Insulation Monitoring Devices Market Synopsis
global insulation monitoring devices market is poised to touch a valuation of USD 896.09 MN by 2023, registering a CAGR over 6.84% over the assessment period (2018 to 2023). The burgeoning electronics sector is a key driving force behind the growth of the market.
The Insulation Monitoring Devices Market report summarizes market review of the key segments in the market such as by Mounting, by Response Time, by Vertical. An insulation monitoring device (IMD) is considered as an essential component in IT power supply systems, facilitating operational continuity during ground/earth faults also known as first faults. Grounding electrical power systems helps in preventing open electric current that cause grave damages to human operators and damage the equipment gradually. Insulation monitoring devices find their deployment primarily in IT power supply systems, civil engineering, hospitals, mining & metallurgy, railways, and shipbuilding.
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Insulation monitoring devices, with their trip and alarm thresholds features, provide greater efficiency to enterprises. These devices enable system engineers to prevent any service interruption and rectify faults beforehand. Over the past few years, the insulation monitoring devices market has been growing rapidly due to the increasing number of smart grid initiatives, worldwide.
Moreover, augmenting demand from a range of IT power systems such as photovoltaic installations, data centers, industrial installations, and other applications propel the growth of the market. With the help of real-time and constant monitoring of the IT power systems, organizations can now reduce maintenance and overhead costs, which further fosters the growth of the market, creating a huge demand for insulation monitoring devices.
Furthermore, government regulations encouraging the deployments of insulation monitoring devices in IT systems to ensure the safety of people, provide an enormous impetus to the market growth globally.
Insulation Monitoring Devices Market – Segments
The report segments the market into four key dynamics to widen the scope of understanding,
By Mounting : Din Rail, Screw Mounting, and Panel Mounting, among others.
By Response Time : <5sec, 5sec – 7sec, and >7sec.
By Vertical : Power Utilities, Manufacturing, Mining, Healthcare, and Transportation, among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Insulation Monitoring Devices Market – Competitive Landscape
Highly competitive, the insulation monitoring devices market appears to be fragmented due to the presence of numerous large and small-scale players. To remain competitive, these players incorporate strategies such as innovations, mergers & acquisitions, and brand reinforcement. These players keep investing in research and development activities to develop a cost-effective product portfolio.
Players leading the global insulation monitoring devices market include Eaton (Ireland), ABB (Switzerland), Bender (Germany), Mitsubishi Electric (Japan), Schneider Electric (France), Siemens (Germany), Hakel al. s.r.o. (Czech Republic), Littelfuse (US), Viper Innovations (UK), E. Dold & Sohne (Germany), Cirprotec (Spain), Captech (Australia), Lemvigh-Muller (Denmark), Martens (GHM Group), Megacon (Norway), Wei Dian Union(Hubei) Technology Co.,Ltd (China), Deif A/S (Denmark), and Renesas Electronics Corporation (Japan), among others.
Industry/ Innovation/ Related News
May 14, 2019 – PsiKick, Inc. (the US), a leading global provider of wireless and battery-less Internet of Things (IoT) systems, announced its partnership with ThermaXX, LLC., a leading global provider of removable insulation covers for steam components to jointly deliver smart, IoT-based industrial steam system monitoring and energy efficiency solutions.
In addition, to increase energy- efficiency, the partnership would enable Thermaxx to integrate PsiKick’s battery-less sensor system into its Smart Jackets, delivering an all-in-one solution for insulation and real-time monitoring steam trap failure detection.
The global business regional analysis was conducted in four main regions including Asia Pacific , North America, Europe and the rest of the world.
Among these, due to the deployment of insulation monitoring devices in healthcare, transport, data centers, manufacturing plants and mining sectors, the North America region dominates the market, owing to strict government regulations to ensure electrical safety measures. In fact, spending by major industry leaders to apply such tools to solar power plants also fuels business development in countries such as the US, Canada and Mexico. In European countries including Germany, France , the UK, Spain and Russia, the market is experiencing a substial development. European nations have implemented electrical safety regulations which allow companies to deploy insulation monitoring devices to smooth operations. The Asia-Pacific nations, including China, Japan , India, Australia , and New Zealand, have embraced solar and wind power utilities, and have installed insulation testing systems to measure variation in solar radiation and wind flow resistance. Moreover, growing numbers of manufacturing plants in this area are also driving business growth as well. The market is expected to grow in the Middle East and Africa region due to the presence of oil & gas manufacturing plants that demand insulation monitoring devices to ensure public safety and uninterrupted operations.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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LIST OF TABLES
Table1 Global Insulation Monitoring Device Market: By Country, 2018–2023
Table2 North America: Insulation Monitoring Device Market, By Country, 2018–2023
Table3 Europe Insulation Monitoring Device Market: By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Insulation Monitoring Device Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Insulation Monitoring Device Market
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