How will the Digital Fault Recorder Market differential ecosystem will create growth opportunities for manufacturers?

According to the new market research report “Digital Fault Recorder Market by Type (Dedicated and Multifunctional), Installation (Generation, Transmission, and Distribution), Station (Nonautomated and Automated), Voltage (Less Than 66 kV, 66–220 kV, and Above 220 kV) – Global Forecast to 2023”, published by MarketsandMarkets™, the global digital fault recorder market is projected to be worth USD 458.2 million by 2023, growing at a CAGR of 4.76%. The growth of this market is driven by the growing need for reliable power supply system and growing demand for digital substation.

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The report segments the digital fault recorder market, by installation, into generation, transmission and distribution. Transmission is expected to grow at the highest CAGR during the forecast period. According to the IEA World Energy Outlook 2016, an investment of USD 1.5 trillion is expected to occur in global transmission infrastructure, under the 450 scenario, between 2016 and 2040. Such investments are likely to drive the growth of this segment during the forecast period.

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The digital fault recorder market, by voltage, is segmented into less than 66 kV, 66–220 kV, and above 220 kV. The 66–220 kV segment is expected to grow at the highest CAGR during the forecast period; substations in this range are used to transmit power over long distances. Increasing investments in the transmission infrastructure from emerging economies such as India, China, Saudi Arabia, and the UAE is expected to further strengthen the market for digital substations with a voltage range of 66–220 kV.

The digital fault recorder market is segmented, by station, into automated and nonautomated. 2017Automated segment is expected to grow at the highest CAGR during the forecast period. According to IEA, the global investment in electricity network was USD 277.01 billion in 2016, while the global investment in electricity network was USD 261.73 billion in 2015.  The growth in the automation segment will be mainly driven by the growing investment in the electricity network.

The digital fault recorder market is segmented, by type, into dedicated and multifunctional. Multifunctional segment is expected to grow at the highest CAGR during the forecast period. Growing adoption of multifunctional DFR in the electricity network and power generation is expected to be the drive the demand for multifunctional DFR segment.

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Asia Pacific is largest and the fastest-growing of digital fault recorder market. The market in Asia Pacific is mainly driven by the growing investment in power grid infrastructure in emerging economies such as India and China. For instance, the government of China is planning to invest USD 315 billion in improving its power grid infrastructure between 2015 and 2020. China is expected to hold the largest market share of the digital fault recorder market by 2023 in Asia Pacific. Such investments toward the development of power grid infrastructure are expected to drive the growth of the digital fault recorder market during the forecast period.

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