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 Forecast. 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.
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