Ring Main Unit Global Market to Reach $3 Billion by 2027 at a CAGR of 6%
DUBLIN, Dec. 15, 2022 /PRNewswire/ -- The "Ring Main Unit Market by Insulation Type (Gas-insulated, Air-insulated, Oil-insulated, Solid Dielectric), Installation (Indoor, Outdoor), Voltage Rating (Up to 15 kV, 15 kV-25 kV, Above 25 kV), Structure, Application, Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The ring main unit market size will grow to USD 3.0 Billion by 2027 from USD 2.3 Billion in 2022, at a CAGR of 6.0% during the forecast period. The increasing power generation demand in countries such as China and India and the growing adoption of renewable energy in China are the major driving factors for the overall ring main unit market growth.
The distribution utilities segment is expected to emerge as the largest segment based on application during 2022-2027.
The ring main unit market has been segmented into distribution utilities, industrial applications, commercial buildings, and transportation infrastructure based on application. Increasing smart grid investments by T&D utilities is one of the key reasons behind the largest market share of the distribution utility segment. According to T&D World, transmission and distribution investments are likely to reach USD 351.0 billion by 2026.
Outdoor installation: The fastest-growing segment of the ring main unit market based on installation
Based on installation, the ring main unit market has been split into indoor and outdoor installations. Increasing investments in distribution networks due to the rise in urbanization in developing countries are expected to drive the market for outdoor ring main units.
Europe is expected to be the second-largest market during the forecast period.
Europe is expected to be the second largest market due to the increasing investments in automotive projects and the development of the renewable energy sector. The European Union (EU) is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading, which eventually will enhance the demand for ring main units in the region.
Market Dynamics
Drivers
- Rising Focus on Improving Power Distribution Infrastructure to Address Energy Demands
- Increase in Renewable Energy-Based Capacity Addition
Restraints
- Regulations Restricting SF6 Gas Emissions
- Reduced Profit Margins of Utilities Due to Declining Energy Cost
Opportunities
- Emerging Smart Technologies and Safer Electrical Equipment
- Growing Deployment of Smart Grids and Digitalization
Challenges
- High Competition from Unorganized Sector
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Ring Main Unit Market, by Insulation Type
7 Ring Main Unit Market, by Voltage Rating
8 Ring Main Unit Market, by Structure
9 Ring Main Unit Market, by Application
10 Ring Main Unit Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- ABB Ltd.
- Alfanar
- BVM Technologies Pvt. Ltd.
- C&S Electric Limited
- China Transpowers Electric Co. Ltd
- Eaton
- Entec Electric & Electronic
- Indkom Engineering Sdn. Bhd.
- Koncar-Electric Industry Inc
- LS Electric Co. Ltd
- Lucy Electric
- Natus GmbH & Co. Kg
- Orecco
- Ormazabal
- Schneider Electric
- Siemens
- Swati Switchgears (India) Pvt. Ltd.
- Tiepco
- Wenzhou Rockwill Electric Co. Ltd
- Yueqing Liyond Electric Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/atdaf4
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SOURCE Research and Markets
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