Dublin, Dec. 17, 2018 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The insulation monitoring devices market is expected to grow from USD 579 million in 2018 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, the necessity of electricals in IT systems, and increased demand for insulation monitoring devices from renewable energy power plants. However, high initial investment requirements and lack of skills and expertise might restrain the market growth.
The insulation monitoring devices with adjustable response time of up to 5-7 s have seen greater adoption in the past 5 years and are expected to register the highest CAGR during the forecast period. RGG804, an insulation monitoring device from Bender has the time delay of 0.5-5 s. This can be set to adjust according to the applications. The device is suitable for AC, 3AC, and DC IT systems of up to 500 V. The devices with this response time are also suitable for higher voltages with special coupling devices available for the use.
The use of insulation monitoring devices in the healthcare sector is mainly driven by the standards laid down for the correct operations of IT supply systems used in this sector. In healthcare applications, the unearthed systems are used for the power supply of electrical instruments and systems used in surgical applications, life-supporting equipment, and other instruments surrounding patients.
Such systems are basically used in intensive care units (ICUs) and operation theatres. The implementation of such functions in the insulation monitoring devices can be ensured by the external communication of the devices based on the RS485 standards. North America and Europe are likely to be the major adopters of insulation monitoring devices for healthcare application owing to the advancements in the healthcare sector, particularly in hospitals, in these regions.
Europe currently leads the insulation monitoring devices market in terms of market size and is likely to continue to be leading region in 2023 as well. Germany, the UK, and France are the top 3 contributors to the insulation monitoring devices market in Europe; the market in Germany is expected to grow at the highest CAGR during the forecast period. Power utilities will be the leading application segment owing to the early adoption of insulation monitoring devices by this sector. Also, the need for electrical safety and the regulations laid down by the European countries are the major factors fueling the growth of insulation monitoring devices market in this region.
Key Topics Covered:
1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Insulation Monitoring Devices Market, 2018-2023 (USD Million)
4.2 Insulation Monitoring Devices 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 Insulation Monitoring Devices Market, By Application (USD Million)
5 Market Overview
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
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
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
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 Insulation Monitoring Devices Market Growth in France
8.3.3 UK
8.3.3.1 Continuous Focus on Digitalization and Enhancing Automation Likely to Drive Growth of Insulation Monitoring Devices 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 Insulation Monitoring Devices 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 Insulation Monitoring Devices Market in China
8.4.2 Japan
8.4.2.1 High Growth of Healthcare Sector in Japan to Fuel Growth of Insulation Monitoring Devices 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
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
10.1 Introduction
10.2 Key Players
- ABB
- Bender
- Captech
- Cirprotec
- Deif A/S
- E. Dold & Sohne
- Eaton
- Hakel
- Lemvigh-Muller
- Littelfuse
- Martens (GHM Group)
- Megacon
- Mitsubishi Electric
- Muuntosahko Oy
- Ppo-Elektroniikka OY
- Renesas Electronics
- Schneider Electric
- Siemens
- Viper Innovations
- Wei Dian Union(Hubei) Technology Co.,Ltd
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