Global Ring Main Unit Market Synopsis:
As per the latest study by Market Research Future Reports (MRFR), the global ring main unit market is approximated to value USD 2.65 billion, burgeoning at a CAGR of 8.4% by the end of 2023. The initiatives of smart city and rapid urbanization is the most significant factor driving the global ring main unit market 2020. The demand for continuous and reliable power has shored up the interest in main ring units. Moreover, the concern regarding energy conservation has been perking up, which has swelled up the market expansion at a global level. Besides, the enlarging demand for renewable energy resources has beefed up the demand.
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Furthermore, the increasing security concerns have also thrusted the demand for ring main units. In addition, several nations are upgrading and replacing their existing grid structures with ring main units to respond to the challenges of secondary electrical distribution. Also, they are flexible and demand less maintenance. On the other hand, conventional switchgear is cheaper than the ring main units, which is estimated to be the bridling factor.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
The worldwide Ring Main Unit Market can be segregated on the basis of installation, type, application, and region.
Based on the installation, the worldwide ring main unit market can be segregated into outdoor and indoor.
Based on type, the worldwide ring main unit market can be segregated into gas-insulated, oil insulated, air-insulated, and solid dielectric.
Based on the application, the global ring main unit market can be segregated into industrial, commercial, and distribution utilities.
Based on the region, the worldwide ring main unit market can be segregated into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
The worldwide ring main unit market is reckoned to expand significantly during the forecast period. The regional study of North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been carried out. The research divulges that the market is commanded by the Asia-Pacific region. The regional market is estimated to dilate due to the amplifying industrialization as well as the broadening renewable sector. Moreover, the multiplying demand of ring main unit market is likely to augment the market in Asia-Pacific. Besides, the research also reveals that the Asia-Pacific territory is anticipated to dilate at the fastest pace during the forecast period. In addition, the electrification projects taken up by the emerging economies have further actuated the market.
Moreover, rising infrastructural activities have also led to market expansion. The second position is gained by Europe. Europe is a considerable market and is projected to make notable participation during the review period due to the fast development of the existing infrastructure. The region is experiencing a rise in investment in renewable energy along with the massive investment in infrastructure.
However, the outbreak of COVID-19 is likely to change the market dynamics of several regions. Various regions have been influenced due to the observation of nationwide lockdown in various countries.
The distinguished competitors of the worldwide ring main unit market are Schneider Electric SE (France), ABB Ltd. (Switzerland), Eaton Corporation, Siemens AG (Germany), PLC (Ireland), General Electric Company (U.S.), L&T (India), Lucy Electric Limited (U.K.), Yokogawa Electric Corporation (Japan), EPE Switchgear (M), Sdn. Bhd. (Malaysia), SwitchGear Company (Belgium), and a few more.
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