LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global insulation monitoring devices market is expected to grow at a CAGR of almost 5% during the forecast period.
This research report titled ‘Global Insulation Monitoring Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global insulation monitoring device market will primarily be driven by the power utilities and healthcare industry. The global insulation monitoring devices market for the power utilities industry will witness growth, owing to rise in renewable power generation in overall power generation mix. The growth in the operation theater equipment market will lead to an increase in demand for insulation monitoring devices in healthcare. The demand for insulation monitoring devices in the transportation industry will be driven by the increase in air traffic in Asia and rise in the electric vehicles market.
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Technavio’s industrial automation research analysts categorize the global insulation monitoring devices market into the following segments by end-user. They are:
- Power utilities industry
- Healthcare industry
- Transportation industry
- Mining industry
- Others industry
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The top three revenue-generating end-user segments of the global insulation monitoring devices market are discussed below:
Power utilities industry
Power utilities require insulation monitoring devices to monitor power supply for unearthed systems. Increase in awareness about energy has led to optimization of grids, which requires real time balancing of power supply and advanced monitoring capability.
According to Kalle Deepak, a lead automation research analyst from Technavio, “A smart city is another factor leading to an increase in demand for continuous power supply. Smart cities represent an integrated network of smart devices and information and communication technology. As cities are being converted to smart cities, the requirement for power will increase, which in turn, will increase the adoption of Internet of things connected devices and smart gadgets.”
The healthcare industry has been a prominent consumer of insulation monitoring devices owing to their requirement in operation theaters and intensive care units. With new regulations that mandate the use of insulation monitoring devices for medical purposes, the demand for insulation monitoring devices in the healthcare industry is increasing.
“Increase in operating theater equipment that requires a constant amount of power supply is also increasing the demand for insulation monitoring devices. Hospitals are incorporating sophisticated devices with enhanced digital components to increase operational efficiency and patient safety,” adds Deepak.
The global insulation monitoring device market for the transportation industry includes marine, railways, autonomous vehicles, and electric vehicles. Insulation monitoring devices in marine and railways are critical to ensuring safety in these sectors.
Insulation monitoring devices are used in the marine industry for monitoring marine propulsion systems and on-board systems in both offshore and onshore waters. The global marine industry witnessed a downturn in 2016 due to decrease in shipping orders from China. De-acceleration in China's economy resulted in low import of iron ore and coal through waterways, which impacted the marine industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Mitsubishi Electric
- Schneider Electric
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