The global insulation monitoring devices market is likely to witness high growth in the forthcoming years, observes Transparency Market Research (TMR). Key players in market are offering technologically advanced products and are investing in research and development activities. For example, Bender GmbH & Co. KG launched a new variant of insulation monitoring devices named ISOMETER isoHR685W-D-I-B. The device is designed to monitor cables and provide enhanced insulation resistance capability reaching up to 10 GΩ.
Leading players are also engaged in using various organic and inorganic business development strategies to get a stronger hold in the global insulation monitoring devices market. For instance, Schneider Electric collaborated with Larsen and Toubro Ltd. d acquired L&T's electrical and automation businesses. Later the company integrated it with its low-voltage that includes insulation monitoring devices such as industrial automation products. With this collaboration, Schneider Electric will be expanding its market in India.
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Some of the other prominenet players operating in the global insulation monitoring devices market are ABB, Bender GmbH & Co. KG, Schneider Electric, Viper Innovations Ltd, HAKEL LTD, and Littelfuse, Inc. With increasing efforts made by the players and increasing emphasis of advanced technologies, the global insulation monitoring devices market is expected to rise at 5.42% CAGR over the projected tenure between 2019 and 2027. The market valuation is also expected to grow significantly and reach US$1.13 bn by the end of 2027. In 2017, the market earned US$0.67 bn.
Based on the features of insulation monitoring devices, the demand for with display feature is high as compared to without display feature. The use of with display insulation monitoring devices will help in reading the information about the device and detecting device status. But, there are also higher growth chances for without display insulation monitoring devices, as they are integrated in single automated system due to growing use of automated technologies and emergence of IoT. Developed regions in Europe and North America are estimated to hold dominant share in the global insulation monitoring devices market. Presence of leading players in these regions is the key factor strengthening their position in the global insulation monitoring devices market.
Increasing Applicability in Several Industries to Boost Market Performance
Rising demand for insulation monitoring devices, in the renewable energy power plants and growing need for electrical in IT systems are the key factors driving growth in the global insulation monitoring devices market. Rising application of insulation monitoring devices in different industries such as railways, healthcare, mining, mechanical and plant engineering, oil and gas, eMobility, ships and ports, mobile power generation, renewable energy, data centers, and public power supply networks is further augmenting growth in the global insulation monitoring devices market.
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Moreover, growing trend of incorporating new technologies such as high-resolution display helps in indicating fluctuation of insulation resistance on a graph. Further, it helps in calculating risk and taking decisions accordingly. Thus, with increasing reliability and inclusion of advanced technologies the global insulation monitoring devices market is expected to rise at a significant rate.
Difficulty While Connecting Two in a System Challenges Seamless Growth of Insulation Monitoring Devices
One of the biggest challenge of insulation monitoring devices is that it provides early identification of insulation faults by analyzing risks, but it does not solutions to failures. Another challenge is faced when two or more devices are installed in a system, which deters the readability. This discrepancy occurs due to cross-channel interference of the monitoring devices, as they cannot be synced with other devices.
But, with large number of manufacturers are engaged in developing advanced products through product development which can resolve this issue. This factor might help in overcoming these challenges in the global insulation monitoring devices market.
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