Ring Main Unit Market Growth Trajectory – Insights On Key Drivers, Lucrative Segments And Fastest Growing Regions
25 May, 2023
The global ring main unit market size is expected to grow from $2.10 billion in 2022 to $2.28 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ring main unit market is expected to grow to $2.95 billion in 2027 at a CAGR of 6.7%.
Global Ring Main Unit Market Key Driver
Rising power demand is projected to move the ring main unit market forward. Electricity is a sort of energy that powers machinery and equipment that emits light or heat. The growing demand for electricity necessitates the usage of a ring main unit for a variety of purposes, including connecting several types of switches, feeding a distribution transformer, and other similar functions. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electricity demand is expected to increase by 4.5% in the year 2021, supported by rebounding economic activity and increasing growth in major emerging economies such as China. Therefore, the increasing demand for electricity is driving the growth of the ring main unit market.
Get a sample of the global ring main unit market reportGlobal Ring Main Unit Market Segments
The global ring main unit market is segmented:
1) By Type: Gas-Insulated, Oil-Insulated, Air-Insulated, Solid Di-Electric, Other Types
2) By Component Types: Self-Powered Electronic Relays, Switchgear, Fuses
3) By Voltage: Low Voltage, Medium Voltage, and High Voltage
4) By Installation: Indoor, Outdoor
5) By Application: Distribution Utility, Industrial, Commercial, and Residential
6) By Geography: The regions covered in the ring main unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global ring main unit market.
Major Ring Main Unit Industry Players
ABB Ltd., Schneider Electric SE, Eaton Corporation plc, Larsen & Toubro Ltd., Siemens AG, LS Electric Co. Ltd., Entec Electric & Electronic Co. Ltd., EPE Switchgear (M) Sdn. Bhd., Lucy Electric Ltd., Ormazabal, TIEPCO, Crompton Greaves Consumer Electricals Limited, Orecco Electric, Alfanar Group, and LSIS Co. Ltd.
Get the full global ring main unit industry report
Ring Main Unit Market Overview
A ring main unit is a metal-enclosed, factory-assembled set of switchgear that is used at the load connection locations of a ring-type distribution network. It has two switches that connect both ends of the load to the main conductors and a fusible switch or circuit breaker that acts as a tee-off for connecting a medium voltage to low voltage distribution transformer. (MV to LV).
Ring Main Unit Global Market Report 2023 provides data on the global ring main unit market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ring main unit market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.