Insulation Monitoring Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Insulation Monitoring Devices Market Introduction
An insulation monitoring device is highly used for monitoring insulated resistance of underground systems, which are placed between an active phase conductor and the earth. Insulation monitoring systems are designed to send an alert or disconnect the power supply when the resistance between two conductors falls below a particular set value. These insulation monitoring devices are increasingly witnessing adoption as they enable continuous and seamless operations across significant industries, such as healthcare, manufacturing and production, and power utilities. The growing awareness about the benefits of insulation monitoring devices has helped the market reach a rough value of US$ 500 million in 2018.
Some of the leading trends in the insulation monitoring devices industry include the adoption of smart cables for fault location, growing use of low voltage dc power systems, and the shifting industry preference for safe and smooth functioning.
Insulation Monitoring Devices Market – Notable Developments
Notable developments in the competitive landscape of insulation monitoring devices market include:
Some of the most prominent competitors operating in the competitive landscape of global insulation monitoring devices market include –
Insulation Monitoring Devices Market Dynamics
Growing Penetration of Insulation Monitoring Devices in Renewable Energy Power Plants Promising Market Growth
Renewable energy plants, such as solar or wind energy plants witness frequent fluctuations in insulation resistance due to constant alterations in wind flow and solar radiations. The growing occurrence of fluctuations across these plants has resulted into an increased adoption of insulation monitoring devices to keep a continuous track of insulation resistance. As a result, these renewable energy power plants are significantly contributing to the growth of the insulation monitoring devices market.
Growth Opportunities in Insulation Monitoring Devices Market Likely to Soar
Burgeoning use of insulation monitoring devices in data centers, growing adoption in healthcare sector, and rapidly expanding industry 4.0, are some of the factors creating growth opportunities for stakeholders. Data centers are highly complex facilities, which among various other organizations rely on information systems to constantly monitor their operations. Equipment failures, human errors, and any kind of external power disruptions can lead to outages, which is prompting companies to deploy insulation systems to keep a check on operations and avoid losses.
Growing Applications in Transportation Industry Providing Impetus to Growth in Insulation Monitoring Devices Market
The growing applications of insulation monitoring devices in transportation industry is likely to make this sector the fastest-growing application in the insulation monitoring devices market in the forthcoming years. Insulation monitoring devices are increasingly witnessing adoption in autonomous vehicles, marine, railways, airways, and electric vehicles. Any kind of insulation error in these means of transport can be critical, and hence, manufacturers are adopting insulation monitoring devices to ensure seamless functioning of diverse transportation systems. Furthermore, the upcoming fast train projects in countries, such as Japan and China are further likely to drive growth in adoption of insulation monitoring devices.
North America Dominating Insulation Monitoring Devices Market, APAC to Remain Fastest-Growing Region
The adoption of insulation monitoring devices is increasing in developed economies, such as North America, owing to the presence of several leading oil & gas and manufacturing companies in the region. The United States is increasingly incorporating automation in diverse sectors related to industrial production, which has the potential to increase the uptake of insulation monitoring devices in the region. Furthermore, the growing R&D for novel and advanced technologies, coupled with the increasing demand for better worker safety are driving the use of insulation monitoring devices across industries in North America. Additionally, APAC is witnessing an increased adoption of modern devices and technologies, due to the presence of numerous manufacturing companies in the region. The power and utilities industry in China, India, and Japan has grown considerably in recent years, and China, being a leading country in power utility, remain lucrative for growth in global insulation monitoring devices market.
Insulation Monitoring Devices Market - Segmentation
Based on mounting support, the insulation monitoring devices market is segmented into:
Based on response time, the insulation monitoring devices market is segmented into:
Based on application, the insulation monitoring devices market is segmented into:
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