“Insulation Monitoring Devices Market was valued at US$ 671.45 Mn in 2017 which is projected to register a compounded annual growth rate (CAGR) of over 5% from 2019 to 2027”
Early identification of insulation faults allow proactive measures on the basis of assessment of risks, rather than depending on finding solutions to failures after they have occurred. Insulation monitoring devices offer a large number of benefits that help the system function in an uninterrupted manner so as to avoid downtime. However, in cases wherein two devices are installed in a system, discrepancy occurs in the readings. This is primarily due to cross-channel interference of these monitoring devices, which occurs owing to inability of one device to synchronize with the other. However, a large number of manufacturers are taking efforts to resolve this issue through product upgrade.
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 to avoid any malfunctioning that can lead to accident. 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’, the 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 feature, the insulation monitoring devices market has been divided into with display and without display. With-display insulation monitoring devices display the information regarding the device readings and help in knowing the device status. However, the without display segment is expected to expand at a significant pace during the forecast period, as several without-display insulation monitoring devices would be integrated as part of a single automated system with the emergence of IoT and automated technologies. Furthermore, the entire system is then controlled by the operator through a large screen. Moreover, lower costs of without-display insulation monitoring devices are expected to boost the without-display segment in the next few years.
Since key players are introducing innovative insulation monitoring devices in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for a leading share of the global insulation monitoring devices market during the forecast period. Rising investments in sectors such as manufacturing, healthcare, renewable energy, and IT infrastructure in emerging markets, such as China, Japan, Australia, and India, are likely to boost the insulation monitoring devices market in Asia Pacific from 2019 to 2027.
The global insulation monitoring devices market was valued at US$ 671.45 Mn in 2017 and is projected to register a compounded annual growth rate (CAGR) of over 5% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled ‘Insulation Monitoring Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ The report suggests that rising worldwide implementation of IT power supply networks i.e. isolated or ungrounded networks and enhancing of the machinery safety in factories to prevent accidents are likely to augment the demand for insulation monitoring devices from 2019 to 2027.
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