Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global overhead wire measurement & inspection instrument market was estimated to be valued USD 84.2 million in 2021 and is projected to exhibit a CAGR of 6.50% during the forecast period, according to a recent market study by Quince Market Insights.
In the new modern electric trains, several countries have focused on increasing the speed limit of commercial lines. Because of the continuous progress of train, track, electrical power, and signaling technology, evaluating, and tracking the performance of trains and their infrastructure prior to commercial operation is critical. To put it another way, the impact of increasing speeds of up to 400 km/h must be accurately monitored to assure passenger safety. Therefore, to address the limitations of manpower induced by the complex structure and long operating intervals, effective inspection technologies have developed.
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The overhead wire industry is growing with better quality products and improved safety standards, requiring higher testing and third-party inspection to ensure that it is secured against unfair quality. Around 25 individuals die each year as a result of electrical accidents at work, and 1,000 electrical accidents are registered to the Health and Safety Executive annually (HSE). It is therefore important to the manufacturers to do as best as they can to reduce chance of electrical shock. Electric shocks cause accidents and fatalities, directly or indirectly.
According to the Center for Disease Control's National Institute of Occupational Safety & Health (NIOSH), globally, electrical accidents cause more than 300 deaths and 4000 injuries every year at workplaces. In the U.S., electrical accidents rank sixth among the work-related deaths. These accidents majorly happen due to the energized electrical circuits after a power cut.
Moreover, operating the failure electrical equipment, including overhead wire measurement and inspection instrument, can be dangerous. Thus, there are rising safety concerns for the working personnel handling electrical maintenance or repairs. To avoid such accidents, the use of overhead wire measurement & inspection instrument is preferred.
Overhead wire measurement and inspection instruments may reduce the accidents happening during the repair and maintenance of electrical wires, thereby ensuring the safety of the working personnel. Rising safety concerns may increase the adoption of overhead wire measurement and inspection instrument in the electrical system.
Nowadays, consumers demand the fast and accurate inspection to improve process efficiency and profitability. For this, manufactures of overhead wire measurement & inspection instruments are applying new technology and methods to ultimately create an advanced quality management system.
However, new technology and methods ultimately create high cost for making these advanced measuring & inspection instruments. Thus, high cost of instruments is a major challenge faced by the market players.
Some Key Developments Offered in The Global Overhead Wire Measurement & Inspection Instruments Market:
- December 2017: Belgrade, Serbia, TVEMA (Russia) and 'Serbian Railway System' signed an agreement for the supply of the 'SEVER' self-propelled track geometry complex. In line with the most modern European and regional requirements, a self-propelled complex, adapted for Serbia, was to be built. In the future, the device can also be fitted with overhead line parameter monitoring, three-dimensional spatial scanning systems, geo-radar tracking diagnostics, rail NDT, and others.
- June 2017: The 7 units in the new advanced overhead line train of Aarsleff Rail were introduced. The train comprises four lift trains, three two-axle, and one four-axle, in addition to two motor vehicles, it includes crew cabins, work platforms and cranes. The core of the work train is the overhead transmission trolley, which in one operation, installs overhead line and transport rope as well as tightens all wires as required at the same time. Sensors continuously track that the proper clamping value is maintained by the carrier rope as well as the overhead contact line.
- September 2018: Megger Group Ltd. (UK) acquired the US-based Baker Instrument Company. Baker Instrument business has led the electrical motor testing industry, and therefore, such acquisitions help Megger Group Ltd enhance its business portfolio.
- September 2017: Chauvin (France) announced the acquisition of INDATECH (France), a company that develops revolutionary measuring instruments for complex pharmaceutical, biotechnological, and chemical products. With this acquisition, the company is to improve the sale of this revolutionary technology in France and worldwide.
Impact Of COVID 19 On Global Overhead Wire Measurement & Inspection Instruments Market
Demand for energy is largely dictated by weather conditions and economic activity. Economic activity has decreased in the world in recent months, as governments have taken various steps to slow down the spread of COVID-19. Many corporations were forced to close or curtail activities. Compared to the previous years, many U.S. states saw a decline in electricity demand in March and April 2020, although some states (e.g., Florida) have not seen major changes.
With some states easing business constraints in May 2020, the demand for electricity has rebounded to some extent, which is expected to boost the demand for overhead wires in the region.
Global Overhead Wire Measurement & Inspection Instruments Market, by Operation Mode
Based on the operation mode, this market is classified into contact less and contact. Among these, the contact segment is witnessing the fastest growth owing to the increasing development and commercialization of the railway track across the world. Conventional operations of overhead wire inspection were done through contact wire which generally gives between 35-40 years of service. The pantograph and overhead-line static and dynamic interactions are recorded by power and acceleration sensors with the lifted pantograph. For detecting defects in the overhead wire line system, the determination of the shifting forces between the pantograph and the overhead-line ultimately helps.
Global Overhead Wire Measurement & Inspection Market, by Type
Based on the type, the global overhead wire measurement and inspection instruments market is categorized into distance, position, and stagger. Among these, position segment is witnessing the fastest growth during the forecast period. As modernization and the electrification of existing railway lines have been increasing across the world. The new railway tracks are equipped with overhead wire systems, which supply electricity to the moving trains.
Global Overhead Wire Measurement and Inspection Instruments Market, by Voltage Type
Based on the voltage type, the global overhead wire measurement and inspection instruments market is segregated into low, medium, and high. Among these, low voltage type segment is witnessing the fastest growth during the forecast period. The demand for low-voltage wires across the globe has been driven by numerous factors, such as growing industrialization and urbanization, development of renewable energy, growth in transmission and distribution networks, and government initiatives to extend or upgrade the infrastructure.
Global Overhead Wire Measurement and Inspection Instruments Market, by Data Collection
Based on the data collection, the global overhead wire measurement and inspection instruments market is bifurcated into manual and automated. Among these, manual segment is witnessing the fastest growth in the projected time frame. Electric current is provided through overhead transmission wires in many countries and regions across the world. Manual overhead wire measurement & inspection instrument ensures improvement of quality and performance of inspections. This is expected to boost the demand for manual overhead wire measurement & inspection instrument during the forecast period.
Global Overhead Wire Measurement and Inspection Instruments Market, by Railway Type
Based on the railway type, the global overhead wire measurement and inspection instruments market is segregated into bullet train, heavy rails, metro rails, and others. Metro rails is witnessing fastest growth in the forecast period. Rapid urbanization in developing countries has contributed to an increase in the demand for transportation systems. This has encouraged governments to improve the MRTS (Marginal Rate of Technical Substitution) infrastructure. MRTS production will eventually boost the demand for the overhead wire system, which in turn, is expected to increase the demand for overhead wire measurement & inspection instrument during the forecast period.
Global Overhead Wire Measurement and Inspection Instrument Market, by End-User
Based on the end-user, the global overhead wire measurement and inspection instruments market is classified into wire manufacturer and railway utility providers. Wire manufacturer is witnessing fastest growth during the forecast period. For any product that requires electricity, electrical safety testing is a necessary phase in the manufacturing overhead wire process.
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Global Overhead Wire Measurement and Inspection Instrument Market, by Region
By region, the global overhead wire measurement and inspection instruments market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is anticipated to account for the largest share in the global overhead wire measurement & inspection instrument market in 2020. Owing to massive transmission & distribution network expansion and growing urbanization and industrialization projects in China and India, the Asia Pacific overhead wire measurement & inspection instrument market is expected to develop significantly over the forecast period.
Some Major Findings of the Overhead Wire Measurement and Inspection Instrument Market Report Include:
- An in-depth overhead wire measurement and inspection instrument market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global overhead wire measurement and inspection instrument market, which include Siemens AG (Germany), Meidensha Corporation (Japan), Aarsleff Rail A/S (Denmark), Megger Group Limited (UK), Pfisterer Group (Germany), Galland (Germany), Eugania Rail Pacific (Los Angeles), Avery Weigh-Tronix, LLC (US), Silvester srl (Italy), Chauvin Arnoux Metrix (Paris), ELAG Elektronik AG (Switzerland), Steinmeyer Group (Germany), Tvema (Russia), IMENCO AS (U.S.), MERMEC (Italy).
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global overhead wire measurement & inspection instrument market.
- Impact of COVID-19 on the global overhead wire measurement & inspection instrument market.
For more insights, please check the report on website titled, “Overhead Wire Measurement & Inspection Instrument Market, by Operation Mode (Contact less, Contact), Type (Distance, Position, Stagger), Voltage Type (Low, Medium, High), Data Collection (Manual, Automated), Railway Type (Bullet Trains, Heavy Rails, Metro Rails, Others), by End User (Wire Manufacturers, Railway Utility Providers), Region (North America, Europe, Asia Pacific, the Middle East and Africa, South America)” in-depth analysis along with the table of contents (ToC).
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