Ring Main Unit Market Analysis
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.
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.
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 size 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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