Rising at 6.0% CAGR, Ring Main Unit Market is Projected to Reach $3.0 billion in 2027

According to a new market research report, the global ring main unit is projected to reach USD 3.0 billion by 2027 from an estimated USD 2.3 billion in 2022, at a CAGR of 6.0% during the forecast period from 2022 to 2027.

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/ring-main-unit-market-51228954.html

A ring main unit is considered as an all-in-one solution that is easy to install and maintenance-free. Various industries are witnessing a general shift toward the adoption of ring main units as it enhances the uptime and reliability of power supply. It can also be fitted or integrated with intelligent electronic devices. Due to its smart capabilities, it is highly demanded in the market. In addition, the global focus on renewable power generation is expected to present numerous growth opportunities for the growth of the ring main unit market.

The Asia Pacific region, followed by Europe, is estimated to be the largest market for ring main units. In the Asia Pacific region, efforts are being taken across countries to upgrade aging infrastructure to ease the integration of renewables in the national grid. Electrification is also being carried out rapidly in this region, especially in remote parts. These developments are increasing the demand for ring main units in the region.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=51228954

The ring main unit market is characterized by the presence a mix of large international players with operational presence across the world and local players commanding a strong supply network in the domestic market. The leading players in the global ring main unit are ABB Ltd (Switzerland), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), LS Electric Co., Ltd (South Korea).

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.

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.

Ask Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=51228954

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.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

This release was published on openPR.