Ring Main Unit Market Overview:
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.
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.
Growing demand for
electricity from both residential, commercial, and industrial sectors have
catalyzed the use of renewable energy sources for power where ring main units
find the significant application. A growing number of infrastructural
activities is also generating considerable demand within the market. However,
the higher price point of ring main unit acts as a restraining force to the
growth of the ring main unit market.
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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