Ring Main Unit Market Scenario
The energy sector is making its move towards active energy management and smarter grid and ring main units are increasingly finding application in urban as well as rural power distribution systems. Its usage aligns with the need to efficiently cater to the augmenting demand for reliable energy across the globe. Studying the macro and micro-economic trends prevalent in the ring main unit market, Market Research Future has predicted the ring main unit market to reach USD 2.65 Bn at a CAGR of 8.4% over the forecast period of 2017-2023.
The augmenting need for reliable an uninterrupted power has increased interest in ring main units. Ring main units are an essential component of optimum energy supply model. Their application in wind power plants, power grids, underground insulation, and others have increased significantly, which has driven the ring main unit market significantly.
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Rising concerns regarding energy conservation long with the transition towards renewable energy resources has motivated strong growth within the market. Various countries are replacing and upgrading their existing grid structures with ring main units to answer the evolving challenges of secondary electrical distribution. Moreover, growing security concerns have also propelled the demand for ring main units. Ring main units use less conductive materials and are gas-insulated and sealed to provide complete prevention from electrocution. Moreover, they are highly flexible and require less maintenance.
The global ring main unit market has been segmented based on type, installation, and application.
By type, the ring main unit market has been segmented into oil insulated, gas insulated, air insulated, and solid dielectric.
By installation, the ring main unit market has been segmented into indoor and outdoor.
By application, the ring main unit market has been segmented into distribution utilities, industrial, and commercial.
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By region, the ring main unit market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America ring main unit market is driven by the expansion of existing grid networks in the region. Moreover, heightened focus on renewable power generation has favored the growth of the market.
The maximum share of the global ring main unit market is held by the APAC region. Increased infrastructural activities, fast-track industrialization, and heightened focus on the use of renewable energy resources are fostering the growth of the market in APAC. Government electrification projects in the emerging economies of the region along with growing microgrid network has also created a conducive environment for the growth of the market.
Europe ring main unit market accounts for an advantageous share of the global market and is expected to exhibit substantial growth over the forecast period. Growing investment in the renewable energy space along with rising investment in infrastructural activities is spurring the growth of the ring main unit market. Moreover, to achieve the European Union's renewable energy targets, the region has implemented various legislations which support the growth of the ring main unit market.
Eaton Corporation, PLC (Ireland), Yokogawa Electric Corporation (Japan), Schneider Electric SE (France), SwitchGear Company (Belgium), ABB Ltd. (Switzerland), EPE Switchgear (M) Sdn. Bhd. (Malaysia), Siemens AG (Germany), General Electric Company (U.S.), L&T (India), and Lucy Electric Limited (U.K.) are the distinguished players in the ring main unit market.
Also Read: https://www.marketwatch.com/press-release/ring-main-unit-market-is-projected-to-grow-at-a-cagr-of-84-from-2017-to-2023-to-reach-the-market-size-of-usd-265-billion-by-2023-mrfr-2019-02-27
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