The report, now available on ASDReports, "Ring Main Unit Market by Type (Gas, Air, Oil, and Solid Dielectric), Installation (Outdoor and Indoor), Application (Distribution Utilities, Industries, and Infrastructure & Transportation), and Region - Global Forecast to 2022", The ring main unit market is expected to grow from an estimated USD 1.64 Billion in 2017 to USD 2.45 Billion by 2022, at a CAGR of 8.35% from 2017 to 2022. The global market is set to witness a significant growth, due to smart distribution networks and modernization of existing power infrastructure.
The gas insulated segment is expected to hold the largest share of the ring main unit market, by type, during the forecast period
The applications of gas insulated ring main unit include power grids, wind power plants, railway systems, underground installations, and mining applications. It is the largest segment, by type, for the ring main unit market. Increasing power consumption in Asia-Pacific requires secure and reliable source of power supply, which in turn is likely to drive the gas insulated ring main unit market. Gas insulated ring main unit can be easily integrated with an existing system. Moreover, these ring main units have SF6 as insulation medium, which is enclosed in a tank. All these factors are expected to boost the gas insulated ring main unit market.
Distribution utilities to be the fastest growing application segment in the ring main unit market
With regard to the application segment, the distribution utilities segment is expected to be the fastest growing market from 2017 to 2022. The distribution utilities segment requires ring main units for metering, measuring, for uninterrupted power supply, and to prevent damages to critical equipment. Moreover, ring main units are vital for maintaining the stability of a grid system. The distribution utilities segment is expected to exhibit the highest growth rate during the forecast period. This growth is attributed to power generation capacity addition and enhancement plans for distribution networks in countries in the Asia-Pacific region, such as China and India, to meet the growing electricity demand. This in turn would require deployment of power equipment such as ring main units for uninterrupted power supply.
Asia-Pacific: The fastest growing market for ring main unit
In this report, the ring main unit market has been analyzed with respect to six regions, namely, Asia-Pacific, Europe, North America, the Middle East, South America, and Africa. Asia-Pacific is expected to dominate the global ring main unit market, owing to capacity additions, adoption of smart grids, and rural electrification in the region. China is expected to dominate the ring main unit market in the Asia-Pacific region. Countries such as Vietnam and Malaysia are having high growth prospects in the Asia-Pacific ring main unit market. Increasing focus on renewable power generation is likely to boost the demand for the ring main unit market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the ring main unit market. These players include ABB, Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), and General Electric Company (U.S.). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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Source: ASDReports - Market Research
Date: May 3, 2017