New York, April 28, 2023 (GLOBE NEWSWIRE) -- Global insulation monitoring device sales are expected to reach US$ 6 billion by 2023, growing at a CAGR of 8% from 2023 to 2033. The Insulation Monitoring Devices Market is anticipated to reach a value of US$ 13 billion by the year 2033. Detecting insulation failures and ensuring the safety of electrical systems can both be accomplished using insulation monitoring devices.
Green energy demand has driven growth in the insulation monitoring device market in recent years. Insulation monitoring devices that have a response time of less than four seconds are expected to dominate the market for insulation monitoring devices. Companies in the mining industry use safety solutions to reduce overall operational costs, the mining application is expected to witness high growth in the insulation monitoring devices market.
Miners are still dependent on the detection of explosive gases as a key parameter in the monitoring of the safety of their activities. The demand for reliable and safe electrical systems will increase the demand for insulation monitoring devices in the industrial and commercial sectors. Electricity systems and insulation monitoring devices are becoming more prevalent as industrialization and urbanization grow. With transformers playing an essential role in the efficiency, reliability, safety of electricity networks, performance management, and flow control, the need for digitalization is increasing.
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Transport industry insulation monitoring devices include electric vehicles, railways, self-driving vehicles, airways, and marines, with safety being a major concern. Thus, the transportation industry is expected to contribute significantly to the market and maintain its position in the future. Marine, transportation, healthcare and manufacturing industries have gradually gained interest in insulation monitoring devices as they ensure a continuous operation of an electric device and provide safety against shock, thus increasing electrical infrastructure reliability.
Key Takeaways from Market Study
- DC insulation monitoring devices are expected to grow at a CAGR of 7.9% by 2033.
- Insulation monitoring device sales in the United States is expected to reach US$ 4.1 billion in 2033.
- South Korea’s insulation monitoring device sales are expected to reach US$ 524.5 million by 2033.
- Japan’s insulation monitoring devices market is estimated to generate absolute dollar opportunities of US$ 940.2 billion by the end of the forecasted period.
- By application, the healthcare industry is forecast to expand at a CAGR of 7.8% through 2033
- The United Kingdom's market value will surpass US$ 20 billion by 2023.
“Increased safety measures being adopted by various industries and requirement to recognize faults to minimize accidents are driving technological developments that will increase the market demand for insulation monitoring devices,” says an analyst at Persistence Market Research.
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Key Market Players
Insulation monitoring device manufacturers are expanding their production capabilities to increase their share of the market. Partnerships and collaborations are becoming increasingly popular across the country, which is expected to benefit key players. Players dominating the insulation monitoring devices market include:
ABB , Eaton , Littelfuse , Mitsubishi Electric , Schneider Electric , Bender , Cirprotec , Dold , Hakel , Martens , Megacon , PPO Elektrniikka , Siemens , TRAFOX and more
Recent News
- In February 2023, the United Kingdom-based Seaward Company announced the launch of a new solar panel testing tool. With the PV150 solution, users can measure open circuit voltages between 5V and 1,000V and short circuit currents between 0.5A and 15A. An AC/DC current clamp checks operating current, earth continuity, and insulation resistance. The new testers perform controlled and safe electrical tests at the push of a button, preventing accidental contact with exposed conductors of DC power.
Know More about Report Inclusions
Persistence Market Research published a new market report on the insulation monitoring devices market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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For additional information on how insulation monitoring devices sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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