NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global industrial insulation tester market is predicted to expand from US$ 367.1 million in 2023 to US$ 592.2 million by 2033. Between 2023 and 2033, the global insulation testing equipment market is scheduled to exhibit a CAGR of 4.9%.
Due to the rising demand for energy-efficient solutions, the insulation testing equipment market will likely rise steadily in the coming years. Increasing awareness of the benefits of insulation for energy conservation and safety may contribute to industrial insulation tester market growth, with technological and regulatory improvements further affecting the industrial insulation tester market forecast.
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Electrical and Electronics Industry Growth Fuels Market
The extensive usage of heavy electrical equipment or machinery in industries such as oil & gas, power generation, automotive, and petrochemical is a prominent factor stimulating market expansion for industrial insulation testers. Rapid improvements and growth in the electrical and electronics industries are enhancing the insulation testing equipment market.
The growing adoption of industrial insulation testers for necessary periodic safety testing in industries continues to propel the market. Aside from these, the increasing emphasis on preventative maintenance in industries and the growing acceptance of harsh electrical products promote market expansion for industrial insulation testers.
SMEs Slow to Embrace Insulation Tester Advancements
Due to the prevalence of alternative testing methods and the limited penetration of advanced testers in smaller businesses, the industrial insulation tester business faces challenges. These alternatives, such as manual inspection or outmoded equipment, stifle market growth for industrial insulation tester.
Small and medium-sized companies are reluctant to invest in modern insulation testing technologies, which slows industrial insulation tester market growth. To overcome these obstacles, insulation testing equipment manufacturers must educate and incentivize smaller enterprises to adopt advanced insulation tester while stressing the benefits of advanced insulation tester, such as increased safety and efficiency, to foster market growth for industrial insulation tester.
"Due to growing awareness of energy efficiency and safety in industrial settings, the market will likely expand steadily over the coming years. The manufacturing sector's growing demand, stricter regulatory standards, and improvements in insulation testing technologies are essential determinants.” – Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Regional Outlook
Several factors, including industrialization, technological development, and the demand for efficiency and safety across numerous industries, impact the insulation testing equipment market.
Here is an assessment of the regional forecast for the industrial insulation tester market
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North America
- Manufacturing, utilities, and construction are well-established industries in North America.
- Insulation tester is in high demand due to strict safety rules and the need for preventive maintenance.
- Insulation tester witnessed a surge in demand in the United States and Canada.
Latin America
- Mining, oil and gas, and manufacturing are among the numerous industrial sectors of Latin America.
- Infrastructure investments and a focus on improving energy efficiency may stimulate demand for insulation tester.
- Brazil, Mexico, and Chile are the essential markets in Latin America.
Europe
- Europe has a robust industrial base, particularly in Germany, France, and the United Kingdom.
- Energy efficiency and environmental concerns have contributed to developing insulation tester in Europe.
- In light of infrastructure expansion and retrofitting initiatives, the European market will likely increase progressively.
Asia Pacific
- Asia Pacific is seeing significant industrialization and infrastructure development, particularly in China and India.
- Rising awareness of energy saving and safety regulations steers growth in the insulation tester market.
- Asia Pacific emerging economies are expected to provide significant growth possibilities.
Key Takeaways
- By 2033, the digital segment of the product type category will own 45.60% of the market share.
- From 2023 to 2033, the portable segment accounts for 51.20% of the industrial insulation tester market share in the operation category.
- From 2023 to 2033, the United States market will accelerate at a 2.6% CAGR.
- The market in the United Kingdom is poised to flourish at a 2.6% CAGR between 2023 and 2033.
- The German market will continue to rise at a CAGR of 2.3% between 2023 and 2033.
- China's insulation testing equipment market may expand at a 5.6% CAGR through 2033.
- From 2023 to 2033, the Indian market will experience a growth of 5.9%.
- The Japan industrial insulation tester market is estimated to strengthen at a CAGR of 3.0% between 2023 and 2033.
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Competitive Analysis
The industrial insulation tester market has become dispersed due to the presence of different domestic and international players. Industrial insulation tester manufacturers are investing in the advancement of multifunctional insulation. Moreover, they are launching these technologically advanced goods to diversify their product line and boost their competitive edge.
Key Industrial Insulation Tester Manufacturers
- Yokogawa Corporation
- Meco Instruments Pvt. Ltd.
- Hioki Corporation
- Kyoritsu Electrical Instruments
- Megger
- FLIR Systems
- Amprobe
- TES Electrical Electronic Corp.
- Fluke Corporation
- Metrel
- BandK Precision Corporation
Noteworthy Innovations
- On January 7, 2021, HIOKI announced the availability of new insulation tester models IR4056-20 and IR4057-20. In addition to improved reaction time, the new testers have improved comparator capabilities and judgment result notification through light and sound, allowing operators to analyze results at a glance.
- Yokogawa Electric Corporation has completed its acquisition of Votiva Singapore Pte. Ltd. With this move, Yokogawa Votiva Solutions, which now provides ERP services, supports digital transformation initiatives in Southeast Asia.
Key Segments
By Product Type:
- Analog
- Rugged
- Digital
By Operation:
- Handheld
- Portable
- Fixed
By Industry:
- Oil and Gas
- Energy and Power
- Petrochemicals
- Telecommunication
- Automotive
- Consumer Electronics
- Food and Beverages
- Other Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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