According to a research report "Ring Main Unit Market by Insulation Type (Gas-insulated, Air-insulated, Oil-insulated, Solid Dielectric), Installation (Indoor, Outdoor), Voltage Rating (Up to 15 kV, 15 kV–25 kV, Above 25 kV), Structure, Application, Region - Global Forecast to 2027" published by MarketsandMarkets, the Ring main unit market is expected to grow at a CAGR of 6.0% during the forecast period, from an estimated USD 2.3 billion in 2022 to USD 3.0 billion in 2027. The market growth can be attributed to the increasing renewable energy capacity additions and enhancement plans for distribution networks and the modernization of existing power infrastructure.
The non-extensible segment, by structure type, is expected to be the most significant segment during the forecast period.
The
non-extensible segment accounts for the largest share of the global
ring main unit market owing to the features offered by these units such
as easy coupling to the distribution transformer, forming a compact
outdoor package substation for both the low and medium distribution
purposes. This feature are increasing the demand for non-extensible ring
main units.
The
commercial building segment is anticipated to be the second-largest
segment in the global ring main unit market, by application, during the
forecast period.
The
commercial building segment is expected to account for the
second-largest market share during the forecast period. According to the
United Nations, urbanization worldwide is expected to increase to 68%
by 2050. Asia Pacific, South America, and Africa, in particular, are
experiencing rapid urbanization, owing to ample work opportunities in
urban centers due to economic growth. Economic growth is also fueling
rapid infrastructural developments. This has led to a spurt in the
requirement for housing and a rise in the number of commercial
buildings.
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.
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.
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To
enable an in-depth understanding of the competitive landscape, the
report includes the profiles of some of the top players in the ring main
unit market. These include ABB Ltd (Switzerland), Siemens (Germany),
Eaton (Ireland), Schneider Electric (France), and LS Electric Co., Ltd
(South Korea). The leading players are trying to establish themselves in
the markets of developed countries and are adopting various strategies
to increase their respective market shares.
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