Ring Main Unit Market Worth 2.03 Billion USD by 2020
PUNE, India, February 1, 2016 /PRNewswire/ --
The report "Ring Main Unit Market by Type (Gas Insulated, Air Insulated, Oil Insulated, & Solid Dielectric Insulated), by Application (Distribution Utilities, Industries, and Infrastructure & Transportation), & by Region - Global Trends & Forecasts to 2020" published by MarketsandMarkets, The market is expected to reach USD 2.03 Billion by 2020, at a CAGR of 8.23% from 2015 to 2020.
Browse 89 market data Tables and 56 Figures spread through 142 Pages and in-depth TOC on "Ring Main Unit Market"
http://www.marketsandmarkets.com/Market-Reports/ring-main-unit-market-51228954.html
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The market defines and segments the global Ring Main Unit Market with an analysis and forecast of the market size.
Asia-Pacific is estimated to be the largest Ring Main Unit Market in 2015, and is expected to have the highest growth during the forecast period. This growth is attributed to growing demand for electricity and power generation capacity additions. Furthermore, Southeast Asian countries are planning to enhance their power infrastructure to incorporate the additional demand and have a robust distribution network.
Europe is expected to be the second largest market, after Asia-Pacific, because of the use of ring main unit in the renewable sector. Increasing focus on renewable generation is one of the major factors driving the growth of the Ring Main Unit Market in the region.
Distribution utilities application segment to register the highest growth
The distribution utilities segment requires ring main units for metering, measuring, and uninterrupted power supply and to prevent damages to critical equipment. Moreover, ring main units are vital for maintaining the stability of a grid system. The distribution utilities segment is expected to exhibit the highest growth rate during the forecast period. This growth is attributed to power generation capacity addition and enhancement plans for distribution networks in countries in Asia-Pacific, such as China and India, to meet the growing electricity demand. This in turn would require deployment of power equipment such as ring main units for uninterrupted power supply.
Gas insulated ring main unit segment is expected to lead the market
The applications of gas insulated ring main unit include power grids, wind power plants, railway systems, underground installations, and mining applications. It is the largest segment, by type, for the Ring Main Unit Market. Increasing power consumption in Asia-Pacific requires secure and reliable source of power supply, which in turn is likely to drive the gas insulated Ring Main Unit Market. Gas insulated ring main unit can be easily integrated with an existing system. Moreover, these ring main units have SF6 as insulation medium, which is enclosed in a tank. All these factors are expected to boost the gas insulated Ring Main Unit Market.
Asia-Pacific is a key market for ring main unit
Asia-Pacific is the largest and fastest growing Ring Main Unit Market. China and India are the largest markets in the region. This growth is attributed to capacity additions, adoption of smart grids, and rural electrification. Apart from China and India, countries such as Japan, and other South Asian countries are also growing at high rates. Countries such as Vietnam and Malaysia are having high growth prospects in the Asia-Pacific Ring Main Unit Market. Increasing focus on renewable power generation is likely to further boost the demand for the Ring Main Unit Market the region.
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To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the Ring Main Unit Market, namely, ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric Company (U.S.), Schneider Electric SE (France), and Siemens AG (Germany). These companies have been the most active in terms of strategic developments from January 2012 to November 2015. Most of these market players are present in Europe and have been actively participating in competitive developments.
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