The Worldwide Sequence of Events Recorder Industry is Projected to Reach $31 Million by 2026 at a CAGR of 4.7% from 2021 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Sequence of Events Recorder Market by Mount type (Rack mounted, Rail mounted), End user (Data Center, Power Generation, Manufacturing, Others (Hospitals, Laboratories, Petrochemicals, and Pharmaceutical industries)), Region- Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The sequence of events recorder market is projected to reach USD 31 million by 2026 from an estimated USD 25 million in 2021, at a CAGR of 4.7% during the forecast period.
Growing focus on the effective use of power resources worldwide and increasing emphasis on reducing industrial downtime and the global energy costs are factors driving the growth of the sequence of events recorder market. Moreover, growing investments in data center infrastructures and ongoing replacement of aging power infrastructures with technologically advanced power equipment are factors expected to offer lucrative opportunities for the growth of the market from 2021 to 2026. However, the easy availability of substitutes of sequence of events recorders hinders the growth of the market.
The rack mounted segment, by mount type, is expected to be the fastest growing market from 2021 to 2026
The mount type segment is categorized into rack mounted and rail mounted. The rack mounted segment accounts for the largest market share and is expected to grow at the fastest rate during the forecast period since they are easy to mount within racks, thereby leading to space saving. They enable improved tracking down of issues and are easy to update. These recorders make maintenance and troubleshooting activities efficient by enabling time saving.
The power generation segment, by end user, is expected to be the largest market from 2021 to 2026
The end user segment is categorized data centers, power generation, manufacturing, and others. The power generation sub-segment is expected to be the largest market during the forecast period. The power generation industry is a key user of automation products. It comprises a large number of transformers, feeders, busbars, and several other assets to ensure an uninterrupted power supply to end users. A power system is expected to carry out power generation, transmission, and distribution functions. Thus, power plants, transformers, transmission lines, substations, distribution lines, and distribution transformers are required to ensure the smooth conduct of these functions. It is essential to monitor these functions for flexibility, reliability, and stability of power supply systems. The sequence of events recorders can be used for monitoring the status of plants from the operator level to the managerial level.
Asia Pacific: The fastest growing region in the sequence of events recorder market
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region includes China, Australia, Japan, India, South Korea, Singapore, and the Rest of the Asia Pacific. The rest of Asia Pacific includes Thailand, Indonesia, the Philippines, and Malaysia, among others. Factors such as increasing penetration of the Internet and cloud computing, growing economy, and ongoing infrastructure development projects contribute to risen demand for data centers in the region. This, in turn, contributes to the growth of the sequence of events recorder market in the Asia Pacific. The key vendors providing data center power solutions in the Asia Pacific are ABB, Schneider Electric, and Delta Electronics. Countries such as Australia and China are witnessing increased investments in BFSI, retail, healthcare, manufacturing, and telecommunications verticals that have resulted in the development and economic growth in the Asia Pacific.
The construction of data centers in the Asia Pacific is comparatively higher than other regions of the world owing to the largely untapped market areas for data center providers. The implementation of 5G has commenced in several countries of the region that will have a significant impact on the market. Telecommunication providers are anticipated to partner with service providers in establishing edge data centers throughout the region. According to Cisco, Asia Pacific will use twice the amount of mobile data per month than North America and Western Europe combined by 2021. The spread of internet-enabled devices is expected to continue increasing the demand for data centers in this region, thereby fueling the growth of the sequence of events recorder market in the Asia Pacific
- Growing Focus on Effective Use of Power Resources Worldwide
- Increasing Emphasis on Reducing Industrial Downtime and Global Energy Costs
- Easy Availability of Substitutes of Sequence of Events Recorders
- Growing Investments in Data Center Infrastructures
- Ongoing Replacement of Aging Power Infrastructures
- Lack of Awareness Among End-users About Potential Benefits of Sequence of Events Recorders
- Reduced Investments for Development of New Power Infrastructures Owing to COVID-19
- Revenue Shift and New Revenue Pockets for Manufacturers of Sequence of Events Recorders
- Chino Corporation
- Cyber Sciences
- Delphin Technology
- E-Max Instruments
- General Electric
- Mitsubishi Electric
- Monaghan Engineering
- Pacific Microsystems
- Qualitrol Corp.
- Rockwell Automation
- Ronan Engineering Company
- Schneider Electric
- Schweitzer Engineering Laboratories
- Yokogawa Electric Corporation
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