New Revenue Pockets:
The global ring main unit market size is projected to grow at a CAGR of 9.3% from 2020 to 2025. The market is estimated to be USD 1.6 billion in 2020 and expected to reach USD 2.5 billion by 2025. Asia Pacific is expected to be the largest and the fastest growing market for ring main units from 2020–2025. The market is driven by the rising demand for uninterrupted and reliable power supply across several end-use industries and expansion of the manufacturing sector. Also, the increasing renovation of power infrastructure and growing electricity demand in countries like China, India, and Japan is expected to fuel the ring main unit demand.
Key Market Players:
The major players in the ring main unit market are 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).
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The ring main unit market has been segmented, by type, into gas insulated, air insulated, oil insulated, and solid dielectric insulated. Solid dielectric is the fastest growing ring main unit market. Operational safety and low carbon emissions using solid dielectric ring main units are expected to boost its demand.
The ring main unit market has been segmented, by installation, into outdoor and indoor. The increasing installation of solar and wind power plants is expected to foster the demand for outdoor ring main units.
The ring main unit market has been segmented, by application, into distribution utilities, industries, and infrastructure & transportation. Distribution utilities is the fastest growing ring main unit market. Increasing T&D investments to meet the growing power demand are likely to propel the ring main unit market in this segment. In addition, rural electrification in India would require usage of equipment such as ring main units for uninterrupted power supply. This would bring growth opportunities for the ring main unit market in this segment.
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The ring main unit market has been segmented, by voltage rating, into up to 15 kV, 16–25 kV, and above 25 kV. Up to 15 kV is the fastest growing ring main unit market. Some of the large manufacturers of up to 15 KV ring main units are Eaton, Larsen & Toubro, Siemens, ABB, LS Electric, and others. Increasing number of commercial establishments due to rapid urbanization and infrastructure development is the prime reason for the market growth.
