Insulation Monitoring Devices Market Analysis, Growth Opportunities, Trends, Challenges, Industry Leaders, Revenue Forecast and Impact of COVID-19
Research Reports
Mar 21, 2022
The global insulation monitoring devices market is witnessing rapid revenue growth. According to Market Research Future (MRFR), the global insulation monitoring devices market is poised to grow to USD 896.09 MN by 2023, registering a 6.84?GR during the estimated period (2018-2023).
These devices are used to constantly monitor the insulation resistance of unearthed IT power supply systems. Insulation monitoring devices can help detect faults in insulations during maintenance of IT power supply systems, photovoltaic systems, electric vehicles, railways and urban public transportation, electrical panels, and cable systems in DC Systems.
Extensive uses of insulation monitoring devices for IT power supply systems deployed in civil engineering, hospitals, mining & metallurgy, railways, and shipbuilding facilities drive the market growth. Besides, the growing adoption of these devices to monitor insulation of large photovoltaic systems substantiates the market value.
The measurement method of insulation monitoring devices is specially developed for slow voltage fluctuations (MPP tracking). These devices can monitor the insulation resistance even in systems equipped with large solar generator panels where extremely high system leakage capacitances against earth exist due to interference suppression methods.
Moreover, adaptation to system-related high leakage capacitances of insulation monitoring devices fosters market shares. Rapid economic growth and industrialization across the globe boost the growth of the insulation monitoring devices industry.
Global Insulation Monitoring Devices Market -Segments
The Insulation Monitoring Devices Market is segmented into mounting type, response time, verticals, and regions. The mounting type segment is sub-segmented into din rail, screw mounting, and panel mounting. The response time segment is sub-segmented into7sec.
The vertical segment is sub-segmented into power utilities, manufacturing, mining, healthcare, transportation, and others. By regions, the market is bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
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Global Insulation Monitoring Devices Market – Regional Analysis
North America dominates the global insulation monitoring devices market. The strong presence of notable industry players and a large number of manufacturing plants and mining industries in the region boosts the market size. Besides, vast technological advances and increasing automation in the industrial sector drive the adoption of insulation monitoring devices.
Global Insulation Monitoring Devices Market – Competitive Analysis
This market appears highly competitive and fragmented, with several matured players forming a competitive landscape. These players initiate strategic approaches, such as mergers & acquisitions, collaborations, expansion, and product/technology development. They make substantial investments in developing products and expanding global footprints.
Major Players:
Players leading the global insulation monitoring devices market include 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), The other market players include Lemvigh-Muller (Denmark), Martens (GHM Group), Megacon (Norway), Wei Dian Union(Hubei) Technology Co., Ltd. (China), Deif A/S (Denmark), and Renesas Electronics Corporation (Japan), among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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