PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182884
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182884
Ring Main Unit Market size was valued at USD 2,504.9 Million in 2021, expanding at a CAGR of 6.8% from 2022 to 2028.
Ring main switchgear is globally utilized in secondary distribution networks. It is a gas-insulated portable switchgear and a crucial component, within a modernized grid. Additionally, a changing shift towards the integration of renewable will further help to develop the ring main unit market. Moreover, the increasing concerns associated with carbon footprint, climate change, and GHG emissions are raising the preference for green energy. Furthermore, it also enables the management of peak loads, offers energy security, and reduces operational costs such as key factors expected to increase market growth.
Additionally, due to growing environmental concerns associated with the impact of elevated carbon emissions people shifting their interest toward renewable energy resources, as a result, renewable systems and sustainable technologies have gained significant momentum to boost the market growth during the forecast period.
However, high-cost production and easy availability of counterfeit products due to the uncertain cost of raw materials hinder the market growth during the forecast period. Moreover, in the decarbonization efforts of industries ring main unit market plays an important role because of the modern features that improved power availability and quality.
COVID-19 has had a negative impact on the market, due to the sudden cease in industrial activities. The worldwide imposition of lockdowns impacts large-scale electricity needs to be reduced dramatically, leading to the shutdown of commercial places.
The Global Ring Main Unit Market is segmented on the basis of, insulation type, installation, voltage, end-user, and by region. It is mainly used in the power grid, underground installations, wind power plants, and mining.
The market is divided into three categories based on insulation type: gas-insulated, air-insulated, oil-insulated, solid dielectric, and others. The gas-insulated segment is the largest segment during the forecast period due to its compact size, climate resistance, and better functionality. It is mainly used in the power grid, underground installations, wind power plants, and mining.
The market is divided into three categories based on Installation: indoor and outdoor. The indoor segment dominates the market share during the forecast period due to their huge development in electricity generation applications, and industrial applications. Additionally, the rising factor for the indoor segment is distribution utility which further propels the segment growth.
The market is divided into three categories based on voltage: low voltage (up to 15kv), medium voltage (15kv to 25kv), and high voltage (above 25kv). In distribution networks growing requirements of low voltage RMUs due to their high fault enduring capacity is dominating the low voltage segment during the forecast period.
The market is divided into two categories based on end-user: distribution utility, industrial, residential and commercial, and others. The market is controlled by distribution utility due to the variety of usages in the different applications. Additionally, the factors increasing energy demand due to industrialization and urbanization lead to the development of power distribution utilities.
In terms of market share, North America is the leading region owing to the presence of key market players and the growing modernization of power distribution infrastructure in the region. During the forecast period, Asia Pacific is expected to grow significantly, owing to factors such as the rising expansion of the renewable energy sector and growing investment in the power distribution sector in the region. In the development of electric vehicles and transportation utilities, a rise in public & private investment will accelerate equipment installation in the sector. In rural and urban areas rapid expansion of utility-based establishments to address the surging consumption of electricity will stimulate product installation.
The scope of this report covers the market by its major segments, which include as follows: