Ring Main Unit Market Size Global Forecast, Growth Drivers 2023

According to Precision Business Insights (PBI), the latest report, the Ring Main Unit market was valued at USD 2,391.1 million in 2022 and is expected to grow at a 6.4% CAGR during the forecast period 2023 to 2029. The primary drivers of the expansion of the global ring main unit market include the increasing demand for electricity due to growing population leading to rise the need for power distribution infrastructure. In addition, growing development of smart grids is expected to propel the growth of ring main unit market over the forecast period.

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The ring main unit market is segmented based on insulation type, installation, end user, application, and geography.

Based on the insulation type, the market is segmented into the following:
• Oil-Based
• Dry-Type
• Others

Based on the application, the market is segmented into the following:
• Distribution Utilities
• Industrial
• Commercial
• Others

Based on the end user, the market is segmented into the following:
• Electricity Distribution
• Infrastructure
• Industries
• Others

Based on the installation, the market is segmented into the following:

• Indoor
• Outdoor

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the end-user, the global Ring Main Unit market is segmented into electricity distribution, infrastructure, industries, and others. The electricity distribution segment is expected to account for a larger revenue share in the global ring main unit market. Ring main unit is a metal enclosed switchgear widely used in the power distribution networks including combination of one or more load break switches. The growing population across the globe leading to increasing demand for energy resulted in increase in electricity generation and are likely to use ring main units for the power distribution infrastructure. For instance, 2019, the global electricity generation was 27004.7TW/h, which was higher than what the world produced in 2018, 26652.7TWh.

Asia Pacific Ring Main Unit Market
The Asia Pacific ring main unit market is expected to increase over the forecast period due to the rapidly growing demand for electricity and increasing urbanization along with commercial operations. In addition, increasing population leading to increasing demand for energy in developing countries such as India, and China are expected to drive the market growth in this segment. Furthermore, the expansion of power distribution networks, and the integration of renewable energy sources into the grid are expected to further fuel the growth of ring main unit market in this region over the forecast period.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Ring Main Unit market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2021, Siemens introduced the 8DJH 24 switchgear, a ring main unit for line voltages up to 24kV, completely free of fluorinated gases.

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Key players profiles in the Ring Main Unit Market report are Schneider Electric SE, Larsen & Toubro Limited, Eaton Corporation PLC, ABB Ltd, Toshiba Corp, C&S Electric Ltd, General Electric Company, Ormazabal, Crompton Greaves, Siemens AG, TIEPCO, Larsen & Toubro Ltd.

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This release was published on openPR.