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The global ring main unit market is progressing rapidly. Ring main unit (RMU) is used in a secondary distribution system to obtain an uninterrupted power supply. The market growth primarily attributes to the increase in demand for electricity across the globe. Besides, the rising demand for energy fuels per year, increasing industrialization, and concerns related to energy distribution drive the growth of the market.
The growing globalization and rising economic growth escalate market growth. In its latest industry report, Market Research Future (MRFR) asserts that the global ring main unit market valuation is poised to reach USD 2.65 BN by 2023, growing at 8.4% CAGR during the assessment period (2017-2023). The oil & gas industry worldwide is witnessing rapid expansion.
Also, there is a constant increase in distribution utilities, distribution services, and transmission. These factors cumulatively influence market growth. Additionally, the rising demand for renewable energy fuel the sales of ring main units. On the other hand, the higher cost of ring main units than conventional switchgear is a major factor projected to impede the market growth.
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Nevertheless, heavy investments in the developments and integration of automated technologies would support market growth throughout the assessment period. Also, high expansion activities by well-established companies in grid upgrade activities and global energy demand would propel the market's growth. Additionally, continuous developments in ring main units substantiate the market growth, reducing costs, and enhancing efficiency & security in grids and distribution systems.
Global Ring Main Unit Market - Segments
The report is segmented into four dynamics;
Ring Main Unit Market - Regional Analysis
The Asia Pacific region dominates the global ring main unit market. The region is a key consumer of energy, which leads to substantiated exploration and production in the area. Besides, the largest market share attributes to rapid expansions in industrialization as well as the growing renewable sector in this region. Moreover, the augmenting demand for energy and increasing investment in power grids and distribution utilities boost market growth.
India and China account for major shares in the regional market due to the significant growth in the gas insulated and product segment. Also, continually increasing investments in the burgeoning oil & gas sector propel the regional market's growth. Furthermore, the rapid economic growth in the region and the demand for the advanced automation technology for distribution applications foster the market's growth.
Europe stands second in the global ring main unit market. The market is driven by the upgrading activities in existing grid and distribution infrastructures in the region. Additionally, the presence of major market players and well-developed grid infrastructures drives the regional market's growth. The increasing demand for fossil fuels substantiates the market growth in the region.
Most of the European countries have initiated transmission regulations towards the usage of robotics in oilfield applications, fostering the growth of the market. Furthermore, increasing R&D investments for the modifications in distribution utilities act as major tailwinds for the market's growth.
The North American ring main unit market is proliferating. The region is the major consumer of oil & gas and energy. Resultantly, factors such as the rising numbers of offshore drilling activities and huge advances in grid technologies in the region boost market growth. Moreover, the rising uptake of automation in oilfields and high investments in exploration & production (E&P) accelerate the market demand.
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Global Ring Main Unit Market - Competitive Analysis
Highly competitive, the ring main unit market appears fragmented due to the strong presence of industry players. To gain a larger competitive share, these players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product & technology launch. Players also focus on new product development and geographical expansion initiatives. They make substantial R&D investments to drive relentless innovations and new product developments.
Major Players:
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
Continued…
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