The global ring main unit market is projected to grow at a CAGR of 8.4% from 2017 to 2023, to reach the market size of USD 2.65 billion by 2023.
Ring main unit (RMU) is used in a secondary distribution system. It is basically used for an uninterrupted power supply. It is used for medium voltage distribution in compact substations, small buildings, residential housing complex etc. Increase in demand of electricity across the globe, is the primary driving factor of ring main unit market. Additionally, rising demand for renewable energy is also fueling the demand of ring main unit (RMU). However, the cost of ring main units being higher than conventional switchgears is the restraining factor that may hamper the growth of global ring main unit market.
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The report for Global Ring Main Unit Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market.
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The key players of global ring main unit market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), General Electric Company (U.S.), Lucy Electric Limited (U.K.), L&T (India), Yokogawa Electric Corporation (Japan), SwitchGear Company (Belgium) and EPE Switchgear (M) Sdn. Bhd. (Malaysia).
Asia-Pacific dominates the global ring main unit market followed by Europe. Rapid expansions in industrialization as well as the growing renewable sector in this region, increase the demand of ring main unit market. This region is expected to grow at the fastest pace during the forecast period. Europe is another important market and is expected to contribute significantly during the forecast period mainly due to upgrading the existing infrastructure.
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