Digital Fault Recorder Market - Growth, Trends, COVID-19 Impact, and Forecasts (Posted by Statzy Market Research on April 15th, 2021 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. - 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. Free Sample report for this report is available :- https://www.statzyreports.com/report/sr497565/digital-fault-recorder-market Key Market Trends - 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. - 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. For sample report please visit : https://www.statzyreports.com/report/sr497565/digital-fault-recorder-market Contact Us: Like it? Share it! More by this author |