Published: Mar, 2019
The global insulation monitoring devices market was valued at US$ 671.45 Mn in 2017 and is projected to register a compounded annual growth rate (CAGR) of over 5% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled ‘Insulation Monitoring DevicesMarket – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ The report suggests that rising worldwide implementation of IT power supply networks i.e. isolated or ungrounded networksand enhancing of the machinery safety in factories to prevent accidents arelikely to augment the demand for insulation monitoring devices from 2019 to 2027. Sincekey players are introducing innovativeinsulation monitoring devices in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for a leading share of the global insulation monitoring devices market during the forecast period. Risinginvestments in sectors such as manufacturing, healthcare, renewable energy, and IT infrastructurein emerging markets, such as China, Japan, Australia, and India, are likely to boost the insulation monitoring devices market in Asia Pacific from 2019 to 2027.
Issue of cross-channel interference to hamper the insulation monitoring devices market
Early identification of insulation faults allow proactive measures on the basis of assessment of risks, rather than depending on finding solutions to failures after they have occurred. Insulation monitoring devices offer a large number of benefits that help the system function in an uninterrupted manner so as to avoid downtime. However, in cases wherein two devices are installed in a system, discrepancy occurs in the readings. This is primarily due to cross-channel interference of these monitoring devices, which occurs owing to inability of one device to synchronize with the other. However, a large number of manufacturers are taking efforts to resolve thisissue throughproduct upgrade.
Insulation monitoring devices used significantly in mechanical and plant engineering applications
In terms of application, the global insulation monitoring devices market has been segmented into healthcare, railways, mechanical & plant engineering, mining, oil & gas, ships &ports, renewable energy, eMobility, mobile power generation, public power supply networks, and data centers.Insulation monitoring devices help in enhancing the machine safety to avoid any malfunctioning that can lead to accident. Production processes in industries, such as food & beveragesand automotive, are fully automated and they must not get interrupted by any kind of fault in insulation of the electric system. Insulation monitoring devices help in early detection of fault and allow the operator to resolve the issue, without any need for shutdown of the entire production unit. With increasing focus on factory automation or ‘Industry 4.0’, the demand for insulation monitoring devices specified with various industry standards, such as EN 61557-8, EN 61557-15, andEN 61557-9, is projected to increase in the next few years.
Without display segment to expand significantly
In terms of feature, the insulation monitoring devices market has been divided into with display and without display. With-display insulation monitoring devices display the information regarding the device readings and help in knowing the device status. However, the without display segment is expected to expand at a significant pace during the forecast period, as several without-display insulation monitoring devices would be integrated as part of a single automated systemwith the emergence of IoT and automated technologies. Furthermore, the entire system is then controlled by the operator through a large screen. Moreover, lower costsof without-displayinsulation monitoring devicesare expected to boost the without-display segment in the next few years.
North America and Europe to continue to hold a major share of the global insulation monitoring devices market
North America and Europe are expected to hold a major share of the global market for insulation monitoring devices during the forecast period. Leading share of these regions is primarily attributable to strong presence of well-established players across the region, especially in prominent economies such as the U.S., Germany, the U.K., and France.These well-established players include Bender GmbH & Co. KG, ABB, Viper Innovations Ltd, Schneider Electric, and HAKEL LTD. Furthermore, these regions are projected to lead the global insulation monitoring devices market during the forecast period, owing to growing industrial automation, availability of standards that insist on the use of insulation monitoring devices, and technological advancements in insulation monitoring devices. For instance, in 2018, Bender GmbH & Co. KG, a Europe-based manufacturer of insulation monitoring devices, announced the launch of an innovative variant of insulation monitoring devices called ISOMETER isoHR685W-D-I-B. The device provides advanced insulation resistance capability of up to 10 GΩ. It is designed for monitoring of cables. With the help of this device, the user is warned before degradation of the entire cable.
Key players such as Bender GmbH & Co. KG, ABB, Viper Innovations Ltd, Schneider Electric, Littelfuse, Inc., and HAKEL LTD to lead the global market
The report includes profiles of well-established players operating in the global insulation monitoring devices market. These include Bender GmbH & Co. KG, ABB, Viper Innovations Ltd, Schneider Electric, Littelfuse, Inc., and HAKEL LTD. These players are focused on providing technologically advanced products to customers and meeting the rising customer demand. For instance, in 2018, Schneider Electric, a manufacturer of insulation monitoring devices, collaborated with Larsen and Toubro Ltd to buy the latter’s electricals and automation businesses and integrate those with its low-voltage, industrial automation products that include insulation monitoring devices. This collaboration would help Schneider Electric tap the significantly expanding market in India.
The global insulation monitoring devices market has been segmented as follows:
Global Insulation Monitoring Devices Market, by Feature
- With Display
- Without Display
Global Insulation Monitoring Devices Market, by Measurement Method
- DC Voltage
- AMP (Patented by Bender)
- Low-frequency AC Voltage
Global Insulation Monitoring Devices Market, by Device Type
- With Coupling Device
- Without Coupling Device
Global Insulation Monitoring Devices Market, by Application
- Mechanical & Plant Engineering
- Oil & Gas
- Ships &Ports
- Renewable Energy
- Mobile Power Generation
- Public Power Supply Networks
- Data Centers
Global Insulation Monitoring Devices Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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