Digital Fault Recorder Market Size, Share, Growth Analysis, By Type(66 kV, 66-220 kV, Above 220 kV), By Application(Generation, Transmission, Distribution), By Region - Industry Forecast 2024-2031

During the projected period, the Asia-Pacific region is anticipated to have substantial expansion in the global digital fault recorder market. This is ascribed to an increase in government spending to upgrade the infrastructure of the power grid in an effort to boost the dependability of electricity systems. Due to the rising need for power grid infrastructure in the nation, India is one of the key markets for digital fault recorders in the Asia-Pacific region. The need for renewable energy sources and the electrical grid is growing, which is another factor driving the Asia-Pacific market for digital fault recorders. For example, the Power Grid Corporation of India Limited (PGCIL) declared that the investments in five projects totaling Rs. 821.29 crores have been approved by the board of directors. The first project, which would cost Rs 129.28 crore and be finished in February 2023, entails improving the transmission network beyond Kolhapur (Maharashtra) for electricity export from solar and wind energy zones in the southern area. The Srinagar-Leh transmission system strengthening project, which would cost Rs 288.71 crore and be finished by December 2024, is the second project. Increased transformation capacity in the southern area will be achieved by the third project, which would cost Rs 176.22 crore and be finished by March 20, 2023.

China dominates the Asia-Pacific for global digital fault recorders market, while Japan, China, and India are investing in the transmission and distribution sector. Due to the nation's export-driven economy and recent exponential rise in manufacturing and infrastructure, investments in dependable T&D networks have been made to meet the nation's rising electrical consumption. Additionally, it is predicted that rising power consumption in nations like China and India would fuel the expansion in the Asia-Pacific region.

For example, depending on weather trends, the demand for electricity in India often peaks in the warmer months of April through August. Similar to 2021 and 2019, when peak monthly demand was 15% and 19% higher, respectively than the average monthly demand in 1Q21, it is anticipated that monthly electricity consumption would peak in 2022 at roughly 132 billion kWh, 15% higher than the average monthly demand in 1Q22. Pandemic-related lockdowns in 2020 reduced demand, although the highest monthly demand was still 6% higher than the average monthly demand in 1Q20.