The sequence of events recorder is an intelligent standalone microprocessor-based system that is utilized as a diagnostic tool to minimize plant downtime. SER is used to provide trip detection based upon specific plant conditions and provide a complete log of all relevant process information in the crucial period before and after a plant event. It offers a plant-wide integrated view of alarms, events & associated process data. SER monitors external inputs and records the time and sequence of the changes and usually uses GPS and radio clock as an external time source.
The global sequence of events recorder market size was valued at USD 21 million in 2019 and projected to reach USD 26 million by 2027, growing at a CAGR of 4.25% during the forecast period, 2020-2027. The major factors are the growing efforts to reduce downtime and energy costs in various industries. Additionally, the increasing focus on effective utilization of power sources will spur the global sequence of events recorder industry in future periods. Furthermore, the growing adoption of technologically advanced power equipment in different industries is expected to witness remarkable growth of the sequence of events recorder market. The rising investments in data center infrastructure and modernizing aging transmission of power resources are expected to propel the demand for the sequence of events recorded over the coming years. Moreover, the ongoing replacement of aging power infrastructures is positively impacting the market for the sequence of events recorded. In addition, the growing industrialization in the developing world propels the growth of the sequence of events recorder market across the globe.
Economic development and the growing global population lead to the rapid rise in the industrial sector, which requires efficient energy resources. The majority of global energy demand is contributed by the power sector due to surged electricity consumption worldwide. The global energy sector focuses on the modernization of aging power infrastructure to meet the high demand for power across the world. They are modernizing the power sector to make it more innovative and more resilient by using cutting-edge technologies and installations of the sequence of events recorders to ensure an uninterrupted power supply around the clock. Consumers can better manage their power consumption and costs because they have easier access to their data. The progressive global investments in the power sector have contributed to the adoption of intelligent monitoring systems and led to the surged installations of events recorders in industrial plants. However, the easy availability of substitute equipment of events recorders for measuring power quality and cost allocations can be a restraint to the market growth. In addition, the lack of awareness of the sequence of events recorded among the end-users can also reserve the market growth.
Based on the mount type, the global sequence of events recorder market is segregated into rack-mounted and Rail mounted.
The rack-mounted segment is estimated to witness the highest growth over the analysis timeframe due to its associated benefits, including improved airflow, better access, time-saving and increased security. Besides, this equipment is housed in metal frameworks, namely, equipment racks, and usually contain multiple bays, each designed to hold a unit of equipment such as computer servers, sequence of events recorders, test instruments, telecommunication components, and electronics devices.
The rail-mounted segment will grow significantly due to its compatibility with various equipment.
Based on the end-user, the global sequence of events recorder market segmented into the data center, power generation, manufacturing, and others. Furthermore, the other segment includes hospitals, laboratories, petrochemicals, and pharmaceutical industries. The power generation segment will dominate the global sequence of events recorder market by 2027 due to the surge in the utilization of events recorder in the power generation industry to maintain power generation, transmission & distribution and ensure uninterrupted power supply to the end-users. In addition, the sequence of events recorder offers flexibility, reliability, and stability to the power supply system. It records all events successfully without skipping any event and guards against any manipulation.
The data center accounted for the largest share of the sequence of events recorder market in 2019 on account of the increasing use of SER in the data centers to get reliable power supply as power outages are costly and can damage the reputation of data centers as well as leading liabilities and non-compliance issues.
By geography, the global sequence of events recorder market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is estimated to project considerable growth over 2020-2026. Due to increasing economic development, rising internet penetration & cloud computing, and rising investments in manufacturing & telecommunications verticals. Additionally, the data centers in the Asia Pacific are comparatively higher than other regions such as North America and Western Europe due to the largely untapped market areas for data center providers, and a growing number of users is fueling the growth of the sequence of events recorder market in the region.
North America will capture a significant share of the sequence of events recorder market by 2027. Due to the presence of key players offering data center power solutions and growing demand for reliable power consumption.
Companies such as Schweitzer Engineering Laboratories, Qualitrol Corp, Ronan Engineering Company, Emerson, Eaton, E-MAX Instruments, General Electric, Delphin Technology, METEK, Chino Corporation, Yokogawa Electric Corporation, Mitsubishi Electric, Cyber Sciences, Pacific Microsystems, and Schneider Electric are the key players in the global sequence of events recorder market.
By Mount Type
The sequence of events recorder market size is valued at USD 21.89 million in 2020 and is projected to reach USD 26 million by 2027.
Reduced downtime and energy costs and rising focus on effective power sources are the growth drivers for the sequence of events recorder market.
Data Center, Manufacturing, Power Generation, Hospitals, Laboratories, Petrochemicals, and Pharmaceutical industries are the end-users of the sequence of events recorder products.
The Asia Pacific region is estimated to project considerable growth over the forecast period due to increasing economic development, internet penetration & cloud computing, and investments in manufacturing & telecommunications industries.
The global sequence of events recorder market is growing at a CAGR of 4.25% during the forecast period, 2021-2027.