Insulation Monitoring Devices Market Projected to reach $748 million by 2023 | Key players include ABB, Littelfuse, Mitsubishi Electric, Schneider Electric, Bender and Siemens

The report "Insulation Monitoring Devices Market by Response Time, Application (Power Utilities, Manufacturing and Production, Mining, Healthcare, Transportation), and Geography (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2023", The insulation monitoring devices market is expected to grow from USD 579 million in 2018 to USD 748 million by 2023, at a CAGR of 5.25% during the forecast period. The major factors driving the market growth include the prevention of data loss due to power supply fluctuations, necessity of electricals in IT systems, and increased demand for insulation monitoring devices from renewable energy power plants.

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Insulation monitoring devices with less than 4 s response times to lead market during forecast period

The response time of the insulation monitoring devices depends on the system leakage capacitance, insulation resistance, and system-related interference disturbances. The measuring accuracy of the insulation monitors is not affected by system leakage capacitances. The companies have enabled their devices to operate with selectable time delays or without any of the time delays. The majority of the applications of insulation monitoring devices require fast response. Hence, there is a high demand for the devices that ensure response value less than 4 s. These devices are mainly useful in applications such as manufacturing and production, mining, and transportation.

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Insulation monitoring devices market for transportation to grow rapidly during forecast period

The wide use of insulation monitoring devices in the transportation application is expected to help drive the market growth at the highest CAGR during 2018–2023. The use of insulation monitoring devices will be driven mainly by railways, marine, autonomous vehicles, and electric vehicles. The use of insulation monitoring devices can be of great help in these applications for ensuring smooth operations.

APAC to be fastest-growing region in insulation monitoring devices market during 2018–2023

The adoption of the latest devices and technologies is increasing in the APAC region owing to the presence of a number of manufacturing companies in the region. China, South Korea, and Japan are the leading countries in the insulation monitoring devices in this region. The power utilities in the countries such as China, India, and Japan have shown considerable growth, and China, being the major country in power utility, is expected to witness high growth in the insulation monitoring devices market.

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The major insulation monitoring device vendors include ABB (Switzerland), Littelfuse (US), Mitsubishi Electric (Japan), Schneider Electric (France), Bender (Germany), Eaton (Ireland), Siemens (Germany), Viper Innovations (UK), Cirprotec (Spain), and E. Dold & Sohne (Germany). Other important companies in the market include Hakel (Czech Republic), Martens (GHM Group), Muuntosahko Oy (Finland), PPO-Elektroniikka Oy (Finland), Megacon (Norway), Wei Dian Union (Hubei) Technology (China), and DEIF (Denmark).

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