Ring Main Unit Market - Global Industry Volume and Region Analysis – 2024
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The global ring main unit market can be segmented based on type, application, and region. In terms of type, the ring main unit market can be divided into gas, air, oil, and solid dielectric. Gas insulated ring main unit is expected to be the major type segment of the ring main unit market during the forecast period owing to its properties such as high insulating capacity, easy integration with existing system, and minimum floor space. It is primarily used in power grids, railway systems, wind power plant, etc. In terms of type, the ring main unit market can be classified into distribution utilities, industries, and infrastructure & transportation, and others.
The ring main unit market is anticipated to expand significantly during the forecast period due to the increase in demand for these units in the distribution utilities application segment. Demand for electricity and capacity addition has been rising by the day in developing regions such as Asia Pacific owing to this demand for ring main unit is increases in distribution utilities in order to provide uninterrupted power supply to meet the rising demand.
Demand for reliable and secure source of power supply is also anticipated to boost the demand for ring main units in power generation during the forecast period. Rise in demand for ring main unit in smart grids is also estimated to drive the overall market for ring main unit during the forecast period. Ring main unit can be used to optimize network performance, improved energy availability, etc. in smart grids. Furthermore, rise in demand for ring main unit in renewable power generation for minimizing power loss is projected to play a significant role in augmenting the demand for ring main unit during the forecast period.
In terms of region, the ring main unit market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is likely to dominate the global ring main unit market, followed by North America and Europe, during the forecast period. Increase in demand for electricity and rise in government initiatives for capacity addition and rural electrification are anticipated to boost the overall market in Asia Pacific during the forecast period. The ring main unit market in North America and Europe is estimated to expand significantly during the forecast period due to the increase in focus on the renewable sector in these regions. The ring main unit market in Middle East & Africa and Latin America is also projected to expand at a rapid pace in the near future.
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Companies are adopting merger and acquisition strategies to expand their market share. Furthermore, they are shifting their production facilities to emerging economies in Asia Pacific and Latin America due to the easy availability of land, cheap labor, and governmental subsidies in these regions. Key players operating in the global ring main unit market include Eaton, Schneider Electric, LARSEN & TOUBRO LIMITED, Ltd., EPE Power Switchgear Sdn. Bhd., OTDS UK Ltd., General Electric Company, ABB, Ltd., and SEL S.p.A.
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