Market Research Future (MRFR), in its research report, highlights that the global demand 2020 is projected to rise rapidly over the forecast period, Global Insulation Monitoring Devices Market valuation of USD 896.09 million by 2023 and a healthy 6.84% CAGR over the review period.
Drivers and Restraints
Certain advanced monitoring insulation devices allow the engineers to remotely test and reset the threshold unit. In addition, insulation devices are in high demand in a wide range of IT power systems offering protection in photovoltaic, data center, industrial and other applications. With the power plants being tracked in real time and continuously, businesses are able to reduce maintenance and operating costs that drive business development. Moreover, government regulations to install insulating surveillance equipment in IT networks to ensure people's health often push Global Insulation Monitoring Devices Market.
Renewable energy sources, such as wind and solar power plants, suffer frequent fluctuations in insulation resistance due to changes in wind flow and solar radiation. Keeping track of the resistance to insulation is therefore a must in these plants. These renewable energy power plants therefore contribute to a large extent to the growth of the Insulation Monitoring Devices Market.
The latest trend in the market for insulation monitoring devices is the incorporation of new technological features, such as a high-resolution display, which can indicate isolation resistance fluctuation on a graph. This helps to calculate the risk and to take timely action. Such innovations provide greater reliability and, therefore, will greatly fuel the market and also create a number of opportunities in the coming years.
Insulation control systems have steadily gained popularity in the maritime, aviation , healthcare and industrial industries as they maintain an electrical device's operating stability and have shock-free security; thereby optimizing the efficiency of electrical infrastructures. Nevertheless, their implementation and adoption is confronted with barriers and challenges, such as high initial investment costs and lack of skilled resources. Hidden costs are further hampering the insulation monitoring system markert.
By mounting, the insulation monitoring devices market is segmented into din rail, screw mounting, and panel mounting.
By response time, the insulation monitoring devices market is segmented into <5sec, 5sec – 7sec, and >7sec.
By vertical, the market is segmented into power utilities, manufacturing, mining, healthcare, transportation, and others.
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The global business regional analysis was conducted in four main regions including Asia Pacific , North America, Europe and the rest of the world.
Among these, due to the deployment of insulation monitoring devices in healthcare, transport, data centers, manufacturing plants and mining sectors, the North America region dominates the market, owing to strict government regulations to ensure electrical safety measures. In fact, spending by major industry leaders to apply such tools to solar power plants also fuels business development in countries such as the US, Canada and Mexico. In European countries including Germany, France , the UK, Spain and Russia, the market is experiencing a substial development. European nations have implemented electrical safety regulations which allow companies to deploy insulation monitoring devices to smooth operations. The Asia-Pacific nations, including China, Japan , India, Australia , and New Zealand, have embraced solar and wind power utilities, and have installed insulation testing systems to measure variation in solar radiation and wind flow resistance. Moreover, growing numbers of manufacturing plants in this area are also driving business growth as well. The market is expected to grow in the Middle East and Africa region due to the presence of oil & gas manufacturing plants that demand insulation monitoring devices to ensure public safety and uninterrupted operations.
The major market players operating in the global market as identified by MRFR are Eaton (Ireland), ABB (Switzerland), Bender (Germany), Mitsubishi Electric (Japan), Schneider Electric (France), Siemens (Germany), Hakel al. s.r.o. (Czech Republic), Littelfuse (US), Viper Innovations (UK), E. Dold & Sohne (Germany), Cirprotec (Spain), Captech (Australia) and Renesas Electronics Corporation (Japan).
The other market players include Lemvigh-Muller (Denmark), Martens (GHM Group), Deif A/S (Denmark), Megacon (Norway), and Wei Dian Union(Hubei) Technology Co.,Ltd (China).
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