(EnergyIndustry.Net, October 27, 2021 ) According to the new market research report "Ring Main Unit Market by Type (Gas, Air, Oil, and Solid Dielectric), Installation (Outdoor, and Indoor), Application (Distribution Utilities, Industries, and Infrastructure & Transportation), Voltage Rating, and Region-Global Forecast to 2025", The global ring main unit market is expected to reach USD 2.5 billion by 2025 from an estimated value of USD 1.6 billion in 2020, at a CAGR of 9.3%. 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 India, factors such as rural electrification, adoption of smart grids, and substation automation projects are increasing the demand for ring main units. Due to the COVID-19 outbreak, the US has a negative growth rate of -2.45% in the manufacturing sector compared to -3.25% of China. India, Japan, and Europe registered a negative growth of -3.98%, 2.77%, and -2.89%, respectively, in their manufacturing sectors.
The distribution utilities segment is expected to be the largest ring main unit market, by application, during the forecast period
Increasing investments in power distribution networks due do the rise in urbanization in developing countries, along with the space constraints in densely populated areas, are expected to drive the market for ring main units in the distribution utilities segment. Global distribution utilities are facing various challenges such as aging workforce that cannot be replaced because of lack of skilled workforce. Also, COVID-19 has further exacerbated the situation because manual intervention in the field is still required. Because of the lockdown situation, utilities are at a standstill, which has led to losses for companies. This has had a negative impact on the ring main unit market.
The outdoor segment is projected to account for a significant share of the ring main unit during the forecast period
The outdoor ring main unit segment is likely to dominate during the forecast period. Growing power consumption, ultimately leading to the expansion and upgradation of power grid, and increasing solar and wind energy installed capacity are expected to boost the demand for outdoor ring main units. COVID-19 has negatively impacted the power industry globally during the past two months. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of coronavirus is high. The decreasing demand for electricity is caused by lockdowns across countries to mitigate the spread of the virus. This will have a negative impact on the growth of the outdoor ring main unit market for a considerable period of time.
The gas insulated segment is projected to account for the largest share during the forecast period
The gas insulated segment is predicted to dominate the ring main unit market based on application. Growing demand from countries such as India, Japan, and China is the driving factor for the gas insulated ring main unit market. However, due to COVID-19, the market size for the gas insulated segment fell in 2020. Gas insulated ring main units require SF6 gas, and manufacturers of gas insulated ring main units are finding it hard to procure SF6 gas due to the ongoing lockdown restrictions.
Asia Pacific is projected to dominate the global ring main unit market during the forecast period
In this report, the ring main unit market has been analyzed concerning six regions, namely, Asia Pacific, North America, Europe, South America, Middle East, and Africa. Asia Pacific is expected to lead the market during the forecast period. Urbanization and industrialization, along with increasing rural electrification and electricity consumption in China, Japan, and India, are likely to drive the ring main unit market in the region.
To offer an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players such as ABB (Switzerland), Schneider Elecctric (France), Eaton (Ireland), Lucy Electric (UK), Larsen & Toubro (India), Siemens (Germany), C&S Electric (India), LS Electric (South Korea), Ormazabal (Spain), TIEPCO (Saudi Arabia), and ENTEC Electric & Electronic (South Korea).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 email@example.com