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

Digital Fault Recorder Market size was valued at USD 2.66 billion in 2019 and is poised to grow from USD 2.86 billion in 2023 to USD 5.46 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

The digital fault recorder market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, a major supplier of solutions and services for radio frequency and microwave test and measurement, NSI-MI Technologies has been purchased by AMETEK, Inc. With yearly sales of about $90 million, NSI-MI was purchased for $230 million. NSI-MI can offer whole test and measurement systems for specialized applications throughout the aerospace, defense, automotive, wireless communications, and research areas thanks to their experience in cutting-edge radio frequency and microwave technology. The firm offers customers complete anechoic and simulation chambers, a wide range of aftermarket services, and a varied array of testing apparatus, components, and software. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'GE', 'Elspec', 'Siemens AG', 'ABB Ltd.', 'Schweitzer Engineering Laboratories, Inc.', 'NR Electric Co., Ltd.', 'Schneider Electric SE', 'Mitsubishi Electric Corporation', 'Ametek, Inc.', 'Chongqing TOP Oil Purifier Co., Ltd.', 'Qualitrol LLC', 'Camlin Power Ltd.', 'Kocos AG', 'ERLPhase Power Technologies Ltd.', 'Dynamic Ratings, Inc.', 'Littelfuse, Inc.', 'BPL Global, Ltd.', 'Yokogawa Electric Corporation', 'Pentair PLC', 'Doble Engineering Company'

The expansion of transmission and distribution networks as well as the construction of new power grid infrastructure are top priorities for both public and commercial organizations worldwide. Similar trends are expected to increase demand for digital fault recorders, including expanding installation of energy-efficient technology and growing demand for a stable electrical supply.

The growing adoption of IEC 61850. IEC 61850 is used by almost all utilities in Europe, although very few do so in North America. In the United States, a poor understanding of the technology's advantages and perceived hazards of adopting the standard are the main reasons for the lack of acceptance. Relays will be made easier to connect digitally, communicate with one another, and provide functions like streamlined islanding schemes thanks to IEC 61850. The data communication component of the automation system is mostly the attention of antiquated protocols like Modbus and DNP3. The user may build automation systems based on what should be done rather than how the data should be delivered thanks to IEC 61850's expansion beyond the data. A high-level summary of the contrast between IEC 61850 and DNP3 may be seen in the table below. This may boost the growth of the digital fault recorder market during the forecast period.

During the projected period, the Asia-Pacific region is anticipated to have substantial expansion in the 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.