Digital
Fault Recorder Market to Gain High Profits as Substation Installations Surge
Prevention
from Fire, Digital Fault Recorder to the Rescue!
The high electricity consumption is generating the need
for installing safety measures for the seamless distribution of electricity. The
growing power requirements due to changing customer needs is laying the groundwork
for a competent and responsive power grid system to develop. It is an
electrical grid that comprises smart appliances, smart meters, renewable, and
energy-efficient resources. In recent times, the necessity for power across
both industrial and residential power is increasing significantly. Thus, power
grid systems that can accommodate the surging demand are installed. The expansion
of the global population base that is observed to underpin the upscaling
electricity need, is also resulting in a growing number of power plants and
substations. As the energy requirement is high and such developments are taking
place at a rapid pace, the need to ensure security emerges as the main
priority. The role of digital fault recorder lies herein.
Just
One Add-On for Industrial Hazard Prevention
Market Research Future (MRFR), an emerging market
research company, on conducting a study on the global digital fault recorded
market, suggests that the Digital
Fault Recorder (DFR) Market to thrive at about 4.75% CAGR across the
forecast period (2018 to 2023). The function of digital fault recorder is to
monitor and evaluate low, medium, and high-voltage networks across power plants
and transformer sub-stations. And detection of short circuits, on-the-line
power fluctuations, and a transformer’s breaking operations, and critical load
cases are other activities performed by digital fault recorder. The increase in
stringency of industrial safety norms and the growing concern towards employees
are creating a surge in the adoption of digital fault recorders. Rapid
industrialization and rise in need to curb occupational hazards are promoting
the need for high production of digital fault recorders. Hence, the growing
number of digital fault recorder manufacturers and the existing companies
launching innovations can accelerate the market growth.
Digital
Fault Recorders Experience High Rate of Adoption
The demand for digital, automated substations that can
be remotely operated, controlled, and monitored with accuracy is surging. It is
expected gain considerable traction for digital fault recorder. The multifunction
substations are commonly used and less that 66-220 kV type digital fault
recorders are experiencing high desirability. These are identified as major
promoters of the market by MRFR. Other types of digital fault recorders are 66 kV, 66-220 kV,
and above 220 kV. The availability of different types that meet different
security requirements is also likely to cast an impact on the market. Asia
Pacific is expected to secure the pole position in the global market. Economies,
such as China and India that have high population and suitable infrastructure
to support disruptive technologies is expected to boost the APAC digital fault
recorder market growth. Initiatives launched by governments to upgrade security
measures and tangibility of smart city projects are additional factors that can
favor the regional market. Hence, it can be concluded that the worldwide market
of digital fault recorder health will only improve over time.
Read More: https://blog.naver.com/mrfr123/221640946638
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