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" The digital fault recorder market is expected to grow from an estimated USD 363.1 million in 2018 to USD 458.2 million by 2023, registering a CAGR of 4.76% during the forecast period. The growth of this market is primarily driven by growing need for a reliable power supply system and growing demand for digital substation.
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The transmission segment is expected to hold the largest share of the digital fault recorder market
The transmission segment dominated the digital fault recorder market in 2017. The growth of this segment is likely to be driven by the increase in investments in the power transmission infrastructure globally. For instance, according to the IEA World Energy Outlook 2016, an investment of USD 1.5 trillion is expected to occur in the global transmission infrastructure, under the 450 scenario, between 2016 and 2040.
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The digital fault recorder market for the automated segment is expected to be the fastest-growing segment of the market
The digital fault recorder market for the automated segment, by station, is expected to grow at the highest CAGR from 2018 to 2023. This segment enables to remotely monitor, control, and coordinate the transmission and distribution components installed in the substation. The growth of this automated segment is likely to be driven by an increase in demand for retrofitting the conventional substations to upgrade the aging infrastructure.
Asia Pacific: A leading market for digital fault recorders
In this report, the digital fault recorder market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest share of the global digital fault recorder market in 2017. Government investments to improve power grid infrastructure for maximizing the reliability of power system are among the major factors that are likely to drive this market.
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Some of the top players in the digital fault recorder market include AMETEK.Inc. (US), DUCATI Energia Spa (Italy), ERLPhase Power Technologies Ltd. (Canada), Elspec LTD (Israel), General Electric Company (US), KoCoS Messtechnik AG (UK), Kinkei System Corporation (Japan), LogicLab s.r.l. (Italy), Prosoft-Systems Ltd. (Russia), Qualitrol Company LLC (US) and Siemens AG (Germany).
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