CHICAGO, Nov. 18, 2022 /PRNewswire/ -- Ring Main Unit Market is projected to grow from USD 2.3 billion in 2022 to USD 3.0 billion by 2027, at a CAGR of 6.0% according to a new report by MarketsandMarkets. The market growth can be attributed to the increasing renewable energy capacity additions and enhancement plans for distribution networks and the modernization of existing power infrastructure.
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145 - Tables
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200 - Pages
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The non-extensible segment, by structure type, is expected to be the most significant segment during the forecast period.
The non-extensible segment accounts for the largest share of the global Ring Main Unit Market owing to the features offered by these units such as easy coupling to the distribution transformer, forming a compact outdoor package substation for both the low and medium distribution purposes. This feature are increasing the demand for non-extensible ring main units.
The commercial building segment is anticipated to be the second-largest segment in the global Ring Main Unit Market, by application, during the forecast period.
The commercial building segment is expected to account for the second-largest market share during the forecast period. According to the United Nations, urbanization worldwide is expected to increase to 68% by 2050. Asia Pacific, South America, and Africa, in particular, are experiencing rapid urbanization, owing to ample work opportunities in urban centers due to economic growth. Economic growth is also fueling rapid infrastructural developments. This has led to a spurt in the requirement for housing and a rise in the number of commercial buildings.
The air-insulated segment is anticipated to be the fastest-growing segment, by insulation type, during the forecast period.
The rise in initiatives to prevent climate change in various regions is increasing the demand for air-insulated ring main units. The usage of dry air as an electrical insulator reduces carbon footprint and is one of the reasons behind the growth of the air-insulated Ring Main Unit Market. Meanwhile, Asia Pacific offers promising growth opportunities for this market. Countries such as India, China, Malaysia, and Indonesia in the region are witnessing economic growth. These countries are expected to improve their electricity distribution sector, thereby boosting the demand for air-insulated ring main units in the region.
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Asia Pacific is expected to be the fastest-growing segment in the global Ring Main Unit Market, by region, during the forecast period.
In this report, the Ring Main Unit Market has been analyzed for five regions, namely, Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific is expected to lead the market during the forecast period.
The demand for power generation is also witnessing an upward trend with the rising population in China and India. According to the BP Statistical Review of World Energy 2021, primary energy consumption in the Asia Pacific region was the highest at 45.5% of the total energy consumed. The region is moving toward clean energy on a large scale to meet the growing energy needs efficiently. Major economies such as China, Japan, and India have set ambitious natural gas and solar- and wind-based renewable power generation targets to diversify their energy mix in the coming years. Therefore, efforts are being taken across these countries to upgrade aging infrastructure to ease the integration of renewables in the national grid.
Asia Pacific is expected to be the largest Ring Main Unit Market during the forecast period. Capacity additions, increasing electricity demand, and industrialization projects in countries such as China, Japan, India, and South Korea are the main reasons spurring the growth of the Ring Main Unit Market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Ring Main Unit Market. These include ABB Ltd (Switzerland), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), and LS Electric Co., Ltd (South Korea). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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