Ring Main Unit Market worth USD 3.36 billion by 2028, registering a CAGR of 9.27% – Report by Market Research Future (MRFR)
New York, Nov. 01, 2021 (GLOBE NEWSWIRE) — Ring Main Unit Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Ring Main Unit Market Research Report, by Type, Installation, Application and Region – Forecast till 2028” the market is projected to be worth USD 3.36 billion by 2028, registering a CAGR of 9.27% during the forecast period (2021 – 2028)., The market was valued at USD 1.92 billion in 2021.
List of the companies profiled in the Ring Main Unit Market Research report are:
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Eaton Corporation
- PLC (Ireland)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- Lucy Electric Limited (U.K.)
- L&T (India)
- Yokogawa Electric Corporation (Japan)
- SwitchGear Company (Belgium)
- EPE Switchgear (M) Sdn. Bhd. (Malaysia).
- Among others.
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Industry News
In April 2020, Larsen & Toubro was granted an agreement to reinforce Chennai’s metropolitan HT line dispersion network by developing ring main units and feeder remote terminal units on an absolute turnkey basis. Similarly, fully robotized, automated 33 kV gas Insulated substations will be installed in strategic locations.
Market Research Future’s Review on Ring Main Unit Market
Multiple Factors to Augment Market Growth
The Ring Main Unit is gaining popularity as a result of the global increase in robotization and industrialization. The populace’s interest in power is considerable, as seen by its development. This is propelling the global Ring Main Unit Market. Expansion of distribution organizations and modernization of existing force foundations are likely to boost interest in the RMU Market during the forecast period. Moreover, the emphasis on sustainable energy is rising in a few developed and emerging nations as a result of growing contamination issues, and those administrations are providing good directions. RMUs are now frequently incorporated into sun-oriented power plants and help in lowering force misfortunes, as well as improving wellness with shorter link lengths. This improvement is expected to offer new avenues for merchants operating in the global Ring Main Unit Market.
Browse In-depth Market Research Report (188 pages) on Ring Main Unit
https://www.marketresearchfuture.com/reports/ring-main-unit-market-2802
The Global Market to Bounce Back Post COVID-19 Pandemic
Due to the full or partial lockdowns enacted in the majority of countries during March 2020, the advent of the COVID-19 pandemic has had an impact on the global ring main unit market. The growing preference for the use of ring main units is expected to drive market expansion throughout the forecast timeframe. Future investments in the power and energy industries in emerging countries are likely to give the potential for growth for ring main unit manufacturers and suppliers. The demand for such products has been restricted in recent months due to the temporary closure of businesses around the world. However, ring main unit demand is expected to improve in the following months and rise significantly in the long run.
Government organizations in a number of countries are focusing on developing supporting policies for COVID-19 pandemic assistance, which are predicted to promote the expansion of the worldwide ring main unit market over the forecast timeframe. Increased infrastructure development is also predicted to increase the use of ring main units, especially in commercial and residential areas. Due to their substantial utilization in distribution utilities in industrial settings, consumer preferences play a critical role in driving demand for such products. According to MRF analysis, the global power and energy sector is predicted to increase slowly in the following year, which will have an impact on demand for ring main units globally. With the steady market condition over the forecast timeframe, industry participants are anticipated to increase their production capacity. Furthermore, the global ring main unit market is predicted to rebound in the fourth quarter of 2021.
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Market Segmentation
The worldwide RMU market has been segmented into type, installation, and application.
By type, the worldwide RMU market has been segmented into Oil Insulated, Gas Insulated, Air Insulated, and Solid Dielectric.
By installation, the worldwide RMU market has been segmented into Indoor and Outdoor.
By application, the worldwide RMU market has been segmented into Distribution Utilities, Industrial and Commercial.
Regional Analysis
APAC to Lead the Worldwide Market
Asia Pacific is the global Ring Main Unit (RMU) Market leader, followed by Europe. As the neighboring sustainable region develops, rapid industry increases the interest in the RMU Market. This area is expected to grow at the fastest rate during the forecast time frame.
Segmentation of Market covered in the research:
Ring Main Unit Market Information by Type (Oil Insulated, Gas Insulated, Air Insulated and Solid Dielectric), by Installation (Indoor and Outdoor), Application (Distribution Utilities, Industrial and Commercial) and by Region – Forecast to 2028
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