What will be the Upcoming Growth in the Global Ring Main Unit Market?
The factors such as modernization in existing power infrastructure, ongoing government initiatives toward the expansion of existing grid networks and increasing demand for renewable energy are driving the ring main unit market. Further, the rise in energy consumption across the globe is boosting the ring main unit market. However, declining energy costs are restraining the market. The development in the renewable energy sector is anticipated to provide growth opportunities to the market players.
What is the size of the Global Ring Main Unit Market Segment?
The global ring main unit industry is segmented on the basis of type, installation, and applications. On the basis of type, the market is segmented into gas-insulated, air-insulated, oil insulated, and solid dielectric material. Based on the installation, the market is segmented into outdoor and indoor. The indoor segment holds the large market share owing to continuing upgradation and development of existing electric substation infrastructure. By applications, the sub-markets include distribution utilities, industrial and commercial. The distribution utility segment holds a large market share due to ongoing utility-based establishments to cater to the increasingly urban and rural electricity demand.
What are the Key Regional Markets in the Ring Main Unit Industry?
Among the regions, Asia-Pacific holds the largest market share of the global ring main unit industry followed by Europe. The rapid commercialization and investments across the industrial and utility-based electrification systems are driving the growth of the market in the Asia-Pacific region. Europe is the second-largest market for the ring main unit market due to increasing electricity demand along with technological advancement.
What are the Major Key Players in the Ring Main Unit Industry?
Some of the industry participants of the global ring main unit industry are ABB, Schneider Electric SE, Eaton Corporation, PLC, Siemens AG, General Electric Company, Lucy Electric Limited, Larsen & Toubro Limited, Yokogawa Electric Corporation, SwitchGear Company, and EPE Switchgear (M) Sdn. Bhd. Among the others. Recently, ABB launches a Medium voltage (MV) metal enclosed ring main unit (RMU) suitable for outdoor conditions. The SafeLink CB is an outdoor RMU is appropriate for rural and urban distribution applications up to 13,8kV. The product is unique in terms of the number of features and value it offers. The product making it the ideal choice for various applications such as utility distribution networks, hotels, shopping centers, office buildings, airports, hospitals, tunnels, and underground railways.
