Insulation Monitoring Devices Market: Introduction
An insulation monitoring device regularly monitors the insulation resistance of an ungrounded system between earth and an active phase conductor. Insulation monitoring devices are supposed to trigger an alarm or give an alert (sound or light) whenever the insulation resistance of the device dips below a certain threshold limit.
These monitoring devices are generally flush mounted and vertically or horizontally positioned. Insulation monitoring devices have auxiliary connection terminals of two types, namely removable screw terminal and tunnel type terminal.
Insulation monitoring devices are widely used in unearthed devices where uninterruptible power supply is a must to avoid risk to human life. Thus, these devices find major applications in mines, airports, hospitals and railways.
Insulation Monitoring Devices Market: Dynamics
The global insulation monitoring device market is primarily driven by the necessity of electrical safety in IT systems. Insulation monitoring devices provide continuous operation and safety against fire hazards (earth fault detection). Also, data can be lost or corrupted if power fluctuates even for a second. A momentary disturbance in certain sectors, such as healthcare, can trigger a damage that might not be recoverable, hence insulation monitoring devices are essential. Since insulation monitoring devices are a prerequisite, the market is expected to continue to grow in the coming years.
Renewable sources of energy, such as wind and solar energy plants, experience frequent fluctuations in insulation resistance because of the changes in wind flow and solar radiations. Thus, keeping track of insulation resistance is a must in these plants. Therefore, these renewable energy power plants contribute to the growth of the insulation monitor device market to a great extent.
The latest trend in the market of insulation monitoring devices is the incorporation of new technological feature, such as a display with high resolution, which can indicate fluctuation of insulation resistance on a graph. It helps in calculating the risk and taking timely action. Such innovations provide increased reliability and thus, will fuel the market to a great extent and will also create a number of opportunities in the coming years.
The insulation monitoring device market in the transport industry includes electric vehicles, autonomous vehicles, railways, airways and marines and their safety is critical and of top priority, especially marine, airways and railways. Therefore, the transportation industry is foreseen to make a substantial contribution and is expected to maintain its position in the market during the forecast period.
Insulation monitoring devices have gradually gained the interest of marine, transportation, healthcare and manufacturing industries as they ensure the operational continuity of an electric device and provide safety against shock; thereby maximizing the reliability of electrical infrastructure. Nevertheless, their implementation and adoption arises faces barriers and challenges, such as initial high investment cost and shortage of skilled resources. Hidden costs are further hindering the insulation monitoring system markert.
Insulation Monitoring Devices Market: Segmentation
On the basis of the response time/configuration, the insulation monitoring devices market can be segmented as:
On the basis of the design, the insulation monitoring devices market can be segmented as:
Auxiliary Connection Terminal
On the basis of the end-use, the insulation monitoring devices market can be segmented as follow:
Insulation Monitoring Devices Market: Regional Outlook
North America owns a lion’s share in the insulation monitoring devices market, supported by penalty-based environmental regulations, high awareness of economic energy conservation and increased adoption of the insulation monitoring devices in data centers, transportation, and healthcare along with the rising demand for electric vehicles.
Technological modernization of transportation and data centers in the Middle East and Africa and Asia Pacific contributes to the growth of the insulation monitoring device market in these regions and has the potential to see sizable growth in the future as well. The insulation monitoring devices market in Europe is expected to grow substantially, owing to the huge investments in generation of power from renewable energy.
Insulation Monitoring Devices Market: Market Participants
Examples of some of the market participants identified across the value chain of the insulation monitoring devices market are:
The report covers exhaustive analysis on:
Regional analysis for Market includes