Sequence Of Events Recorder Market Forecasts to 2028 - Global Analysis By Mount Type (Rail Mounted, Rack Mounted and Other Mount Types), End User (Power Generation, Manufacturing, Data Centers and Other End Users) and By Geography

According to Stratistics MRC, the Global Sequence of Events Recorder Market is accounted for $24.58 million in 2022 and is expected to reach $40.39 million by 2028 growing at a CAGR of 8.62% during the forecast period. The Sequence of Events Recorder is a sophisticated surveillance device used to record the sequence of events that occur during an experiment. It monitors the status of the plant from the operator to the executive level. It successfully tracks all events without skipping any and protects against coercion. It is a vital part of electrical power monitoring systems for critical power applications which include hospitals, data centers and microgrids. It detects the status of up to 32 high-speed input channels and records a time-stamped event for each state change. It provides several benefits such as cost effectiveness, high-speed response, easy installation, event filtering, precision time reference and quick defects recognition.

According to the press release by Mckinsey, the data center traffic is expected to double every two years. Companies such as Microsoft, Amazon, Alphabet, Apple and Facebook account for a combined share of 70% of the total expenditure on data center projects.

Market Dynamics:

Driver:

Increasing demand for energy resources

The demand for energy resources are rising drastically with the constant increase in the global population and industrialization. The power sector is contributing the global energy demand due to huge electricity consumption. Capital investments are growing to replace the aging power plants. Sequence of events recorder ensures uninterrupted power supply and identifies anomalies for early rectification. It quickly identifies the root cause and effectively monitors the facilities which are further fuelling the market growth.

Restraint:

Easy availability of substitutes

There are numerous equipment for measuring and controlling the power supply chain. These substitute equipments can monitor the power quality and cost allocations. They can also be used for controlling and automating power supplies. These alternatives include programmable logic controllers (PLC), input and output modules, protective relays and so on. All these availabilities in the market are hindering the market growth.

Opportunity:

Rising investments for data center infrastructure

Data center traffic is doubling for every two years as the population using them is increasing rapidly. Data centers are facing continuous pressure by rise in volumes of data. Several leading organizations are investing in data centers for handling complex operations as they require power systems that are compact and efficient. This increased the demand for explicitly scalable data center architectures. All these factors are anticipated to witness the huge market growth.

Threat:

Lack of awareness

Consumers are mostly acquiring the alternate equipments such as input or output modules, protective relays and PLC which performs the function of monitoring power equipment. Sequence of events recorder is a niche device which is completely automatic and upgraded. Consumers are unaware of its advantages such as cost effectiveness, easy installation, time saving and high accuracy. Without any clear knowledge they are opting its substitutes which are hampering the market growth.

COVID-19 Impact

COVID-19 is an unparalleled global public health emergency that affected almost every industry in the long-term. The impacts are reflected on the growth of various industries. The global sequence of events recorder market got affected by the high inflation in developed economies worldwide and resulted in an overall price surge. This resulted in the cost-push and demand-pull inflation due to reducing its demand/supply, cash flow and currency exchange.

The rack mounted segment is expected to be the largest during the forecast period

The rack mounted segment is estimated to have a lucrative growth, due to its improved airflow and efficiency. The rack-mounted sequence of events recorder is housed in metal frameworks. It comprises multiple bays and each bay is designed to hold a unit of equipment. The equipment unit is mounted and secured within racks. It enables improved tracking down of issues and they are easy to update. Its features such as space saving, time saving, effective maintenance and reduced airflow obstructions are driving the segment growth.

The power generation segment is expected to have the highest CAGR during the forecast period

The power generation segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its flexibility, stability and reliability. The power generation sector incorporates numerous transformers, feeders and bus bars to ensure uninterrupted power supply to the end users. It comprises transmission, distribution and power generation and monitors plant status from operator to managerial level. It records the events and guards against manipulation which is indeed fuelling the segment growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising demand for data centers. This region has numerous data centers due to the increasing penetration of the internet. It consists the leading providers of data center power solutions. Increased investments in healthcare, manufacturing, BFSI, retail and telecommunications verticals have resulted in development and economic growth in this region. Factors such as cloud computing, growing economy and ongoing infrastructure development projects are fuelling the region's market share.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to growing economy and ongoing infrastructure development projects. The construction of data centers in this region is comparatively higher than other regions in the world. The implementation of 5G has anticipated partnering with service providers to establish edge data centers. The spread of internet enabled devices and increasing demand for data centers in this region are driving its market growth.

Key players in the market

Some of the key players profiled in the Sequence of Events Recorder Market include: ABB, Delphin Technology, Chino Corporation, Emerson, Cyber Sciences, Eaton, E-Max Instruments, General Electric, Etap, Mitsubishi Electric, Rockwell Automation, Ronan Engineering Company, Schneider Electric, Schweitzer Engineering Laboratories, Yokogawa Electric Corporation, Qualitrol Corporation, Pacific Microsystems, Monaghan Engineering and Ametek.

Key Developments:

In March 2022, Emerson has released Feature Pack 3 for the DeltaV™ Distributed Control System (DCS) to improve process control with added functionality, improved operations and engineering experience. Feature Pack 3 adds support for DeltaV Spectral Process Analytical Technology (PAT). DeltaV Spectral PAT connects spectral analyzers directly to the control system to simplify continuous, closed-loop process verification and control for automated real-time quality release.

In February 2022, ABB India has launched a new series of electrical measuring and power monitoring meters for the digital panel meter. These smart solutions in metering and energy monitoring enable users to make better choices to monitor their power consumption. The newly introduced M1M11, M1M DS, M1M 20B and M1M 30B cover the main sub metering easily and cost-effectively by powering quality monitoring requirements.

In August 2020, Mitsubishi Electric launched a series of collaborative robots called MELFA ASSISTA in India. MELFA ASSISTA can work together with humans, keeping safety features such as collision detection a priority and complying strictly with the international safety and robotic standards ISO 10218-1 and ISO/TS15066.

Mount Types Covered:

• Rail Mounted
• Rack Mounted
• Other Mount Types

End Users Covered:

• Power Generation
• Manufacturing
• Data Centers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances