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 size to reach USD 2.65 Bn at a CAGR of 8.4% over the
forecast period of 2017-2023.
Their application in wind power plants, power grids,
underground insulation, and others have increased significantly, which has
driven the ring main unit market significantly. 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.
Segmentation
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.
Regional Analysis
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.
Competitive Landscape
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.
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