LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial insulation testers market to grow to USD 381.74 million by 2022, according to their latest market research report.
The increase in adoption of lithium-ion batteries for insulation testers is one of the major trends being witnessed in the global industrial insulation testers market. High voltage insulation testers employ NiMH batteries. However, there are certain issues associated with the use of NiMH batteries. When compared with the newer technologies, these batteries have lower specific energy. They have a high self-discharge, which is one of the major issues resulting in the loss of a considerable amount of charge even if it is not used. Degradation of performance takes place due to the use of NiMH batteries when operated at higher temperatures.
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In this report, Technavio analysts highlight the focus on preventive maintenance in industries as a key factor contributing to the growth of the global industrial insulation testers market:
Global industrial insulation testers market: Focus on preventive maintenance in industries
Preventive maintenance refers to a regular check-up of industrial equipment. Several parameters of the equipment are checked to find if they lie within the normal range or beyond it. Therefore, preventive maintenance helps in preventing any faults that may arise in industrial equipment. In the absence of preventive maintenance, there can be unscheduled outages at workstations.
According to a senior analyst at Technavio for research on engineering tools, “As transformers, motors, and cables are key industrial components, any faults in these key components, while running a plant, can lead to an unnecessary stoppage in the operation of the workstation. This induces industries to focus on preventive maintenance to limit these faults. Insulation resistance testers are one of the important tools employed in the testing of crucial equipment and machinery.”
Global industrial insulation testers market: APAC projects the fastest growth rate through 2022
This market research report segments the global industrial insulation testers market into the following end-users (process industry and discrete industry), voltage (low voltage industrial insulation tester and low voltage industrial insulation tester), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major end-users, the process industry segment held the largest market share in 2017, contributing to over 61% of the market. The market share occupied by this segment is expected to increase by 2022. However, this end-user segment will dominate the global market throughout the forecast period.
APAC was the leading region for the global industrial insulation testers market in 2017. It accounted for a market share of approximately 35%. It was followed by EMEA and the Americas. APAC is expected to project the fastest growth during the period 2018-2022.
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