Insulation Monitoring Devices Market by Response Time, Application (Power Utilities, Manufacturing and Production, Mining, Healthcare, Transportation), and Geography (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2023
[113 Pages Report] The insulation monitoring devices market is expected to grow from USD 579 million to USD 748 million by 2023, at a CAGR of 5.25% during the forecast period. The prevention of data loss due to power supply fluctuations, necessity of electricals in IT systems, and increased demand for insulation monitoring devices from renewable energy power plants are the key drivers for the market growth.
Insulation monitoring devices with <4 s response time to lead market during forecast period
The response time for the insulation monitoring devices is an important parameter mentioned in the specifications for these devices. The applications such as power utilities and mining require a faster response in the form of an alarm in case of an insulation fault. The insulation monitoring devices in mines and power utilities applications trigger alarms at the insulation faults to ensure the smooth functioning of equipment wherein it is relatively necessary to take the utmost care of the process in place.
Mining application to witness high growth in insulation monitoring devices market
The global mining industry has witnessed several disasters in the past. The frequency of explosions leading to the deaths of a large number of workers was high before the 1990s. However, the use of protective equipment has significantly reduced the risks for miners. The capability of detecting explosive gases still remains a key parameter to monitor the safety of miners. Hence, implementing the insulation monitoring devices to detect insulation faults can significantly reduce mining fatalities.
North America to account for significant share in insulation monitoring devices market during forecast period
North America, being a developed and technologically advanced region, is likely to be one of the key contributors to the overall market growth during the forecast period. This region is a key market as it is home to some large manufacturing and oil & gas companies. The US is expected to witness automation in various sectors pertaining to industrial production, which is likely to boost the use of insulation monitoring devices. The increasing R&D for new and improved technologies, and rising demand for safety and smooth functioning are the crucial factors driving the growth of the market in North America. The rising demand for worker safety solutions in the manufacturing and production, and oil & gas industries as well as in power and utilities to improve the performance and safety of workers and reduce the overall operational costs would lead to the growth of the market in North America.
Key Market Players
A few companies in the market are ABB (Switzerland), Littelfuse (US), Schneider Electric (France), Bender (Germany), Eaton (Ireland), Mitsubishi Electric (Japan), Siemens (Germany), Viper Innovations (UK), Cirprotec (Spain), and E. Dold & Sohne (Germany).
Schneider is the leading player in the insulation monitoring devices market. It provides various insulation monitors based on application- as well as voltage-related requirements. The availability of other power factor quality and correction systems as well as safety systems makes it a major system and process monitoring player for various industries. It holds a leading position in most of the markets it serves. The company invests a major portion of its revenue in R&D. It focuses on going a step further and helping its clients by training them to understand and use its products better.
Recent Developments
- In January 2017, Eaton received a contract from the US Army Engineering and Support Center, Huntsville (Alabama), to assist the Utilities System Division of the Naval Facilities Engineering Command (NAVFAC) Southwest. According to the contract, the company assists the division in modernizing control systems and electrical monitoring at its facility in San Diego.
- In March 2016, Littelfuse acquired the circuit protection business of TE Connectivity (Switzerland) for USD 350 million in cash. The acquisition helped the company in the expansion of its product portfolio as well as geographic presence.
- In December 2016, Bender revised its product line of insulation monitoring devices, and the characteristics of these products were rewritten in a new edition of the European product standards EN 61557-8, -9 and -15. The revised edition by the company addresses the increased requirements from various applications and new meteorological capabilities.
Key questions addressed by report
- Which are the major applications in the insulation monitoring devices market? How big is the opportunity for their growth in the developing economies in the next 5 years?
- Which are the major companies in the market? What are their major strategies to strengthen their market presence?
- Will the growth of technologies such as AI and IoT, and the advent of factory automation help drive the implementation of insulation monitoring devices in the manufacturing and production applications?
- Which are the leading countries in the market? What would be the share of the North America and Europe in this market the next 5 years?
- What will be the role of the standards and regulations by governments and associations in the adoption of insulation monitoring devices?
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Table of Contents
1 Introduction (Page No. - 15)
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 18)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing Market Size By Bottom-Up Analysis (Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Size By Top-Down Analysis (Supply Side)
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary (Page No. - 29)
4 Premium Insights (Page No. - 34)
4.1 Insulation Monitoring Devices Market, 20182023 (USD Million)
4.2 Market in APAC
4.3 Developed vs Developing Markets for Insulation Monitoring Devices, 2018 and 2023 (USD Million)
4.4 Geographic Analysis: Insulation Monitoring Devices Market
4.5 Market, By Application (USD Million)
5 Market Overview (Page No. - 37)
5.1 Introduction
5.2 Market Dynamics: Insulation Monitoring Devices Market
5.2.1 Drivers
5.2.1.1 Prevention of Data Loss Due to Power Supply Fluctuations
5.2.1.2 Necessity of Electricals in It Systems
5.2.1.3 Increased Demand for Insulation Monitoring Devices From Renewable Energy Power Plants
5.2.2 Restraints
5.2.2.1 High Initial Investment Requirements
5.2.3 Opportunities
5.2.3.1 Increased Use of Insulation Monitoring Devices in Data Centers
5.2.3.2 Increasing Adoption of Insulation Monitoring Devices in Healthcare Sector
5.2.3.3 High Growth of Industry 4.0
5.2.4 Challenges
5.2.4.1 Overcoming the Deployment of Large It Systems
5.2.4.2 Lack of Skills and Expertise
5.3 Value Chain Analysis
6 Insulation Monitoring Devices Market, By Response Time (Page No. - 41)
6.1 Introduction
6.2 Mounting/Installation Types of Insulation Monitoring Devices
6.2.1 Din Rail
6.2.2 Screw Mounting
6.2.3 Panel Mounting
6.3 Response Time
6.3.1 =4 Second
6.3.2 <7 Second
6.3.3 >7 Second
7 Insulation Monitoring Devices Market, By Application (Page No. - 45)
7.1 Introduction
7.2 Power Utilities
7.2.1 Growth in Renewable Generation and Distributed Resources is Major Driver for Implementation of Insulation Monitoring Devices in Power Utilities.
7.3 Manufacturing and Production
7.3.1 Avoiding Downtime Due to Insulation Faults is Major Driver for Growth of Insulation Monitoring Devices in Manufacturing and Production
7.4 Healthcare
7.4.1 Use of Insulation Monitoring Devices in ICU and Operation Theatre are Major Growth Opportunities
7.5 Mining
7.5.1 Utmost Care Required in Mining Process is Key Factor for Growth of Insulation Monitoring Devices
7.6 Transportation
7.6.1 Increased Use of Insulation Monitoring in Electric Vehicles, Airways, Railways, Marine, and Autonomous Vehicles Likely to Drive Market Growth for Transportation Application
8 Geographic Analysis of Insulation Monitoring Devices Market (Page No. - 60)
8.1 Introduction
8.2 North America
8.2.1 US
8.2.1.1 Strong Presence of Mining and Power Utilities Industry in US Likely to Drive Market
8.2.2 Canada and Mexico
8.2.2.1 Increasing Investment in Cutting-Edge Technologies Expected to Fuel Growth of Insulation Monitoring Devices in Canada and Mexico
8.3 Europe
8.3.1 Germany
8.3.1.1 Continued Innovation and High Adoption in Power Utilities and Manufacturing & Production Expected to Drive Market in Germany
8.3.2 France
8.3.2.1 Focus on R&D to Develop Technological Capabilities Would Propel market Growth in France
8.3.3 UK
8.3.3.1 Continuous Focus on Digitalization and Enhancing Automation Likely to Drive Growth of Market in UK
8.3.4 Rest of Europe
8.3.4.1 Spain, Italy, Poland, Finland, Sweden, Belgium, the Netherlands, Switzerland, and Austria are Major Contributors to market in Rest of Europe
8.4 APAC
8.4.1 China
8.4.1.1 High Investment in Power Utilities Likely to Drive Growth of market in China
8.4.2 Japan
8.4.2.1 High Growth of Healthcare Sector in Japan to Fuel Growth of market
8.4.3 South Korea
8.4.3.1 Digital Revolution in Industrial Manufacturing Sector in South Korea Would Encourage Adoption of Insulation Monitoring Devices
8.4.4 Rest of APAC
8.4.4.1 Countries Such as India, Singapore, Taiwan, and Australia to Drive Growth of Market in Rest of APAC
8.5 RoW
8.5.1 Middle East and Africa
8.5.1.1 Oil & Gas and Mining to Fuel Growth of Insulation Monitoring Devices in Middle East and Africa
8.5.2 South America
8.5.2.1 Increased Demand in Advanced Manufacturing and Healthcare to Boost Growth of Insulation Monitoring Devices in South America
9 Competitive Landscape (Page No. - 80)
9.1 Introduction
9.2 Ranking of Insulation Monitoring Devices Market Players, 2017
9.2.1 Product Launch
9.2.2 Acquisition
9.2.3 Expansion and Recognition
9.2.4 Contract
10 Company Profiles (Page No. - 83)
10.1 Introduction
10.2 Key Players
(Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis)*
10.2.1 Schneider Electric
10.2.2 ABB
10.2.3 Eaton
10.2.4 Littelfuse
10.2.5 Bender
10.2.6 Mitsubishi Electric
10.2.7 Siemens
10.2.8 Viper Innovations
10.2.9 Cirprotec
10.2.10 E. Dold & Sohne
10.3 Other Important Players
10.3.1 Hakel
10.3.2 Martens (GHM Group)
10.3.3 Muuntosahko Oy
10.3.4 Ppo-Elektroniikka OY
10.3.5 Megacon
10.3.6 Wei Dian Union(Hubei) Technology Co.,Ltd
10.3.7 Deif A/S
10.3.8 Renesas Electronics
10.3.9 Captech
10.3.10 Lemvigh-Muller
*Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.
11 Appendix (Page No. - 107)
11.1 Insights of Industry Experts
11.2 Discussion Guide
11.3 Knowledge Store: Marketsandmarkets Subscription Portal
11.4 Available Customizations
11.5 Related Reports
11.6 Author Details
List of Tables (52 Tables)
Table 1 Insulation Monitoring Devices Market, By Response Time, 20152023 (USD Million)
Table 2 Market, By Application, 20152023 (USD Million)
Table 3 Market for Power Utilities, By Region, 20152023 (USD Million)
Table 4 Market for Power Utilities in North America, By Country, 20152023 (USD Million)
Table 5 Market for Power Utilities in Europe, By Country, 20152023 (USD Million)
Table 6 Market for Power Utilities in APAC, By Country, 20152023 (USD Million)
Table 7 Market for Power Utilities in RoW, By Region, 20152023 (USD Million)
Table 8 Market for Manufacturing and Production, By Region, 20152023 (USD Million)
Table 9 Market for Manufacturing and Production in North America, By Country, 20152023 (USD Million)
Table 10 Market for Manufacturing and Production in Europe, By Country, 20152023 (USD Million)
Table 11 Market for Manufacturing and Production in APAC, By Country, 20152023 (USD Million)
Table 12 Market for Manufacturing and Production in RoW, By Region, 20152023 (USD Million)
Table 13 Market for Healthcare, By Region, 20152023 (USD Million)
Table 14 Market for Healthcare in North America, By Country, 20152023 (USD Million)
Table 15 Market for Healthcare in Europe, By Country, 20152023 (USD Million)
Table 16 Market for Healthcare in APAC, By Country, 20152023 (USD Million)
Table 17 Market for Healthcare in RoW, By Region, 20152023 (USD Million)
Table 18 Market for Mining, By Region, 20152023 (USD Million)
Table 19 Market for Mining in North America, By Country, 20152023 (USD Million)
Table 20 Market for Mining in Europe, By Country, 20152023 (USD Million)
Table 21 Market for Mining in APAC, By Country, 20152023 (USD Million)
Table 22 Market for Mining in RoW, By Region, 20152023 (USD Million)
Table 23 Market for Transportation, By Region, 20152023 (USD Million)
Table 24 Market for Transportation in North America, By Country, 20152023 (USD Million)
Table 25 Market for Transportation in Europe, By Country, 20152023 (USD Million)
Table 26 Market for Transportation in APAC, By Country, 20152023 (USD Million)
Table 27 Market for Transportation in RoW, By Region, 20152023 (USD Million)
Table 28 Market, By Region, 20152023 (USD Million)
Table 29 Market in North America, By Application, 20152023 (USD Million)
Table 30 Market in North America, By Country, 20152023 (USD Million)
Table 31 Market in US, By Application, 20152023 (USD Million)
Table 32 Market in Canada and Mexico, By Application, 20152023 (USD Million)
Table 33 Market in Europe, By Application, 20152023 (USD Million)
Table 34 Market in Europe, By Country, 20152023 (USD Million)
Table 35 Market in Germany, By Application, 20152023 (USD Million)
Table 36 Market in France, By Application, 20152023 (USD Million)
Table 37 Market in UK, By Application, 20152023 (USD Million)
Table 38 Market in Rest of Europe, By Application, 20152023 (USD Million)
Table 39 Market in APAC, By Application, 20152023 (USD Million)
Table 40 Market in APAC, By Country, 20152023 (USD Million)
Table 41 Market in China, By Application, 20152023 (USD Million)
Table 42 Market in Japan, By Application, 20152023 (USD Million)
Table 43 Market in South Korea, By Application, 20152023 (USD Million)
Table 44 Market in Rest of APAC, By Application, 20152023 (USD Million)
Table 45 Market in RoW, By Application, 20152023 (USD Million)
Table 46 Market in RoW, By Region, 20152023 (USD Million)
Table 47 Market in Middle East and Africa, By Application, 20152023 (USD Million)
Table 48 Market in South America, By Application, 20152023 (USD Million)
Table 49 Product Launch: Insulation Monitoring Devices Market, 2016
Table 50 Acquisition: Insulation Monitoring Devices Market, 2016
Table 51 Expansion and Recognition: Insulation Monitoring Devices Market, 20152018
Table 52 Contract: Insulation Monitoring Devices Market, 2017
List of Figures (33 Figures)
Figure 1 Market Segmentation
Figure 2 Insulation Monitoring Devices Market: Research Design
Figure 3 Bottom-Up Approach to Arrive at Market Size
Figure 4 Top-Down Approach to Arrive at Market Size
Figure 5 Data Triangulation Methodology
Figure 6 Assumptions of Research Study
Figure 7 Insulation Monitoring Devices Market, 20152023 (USD Million)
Figure 8 Market, By Response Time, 2018 vs 2023
Figure 9 Market for Power Utilities to Witness Highest Growth During 20182023
Figure 10 Europe to Hold Largest Share of market By 2018
Figure 11 Europe Held Largest Size of market for Power Utilities in 2017
Figure 12 Power Utilities and Manufacturing & Production to Provide Attractive Opportunities for market
Figure 13 China to Hold Largest Share of market in APAC By 2023
Figure 14 China to Lead Insulation Monitoring Devices Market By 2023
Figure 15 Market in China to Grow at Highest CAGR From 2018 to 2023
Figure 16 Power Utilities to Hold Largest Size of market During Forecast Period
Figure 17 Necessity of Electricals in It Systems Drives Market
Figure 18 Value Chain Analysis (2017): Major Value Added During Research & Product Development and Manufacturing Stages
Figure 19 =4 S Response Time to Hold Largest Size of market During Forecast Period
Figure 20 Power Utilities to Lead market During Forecast Period
Figure 21 Fatalities in US Coal Mines
Figure 22 Geographic Snapshot: Market in APAC to Witness Highest Growth During Forecast Period
Figure 23 China to Hold Largest Size of market By 2023
Figure 24 North America: Market Snapshot
Figure 25 Europe: Snapshot of Market
Figure 26 APAC: Snapshot of Market
Figure 27 Ranking of Top 5 Players in market, 2017
Figure 28 Schneider Electric: Company Snapshot
Figure 29 ABB: Company Snapshot
Figure 30 Eaton: Company Snapshot
Figure 31 Littelfuse: Company Snapshot
Figure 32 Mitsubishi Electric: Company Snapshot
Figure 33 Siemens: Company Snapshot
The study involved 4 major activities in estimating the current size of the insulation monitoring devices market. Exhaustive secondary research has been conducted to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both, top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.
Secondary Research
The research methodology used to estimate and forecast the market begins with capturing data on revenues of the key vendors in the market through secondary research. This study involves the use of extensive secondary sources, directories, and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for the technical and commercial study of the market. Vendor offerings have also been considered to determine the market segmentation. This entire research methodology includes the study of annual and financial reports of top players, presentations, press releases, journals, paid databases, trade directories, regulatory bodies, and safety standard organizations.
Primary Research
The insulation monitoring devices market comprises several stakeholders, such as suppliers, system integrators, suppliers of standard components, and original equipment manufacturers (OEMs) in the supply chain. The demand side of this market is characterized by the development of power utilities, manufacturing and production, healthcare, mining, and transportation applications. The supply side is characterized by advancements in types of insulation monitoring devices and its applications. Various primary sources from the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents.
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Market Size Estimation
Both, top-down and bottom-up approaches have been used to estimate and validate the overall size of the market. These methods have also been used extensively to estimate the size of various market subsegments. The research methodology used to estimate the market size includes the following:
- Key players in major applications and markets have been identified through extensive secondary research.
- The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size using the estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both demand and supply sides in the power utilities, manufacturing and production, healthcare, mining, and transportation applications.
Report Objectives
- To define, describe, and forecast the insulation monitoring devices market, in terms of value, on the basis of response time, application and geography
- To forecast the size of the market for various segments with regard to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the micromarkets with regard to individual growth trends, prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders by identifying high-growth segments in the market
- To analyze growth strategies such as acquisition, contract, expansion, and recognition of the key players in the market
- To strategically profile key players, comprehensively analyze their core competencies, and describe the competitive landscape of the market
Scope of the Report:
|
Report Metric |
Details |
|
Market size available for years |
20152023 |
|
Base year |
2017 |
|
Forecast period |
20182023 |
|
Units |
Value, USD |
|
Segments covered |
Response Time, Application, and Region |
|
Geographic regions covered |
North America, APAC, Europe, and RoW |
|
Companies covered |
ABB (Switzerland), Littelfuse (US), Mitsubishi Electric (Japan), Schneider Electric (France), Bender (Germany), Eaton (Ireland), Siemens (Germany), Viper Innovations (UK), Cirprotec (Spain), E. Dold & Sohne (Germany), Hakel (Czech Republic), Martens (GHM Group), Muuntosahko Oy (Finland), PPO-Elektroniikka Oy (Finland), Megacon (Norway), Wei Dian Union (Hubei) Technology (China), and DEIF (Denmark), |
This report categorizes the insulation monitoring devices market based on response time, application, and region.
Insulation Monitoring Devices Market, by Response Time:
- <4 Second
- <7 Second
- >7 Second
Insulation Monitoring Devices Market, by Application:
- Power Utilities
- Manufacturing and Production
- Mining
- Healthcare
- Transportation
Insulation Monitoring Devices Market, by Region:
- North America
- US
- Canada & Mexico
- Europe
- Germany
- France
- UK
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- Rest of APAC
- RoW
- Middle East & Africa
- South America
Available Customizations
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- Any level of Personalization
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Growth opportunities and latent adjacency in Insulation Monitoring Devices Market