Albany, NY -- (SBWIRE) -- 03/26/2019 -- The global insulation monitoring devices market was valued at US$ 671.45 Mn in 2017 and is projected to register a compounded annual growth rate (CAGR) of over 5% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled 'Insulation Monitoring DevicesMarket – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.' The report suggests that rising worldwide implementation of IT power supply networks i.e. isolated or ungrounded networksand enhancing of the machinery safety in factories to prevent accidents arelikely to augment the demand for insulation monitoring devices from 2019 to 2027.

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Sincekey players are introducing innovativeinsulation monitoring devices in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for a leading share of the global insulation monitoring devices market during the forecast period. Risinginvestments in sectors such as manufacturing, healthcare, renewable energy, and IT infrastructurein emerging markets, such as China, Japan, Australia, and India, are likely to boost the insulation monitoring devices market in Asia Pacific from 2019 to 2027.

Early identification of insulation faults allow proactive measures on the basis of assessment of risks, rather than depending on finding solutions to failures after they have occurred. Insulation monitoring devices offer a large number of benefits that help the system function in an uninterrupted manner so as to avoid downtime. However, in cases wherein two devices are installed in a system, discrepancy occurs in the readings. This is primarily due to cross-channel interference of these monitoring devices, which occurs owing to inability of one device to synchronize with the other. However, a large number of manufacturers are taking efforts to resolve thisissue throughproduct upgrade.

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In terms of application, the global insulation monitoring devices market has been segmented into healthcare, railways, mechanical & plant engineering, mining, oil & gas, ships &ports, renewable energy, eMobility, mobile power generation, public power supply networks, and data centers.Insulation monitoring devices help in enhancing the machine safety to avoid any malfunctioning that can lead to accident. Production processes in industries, such as food & beveragesand automotive, are fully automated and they must not get interrupted by any kind of fault in insulation of the electric system. Insulation monitoring devices help in early detection of fault and allow the operator to resolve the issue, without any need for shutdown of the entire production unit. With increasing focus on factory automation or 'Industry 4.0', the demand for insulation monitoring devices specified with various industry standards, such as EN 61557-8, EN 61557-15, andEN 61557-9, is projected to increase in the next few years.