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 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
The major vendors in insulation monitoring devices 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). The other important companies 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). The companies are mainly focused on providing an extensive network of distributors globally to expand their reach. Product launches, contracts, and expansions are a few of the major strategies adopted by the major players in the insulation monitoring devices market.
Various organizations all over the world are facing stiff competition, and time proves to be the most critical component to them. Such organizations facing intense competition cannot afford to have any kind of system failure, which is necessary to deliver top-line performance. Businesses follow the Business Continuity and Disaster Recovery concept in modern times. Risk analysis and mitigation have become an integral part of all the business areas at all scales.
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Schneider Electric offers integrated solutions to various sectors. The company has a wide market presence as well as a diversified product portfolio. It provides various insulation monitors based on applications as well as voltages. The availability of other power factor quality and correction systems as well as safety systems makes it a major system and process monitoring player in various industries. It holds a leading position in most of the markets it serves. The company invests a major portion of its revenue in R&D. It focuses on going a step further and helping its clients by training them to understand and use its products better.
With sales and service subsidiaries in ~40 countries, Mitsubishi Electric meets all the demands of its customers satisfactorily. The company has been consistently strengthening its R&D activities. For instance, it invested 4.52% and 4.62% of its total revenue in R&D in the financial years 2015 and 2016, respectively. The company, through its subsidiaries, offers products for various applications in end-user industries such as automotive, food & beverages, life sciences, packaging, and power. It focuses on expansion as the main business strategy. For instance, in March 2016, the company established factory automation (FA) centers in Milan (Italy) and Johannesburg (South Africa) to support the expansion of the FA product support network in Southern Europe and Africa.
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
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