Global Insulation Monitoring Devices Market Size to Reach USD 1,177.6 Million in 2032 | Emergen Research
Prevention of data loss due to power supply fluctuations is a major factor driving global insulation monitoring devices market revenue growth
Vancouver, Aug. 30, 2023 (GLOBE NEWSWIRE) — Anticipated to attain a valuation of USD 1,177.6 million by 2032, the global market for insulation monitoring devices is set to exhibit a commendable compound annual growth rate (CAGR) of 5.2% throughout the forecast period, as unveiled by the most recent analysis conducted by Emergen Research.
The ascendancy of electrical apparatus within information technology (IT) systems can be linked to the unwavering expansion of market revenue. Insulation Monitoring Devices (IMDs) play a pivotal role in this domain, functioning as evaluative tools for gauging the insulation resistance within non-grounded Alternating Current (AC), AC/DC, and Direct Current (DC) power supplies inherent to IT systems. A fundamental aspect of this assessment involves scrutinizing the insulating resistance of the monitored IT system in relation to the earth.
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These intricate systems are safeguarded by insulation monitoring devices, a legal requisite for IT systems as outlined in the ‘Safety of Machinery’ standard. The purpose of these devices is to preempt inaccuracies stemming from insulation faults, thwart malfunctions, and provide a safety barrier against potential fires and general mishaps.
In accordance with IEC 60364-4-41 standards, the integration of an insulation monitoring device with an IT system is mandatory. Positioned between active conductors and ground, this device administers a DC measurement voltage onto the system. However, it’s important to note that insulation monitoring devices employing measurement techniques involving superimposed DC voltage may inadvertently trigger false alarms due to the presence of DC components. Such scenarios arise during failures, where these extraneous voltages accompany the measuring voltage. This can lead to an augmented measuring current, thus enhancing response sensitivity, or a diminished measuring current to prevent untimely tripping.
The utilization of insulation monitoring devices plays an instrumental role in conforming to regulatory standards and ensuring the operational integrity of IT systems. These devices are mandated by the ‘Safety of Machinery’ standard, underscoring their significance in upholding safety protocols within such intricate setups.
Insulation monitoring devices serve a dual purpose: firstly, they act as a proactive defense against potential faults in insulation, averting the cascade of errors that might arise from such deficiencies. Secondly, they function as a safeguard against broader system failures, offering a shield against hazards like fires and other accidents that could transpire.
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Scope of Research
|Market size in 2022||USD 706.0 Million|
|Revenue forecast to 2032||USD 1,177.6 Million|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Million and CAGR in % from 2023 to 2032.|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends.|
|Segments covered||Mounting/installation type, response time, application, and region.|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa.|
|Country scope||North America, Europe, Asia Pacific, LATAM, MEA|
|Key companies profiled||Schneider Electric, ABB, Eaton, Littlefuse, Bender, Mitsubishi Electric, Siemens, Viper Innovations, Cirprotec, E. Dold & Sohne|
|Customization scope||10 hours of free customization and expert consultation.|
Major Companies and Competitive Landscape
The global insulation monitoring devices market is consolidated, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective insulation monitoring devices. Some major players included in the global insulation monitoring devices market report are:
- Schneider Electric
- Mitsubishi Electric
- Viper Innovations
- E. Dold & Sohne
- In January 2022, Proserv, a prominent global controls technology company, and Viper Innovations, an electrical distribution and asset integrity expert, inked an Original Equipment Manufacturer (OEM) partner partnership agreement. The agreement covers the provision of hardware and services for the monitoring and recovery of electrical line insulation integrity. It enables both organizations to leverage their combined experience and core competencies to provide clients with improved, cost-effective, high-quality solutions for brownfield and greenfield subsea projects.
- On 9 December 2021, Sensata Technologies acquired Sendyne Corporation. Sensata’s acquisition of Sendyne strengthens its electrification component portfolio and strategy, building on the company’s recent acquisitions of Gigavac, Lithium Balance, and Spear Power Systems. Sendyne’s electrification components are utilized by top automobile OEMs to tackle important current and voltage monitoring and isolation difficulties. Current sensing and insulation monitoring devices are also essential components of charging stations, high voltage distribution units, and full energy storage solutions, which are critical components of electrifying many other industries, including heavy vehicles, specialty transportation, and industrial applications. The transaction’s financial specifics were not disclosed.
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Some Key Highlights From the Report
- The Deutsches Institut für Normung (DIN) rail segment is expected to account for largest revenue share in the global market over the forecast period. A DIN rail meter is a small, modular meter that is attached to a Deutsches Institut für Normung (DIN) rail. It is beneficial for saving space in switchgear and control panels owing to its compact size. Many of these meters also have several features that facilitate installation and monitoring. DIN rail meters are essential components of industrial control systems because they provide a secure and durable mounting option for circuit breakers, equipment racks, and other small electrical objects. Its sturdy construction ensures that all electrical connections stay secure even when subjected to vibration or movement. DIN rail meters are perfect for any application that demands strong structural support without sacrificing aesthetics, owing to their easy installation technique and long-lasting design.
- The mining segment is expected to account for largest revenue share in the global market over the forecast period. High-voltage cables are often used in underground mines. The collapse of power cable, a key energy transmission element in the mine power supply system, is mostly due to cable insulation deterioration. If the insulation status of high-voltage cables in deep mines is not checked in real-time, the system can soon become unbalanced, compromising mine power supply dependability as well as a degree of safe production. If cable insulation degradation is not discovered and action is not performed soon, it might lead to hazards. As a result, insulation monitoring systems are utilized to avoid such hazards.
- The insulation mounting devices market in North America accounted for largest revenue share in 2022. Factors such as increasing activity by leading market players such as new releases and product expansion are driving market revenue growth in this region. For example, Littelfuse, Inc., a diversified industrial technology manufacturing company enabling a more sustainable, connected, and secure world, announced the release of its Western Automation Research and Development Residual Current Monitor (RCM) product line to detect AC and DC ground fault currents in Electric Vehicle (EV) charging installations. When a residual fault current occurs, the RCM generates an output signal that triggers a relay or contactor, cutting off the supply power and removing the shock threat during electrical vehicle charging.
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For the purpose of this report, Emergen Research has segmented the global insulation monitoring devices market based on the mounting/installation type, response time, application, and region:
- Mounting/Installation Type Outlook (Revenue, USD Million; 2019–2032)
- Din Rail
- Screw Mounting
- Panel Mounting
- Response Time Outlook (Revenue, USD Million; 2019–2032)
- <4 Seconds
- <7 Seconds
- >7 Seconds
- Application Outlook (Revenue, USD Million; 2019–2032)
- Power Utilities
- Manufacturing & Production
- Regional Outlook (Revenue, USD Million, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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