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.
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.
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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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