distributed energy resources will be identified and addressed using DFRs. The advances in machine learning and data analytics will help DFRs analyze and diagnose faults more accurately, processing large amounts of data with greater speed in the market.
A more prominent focus has been placed on grid resilience in recent years as a result of the growing threat of natural disasters and cyber-attacks on power systems. In addition, fault detection and restoration can be significantly sped up using DFRs, which can aid utilities and power companies in minimizing downtime.
To provide a holistic view of the power system, DFRs are integrated with other systems, such as protection relays. Integrating these technologies can improve the effectiveness of fault detection and allow utilities and power companies to make more informed decisions about their operations. As power systems become more reliable and digital substations become more prevalent, the market for digital fault recorders is expected to grow in the coming years.
North America and Asia Pacific are expected to experience an increase in demand for digital fault recorders in the coming years. The aging infrastructure and increasing demand for reliable power supplies are driving the demand for digital fault recorders in North America. Renewable energy investments and smart grid adoption are also contributing to the growth of the market.
Globally, the Asia Pacific region is expected to account for the largest share of the DFR market by 2023. Increasing populations and urbanization are driving an increase in energy demand in the Asia Pacific region, driving the demand for digital fault recorders. Additionally, the modernization of power grids and the increasing investments in the power sector is spurring the demand for these devices in the market.
Due to new environmental laws being implemented by organizations that protect the environment and investment in energy projects, the digital fault recorder market is expected to grow in the future. The growing demand for reliable and accurate equipment on the market allows both established and new competitors to take advantage of cutting-edge technologies in the market.
In recent years, steady-state recordings have become increasingly popular, which provide low-resolution measurements of harmonic parameters such as the minimum, maximum, and average to increase DFR market demand. Increasing digitization of the power grid will make DFRs increasingly vulnerable to cyberattacks. Security boot, encryption, and intrusion detection are some of the features that may be included in future DFRs.
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Digital Fault Recorders (DFRs) are used to monitor and record distributed electric power system by utilizing multiphase waveforms to immediately identify faults, failure or interrupting devices, incorrect tripping as well as to determines optimum tripping delay settings.
The recorders utilizes highly accurate measurement chains to maximize fault data capture and better inform decision making. These recorders are specifically designed to monitor and assess the low, medium and high-voltage networks in transformer sub-stations and power plants.
Some of the processes and events that can be monitored by the digital fault recorder are short circuits, critical load cases, breaking operations of the transformer and power fluctuations that may happen on the line. In short, the device can serve as a reporting and management tool, allowing engineers to properly monitor the power grid or power plants.
Thus, the rising adoption of DFRs in power grid and power plants would propel the growth of DFRs market.
Day by day, the entire electrical system is changing with huge pace. The electricity generation systems is becoming highly distributed to countless locations. Several technological advancements are taking place in electrical systems to make them smarter, efficient, and more organized management system for uninterrupted electricity supply and demand.
Digital substations comprises of thousands of sensors to provide great comfort, availability, and safety and while at the same time reduces costs, risks, and environmental damage.
These digital substations are equipped with different types of intelligent electronic devices (IEDs) such as Digital Protective Relays (DPRs), Digital Fault Recorders (DFRs), Power Quality Monitors (PQMs), Digital Revenue Meters (DRMs), etc.
DFRs offers high speed monitoring and archives transient fault records, sequence of event records, and disturbance records recorded in protection relays distributed across the digital substation to ensures uninterrupted power supply across the substation.
As the reliance on renewable energy sources increases, modernizing the aged power systems is highly required to ensure reliable and cost-efficient operations. From the past few years, power grid sector is undergoing rapid transformation, as many counties across the world faces steep electricity demand growth rates. To ensure a faster transition towards a low-carbon future, the implementation of new technologies is critical.
Governments across the world are continuously focusing towards transforming their power grid infrastructures by investing in renewables integration, grid modernization, improving resiliency and digital transformation.
For instance, in October 2020, Chinese government has announced that the government will invest around $900 billion in the next five years for the development of country's power grids. Thus, the rising government investments in power grid infrastructure to maximize the reliability of power infrastructure would drive the growth of DFR market.
Principal Consultant
Key players in the DFR market are focusing on product innovation and strategic partnerships with other technology vendors to develop advanced DFRs for smart grid infrastructures. The major players offering DFR include
By geography, the DFR market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and Middle East & Africa. Among these regions, North America & Europe is expected to dominate the global market due to the high presence of prominent DFR vendors and high technological adoption, in this region.
Moreover, Asian countries like India, Singapore, Indonesia, and others, would also offer potential growth opportunities in the market growth, due to increasing investments in power grids and electricity distribution infrastructure.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain of the global DFR market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with DFR market attractiveness as per segments. The report on DFR market also maps the qualitative impact of various factors on DFR market segments and geographies.
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Digital Fault Recorders (DFR) Market
