Insulation Monitoring Devices Market Worth US$ 1,139.47 Mn by 2027

The global insulation monitoring devices market is expected to reach 5,652.31 thousand units, in terms of volume, by 2027. The market is projected to expand at a CAGR of 5.42% from 2019 to 2027. According to the report, the global market is expected to continue to be influenced by rising demand from the global renewable energy sector, increasing implementation of IT power supply networks worldwide, and availability of industry standards pertaining to insulation monitoring devices in the near future. Asia Pacific is estimated to continue to lead the global market, with the market in the region expanding at a CAGR of above 6% during the forecast period. Prominent economies in Asia Pacific such as China, Japan, India, and Australia, are adopting insulation monitoring devices increasingly.

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In terms of application, the global insulation monitoring devices market has been segmented into healthcare, railways, mechanical & plant engineering, mining, oil & gas, ships & ports, renewable energy, eMobility, mobile power generation, public power supply networks, and data centers. Insulation monitoring devices help in enhancing the machine safety so as to avoid any malfunctioning that can lead to accidents. Production processes in industries such as food & beverages and automotive are fully automated and they must not get interrupted by any kind of fault in insulation of the electric system. Insulation monitoring devices help in early detection of fault and allow the operator to resolve the issue, without any need for shutdown of the entire production unit. With increasing focus on factory automation or ‘Industry 4.0,’ demand for insulation monitoring devices specified with various industry standards such as EN 61557-8, EN 61557-15, and EN 61557-9 is projected to increase in the next few years.

In terms of device type, the insulation monitoring devices market has been segmented into with coupling device and without coupling device. With coupling device segment holds a lower market share, as very few applications require use of insulation monitoring devices with coupling device. Their use is basically needed in case of applications that require high voltage. Insulation monitoring devices with coupling device help in increasing the nominal voltage of the entire system to reduce the effect of high voltage on the application. A large number of applications such as data centers and automotive function based on the lower-voltage method. This factor drives the with-coupling device segment.

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North America and Europe are expected to hold a major share of the global market for insulation monitoring devices during the forecast period. Leading share of these regions is primarily attributable to strong presence of well-established players across the region, especially in prominent economies such as the U.S., Germany, the U.K., and France. These well-established players include Bender GmbH & Co. KG, ABB, Viper Innovations Ltd, Schneider Electric, and HAKEL LTD. Furthermore, these regions are projected to lead the global insulation monitoring devices market during the forecast period, due to growing industrial automation, availability of standards that insist on the use of insulation monitoring devices, and technological advancements in insulation monitoring devices. For instance, in 2018, Bender GmbH & Co. KG, a Europe-based manufacturer of insulation monitoring devices, announced the launch of an innovative variant of insulation-monitoring devices called ISOMETER isoHR685W-D-I-B. The device provides advanced insulation resistance capability of up to 10 GΩ. It is designed for monitoring of cables. With the help of this device, the user is warned before degradation of the entire cable.

The report includes profiles of well-established players operating in the global insulation monitoring devices market. These include Bender GmbH & Co. KG, ABB, Viper Innovations Ltd, Schneider Electric, Littelfuse, Inc., and HAKEL LTD. These players are focused on offering technologically advanced productsto their customers and meeting the rising demand from customers. For instance, in 2018, Schneider Electric, a manufacturer of insulation monitoring devices, collaborated with Larsen and Toubro Ltd to buy the latter’s electrical and automation businesses and integrate those with its low-voltage, industrial automation products that include insulation monitoring devices. This collaboration would help Schneider Electric tap the significantly expanding market in India.

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Furthermore, in 2018, Bender GmbH & Co. KG announced the launch of a novel variant of insulation monitoring devices called ISOMETER isoHR685W-D-I-B. The device offers advanced insulation resistance capability of up to 10 GΩ. It is designed for monitoring of cables. With the help of this device, the user is warned before degradation of the entire cable.