Report Ocean has released a research study titled “Sequence of Events Recorder Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Sequence of Events Recorder Market is valued approximately at USD 23.9 million in 2020 and is anticipated to grow with a healthy growth rate of more than 4.7% over the forecast period 2021-2027. The sequence of events recorded by the Sequence of Event Recorder (Occurrence of Faults and Normalization) in the plant or process. It’s a sophisticated surveillance device. It can be used to monitor the status of the plant from the operator to the executive level. It successfully tracks all events without skipping any and protects against coercion.
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The increased focus on efficient use of power resources, as well as ongoing initiatives in various industries to reduce downtime and energy costs, are driving the growth of the sequence of events recorder market. Furthermore, rising data center investments and the ongoing replacement of existing utility infrastructures with technologically advanced power equipment are factors to expected offer lucrative opportunities for the growth of the market. For instance, as per the International Energy Agency (IEA), the global energy market is focused on new capital projects to replace ageing power plants and meet the world’s rising demand for power. In 2009, the total installed power generation capacity around the world was 4,957 GW. Gross capacity additions of 5,900 GW are expected to be completed by 2035. As a result of the increased demand for efficient global power consumption control, sequence of events recorders has been installed in larger numbers to ensure continuous power supply around the clock.
Major market player included in this report are:
Schweitzer Engineering Laboratories
Yokogawa Electric Corporation
Ronan Engineering Company
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The Sequence of Events Recorder (SER) market is a niche industry catering to specific sectors where monitoring and documenting the chronology of events is crucial.
- Industrial Demand: Sequence of Events Recorders find extensive application in industries such as power generation, oil and gas, aerospace, and manufacturing, where the precise recording of events is critical for safety, compliance, and troubleshooting.
- Safety and Compliance Regulations: The market growth is primarily driven by stringent safety regulations and compliance standards across industries. SERs help these industries adhere to safety guidelines by accurately recording and analyzing the sequence of events during critical operations.
- Real-time Monitoring Capabilities: With advancements in technology, SERs have evolved to offer real-time monitoring features. This allows for immediate identification of anomalies or deviations in the sequence of events, enabling prompt corrective actions to maintain operational integrity.
- Integration with Automation Systems: Integration of SERs with automation and control systems has become prevalent. These devices capture data from various sensors and systems, providing a comprehensive view of operational sequences, facilitating better decision-making and analysis.
- Enhanced Data Analytics: SERs are now equipped with advanced data analytics capabilities. They enable predictive maintenance, anomaly detection, and performance optimization by analyzing the recorded sequence of events over time.
- Rise in Demand for Digital Recording: The shift from analog to digital recording in SERs is gaining momentum. Digital recorders offer higher accuracy, greater storage capacity, and easier data retrieval compared to traditional analog systems.
- Increasing Emphasis on Cybersecurity: As SERs become more digitized and connected within industrial networks, ensuring robust cybersecurity measures has become a priority. Protecting SERs from cyber threats and unauthorized access is crucial to prevent potential disruptions or tampering of critical data.
- Customization and Scalability: The market trend indicates a growing demand for customizable SER solutions tailored to specific industry needs. Scalability is also a key factor, allowing businesses to expand or modify their systems as per evolving requirements.
- Adoption in Emerging Industries: Besides traditional sectors, emerging industries such as renewable energy, smart cities, and advanced transportation are beginning to adopt SERs. This expansion broadens the market scope beyond conventional applications.
- Focus on User-Friendly Interfaces and Reporting: Ease of use and comprehensive reporting features are becoming significant selling points for SER manufacturers. Intuitive interfaces and detailed event logs aid in efficient analysis, reporting, and decision-making processes.
The detailed segments and sub-segment of the market are explained below:
By Mount Type:
By End User:
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