Pune, India, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The global Ring Main Unit Market size reached USD 1.58 billion in 2020. The market value is slated to rise from USD 1.69 billion in 2021 to USD 2.77 billion in 2028 at a CAGR of 7.4% during the forecast period. The market growth will be aided by the rise in industrial infrastructure development, mainly in emerging countries. Rising renewables deployment to meet the burgeoning energy demand will support the market expansion. Fortune Business Insights presents this information in its report titled “Ring Main Unit Market, 2021-2028."
Ring Main Unit (RMU) is metal-enclosed switchgear used for safe and reliable power distribution. It consists of metering and a protection device that controls circuits, protects the circuit from earth faults, and isolates faulty equipment. The adoption of these systems is rising owing to advantages such as compact design, high safety, efficient performance, cost savings, and smart capabilities. Rapid urbanization and upcoming smart city projects across the world will augment technology adoption significantly.
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Companies Profiled in Ring Main Unit Market
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Eaton Corporation plc. (Ireland)
- Larsen & Toubro Ltd (India)
- Siemens AG (Germany)
- C&S Electric Ltd. (India)
- LS Electric Co., Ltd. (South Korea)
- Entec Electric & Electronic Co., Ltd (South Korea)
- General Electric Company (U.S.)
- EPE Switchgear (M) Sdn. Bhd. (Malaysia)
- Lucy Electric (U.K.)
- Ormazabal (Spain)
- TIEPCO (Saudi Arabia)
- Crompton Greaves (India)
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.4% |
| 2028 Value Projection | USD 2.77 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.58 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 220 |
| Segments covered | Type, Application and By Region |
| Growth Drivers | Growing Renewable Energy Demand to Drive Market Growth |
| Rising Industrial Infrastructure to Aid Market Development | |
| Pitfalls & Challenges | High Investment Cost Could Hamper Market Growth to Some Extent |
COVID-19 Impact:
Disruptions in Power Supply Operations to Affect Market Dynamics
The global COVID-19 pandemic has impacted each and every industry vertical, including the electrical & electronics sector. Strict containment measures, supply chain uncertainty, and workforce shortages caused various challenges for ring main unit manufacturers. Amid nationwide lockdown restrictions, a significant decline in power demand from industrial and commercial sectors was observed, leading to a reduced power supply. In addition to the abovementioned factors, delays in electrical infrastructure development projects have impacted the market growth during the pandemic period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/ring-main-unit-market-100775
Segments:
Type, Voltage, Installation, Application, and Region are studied for the Market
Based on type, the market is segmented into air-insulated, oil-insulated, gas-insulated, and others.
In terms of voltage, the market is divided into low voltage, medium voltage, high voltage, and others.
By installation, the market is bifurcated into indoor and outdoor.
On the basis of application, the market is split into industrial, distribution utility, and commercial & residential.
The market has been analyzed across major regions, including North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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Drivers & Restraints:
Expansion of Infrastructure Sector and Renewable Projects to Propel Market Forward
Investments in infrastructure development and expansion of power supply & distribution networks worldwide will drive ring main unit market growth during 2021-2028. Switching equipment such as RMU is critical to maintaining voltage fluctuations. The performance and safety benefits of RMU also make it an important component of renewable energy systems. Expanding clean energy infrastructure will thus provide lucrative growth opportunities for the market players.
On the contrary, high capital costs could impact RMU deployment to some extent.
Regional Insights:
Asia Pacific is slated to dominate the ring main unit market share during the projected timeframe. The regional demand is largely driven by the rising energy consumption and growing deployment of distribution networks. According to the National Infrastructure Pipeline, energy sector projects account for the highest share (24%) of the overall USD 1.4 trillion budgeted investment. These factors will benefit the market outlook significantly.
The market in North America will grow on account of increasing investment in upgradation of transmission and distribution networks. Expansion of renewable energy infrastructure will also unlock new opportunities for market players.
Meanwhile, Europe will record robust gains during 2021-2028 on account of expanding renewable energy projects in Germany, Spain, France, Italy, and the U.K.
Notable Industry Developments:
April 2021 – SP Energy Networks tested Siemens-made 8DJH 12 switchgear RMU that operates without sulfur hexafluoride (SF6). The technology helps the company meet its goal to reduce its environmental impact and carbon footprint.
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Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Ring Main Unit Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Ring Main Unit Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Gas-Insulated
- Oil-Insulated
- Air-Insulated
- Solid Di-electric
- Others
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Market Analysis, Insights and Forecast – By Installation
- Indoor
- Outdoor
- Market Analysis, Insights and Forecast – By Application
- Distribution Utility
- Industrial
- Residential & Commercial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Ring Main Unit Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Gas-Insulated
- Oil-Insulated
- Air-Insulated
- Solid Di-electric
- Others
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Market Analysis, Insights and Forecast – By Installation
- Indoor
- Outdoor
- Market Analysis, Insights and Forecast – By Application
- Distribution Utility
- Industrial
- Residential & Commercial
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis and Forecast – By Type
- Gas-Insulated
- Oil-Insulated
- Air-Insulated
- Solid Di-electric
- Others
- Canada Market Analysis and Forecast – By Type
- Gas-Insulated
- Oil-Insulated
- Air-Insulated
- Solid Di-electric
- Others
- U.S. Market Analysis and Forecast – By Type
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