Insulation Monitoring Devices Market2020 - Current and Future Plans 2023
Insulation Monitoring Devices Market Synopsis
According to Market Research Future (MRFR) the 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.
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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.
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.
Major Players:
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.
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Insulation Monitoring Devices Market – Geographical Analysis
North American region leads the global insulation monitoring devices market, heading with the large technological advancements. Also, the presence of a large number of manufacturing plants and mining industries in the US, Canada, and Mexico, impacts the regional market growth, positively. The growing adoption of insulation monitoring devices, led by the increasing automation in the industrial sector in the US and Canada, is boosting the market growth in this region.
The insulation monitoring devices market in the European region is second only to North America. Growing adoption of insulation monitoring devices in countries such as Germany, France, and the UK are some of the major factors that foster the growth in the regional market.
The Asia Pacific insulation monitoring devices market has emerged as a profitable market, globally. Factors, such as the growing demand of insulation monitoring devices in key markets such as China, Japan, India, Australia, and South Korea, are some of the key driving forces behind the growth of the regional market.
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