Yahoo Finance The ring main unit market size will grow to USD 3.0 Billion by 2027 from USD 2.3 Billion in 2022, at a CAGR of 6.0%
during the forecast period. The increasing power generation demand in countries such as China and India and the growing adoption of renewable energy in China are the major driving factors for the overall ring main unit market growth.
New York, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ring Main Unit Market by Insulation Type, Installation, Voltage Rating, Structure, Application, Region - Global Forecast to 2027" - https://www.reportlinker.com/p04883662/?utm_source=GNW
The distribution utilities segment is expected to emerge as the largest segment based on application during 2022–2027.
The ring main unit market has been segmented into distribution utilities, industrial applications, commercial buildings, and transportation infrastructure based on application.Increasing smart grid investments by T&D utilities is one of the key reasons behind the largest market share of the distribution utility segment.
According to T&D World, transmission and distribution investments are likely to reach USD 351.0 billion by 2026.
Outdoor installation: The fastest-growing segment of the ring main unit market based on installation “
Based on installation, the ring main unit market has been split into indoor and outdoor installations. Increasing investments in distribution networks due to the rise in urbanization in developing countries are expected to drive the market for outdoor ring main units.
Europe is expected to be the second-largest market during the forecast period.
Europe is expected to be the second largest market due to the increasing investments in automotive projects and the development of the renewable energy sector. The European Union (EU) is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading, which eventually will enhance the demand for ring main units in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1: 65%, Tier 2: 24%, and Tier 3: 11%
• By Designation: C-level: 30%, Directors: 25%, and Others: 45%
By Region: North America: 33%, Europe: 27%, Asia Pacific: 20%, the Middle East & Africa: 8%, and South America: 12%
Note: Others include product engineers, product specialists, and engineering leads.
The tiers of the companies are defined based on their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million.
The ring main unit market is dominated by a few major players that have a wide regional presence. The leading players in the ring main unit market are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Lucy Electric (UK), and Siemens (Germany).
Research Coverage:
The report defines, describes, and forecasts the global ring main unit market, by insulation type, installation, voltage rating, structure, and application.The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.
It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the ring main unit market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for ring main units, which would help equipment manufacturers review the rise in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p04883662/?utm_source=GNW
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