A comprehensive overview of the global smart ring main unit market is recently added by UnivDatos Market Insights to its humongous database.
A comprehensive overview of the global smart ring main unit market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the smart ring main unit market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global Smart ring main unit market at regional and country levels. The Global Smart ring main unit market is valued at around USD 1.6 bn in 2020 and is expected to grow at a CAGR of around 6.6% during the forecast period (2021-2027).
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Market Overview
Smart Ring Main Unit is a fully enclosed, compact, factory assembled cabinet used for medium-voltage power distribution. This is an easily replaceable switchgear unit, requires low maintenance, and is highly protected in nature. To cover the wide breadth of user demands, RMUs can be found in various voltages, ideal for outdoor and indoor installations. In addition, smart ring main units (RMU) are tested to provide increased safety and reliability even in the harshest environments.
Factors such as increasing energy demands from the industries and rapid infrastructure growth in the energy sector are likely to drive the ring main unit market. Also, due to the increasing number of renewable energy installations that require a ring main unit at the substation level, the electricity distribution segment is expected to be the largest growing segment for the ring main unit market during the forecast period.
COVID-19 Impact
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on traveling, the shutdown of manufacturing industries, commercial activities this had severely disrupted the supply chain. Moreover, the COVID-19 outbreak hurt demand on the smart ring main unit market for some energy sectors owing to a substantial slump in the electricity consumption in the industrial and commercial sectors. The shutdown of activities across the various sector had negatively influenced the market outlook.
For instance: According to IEA, before the global pandemic, India’s energy demand was projected to increase by almost 50% between 2019 and 2030, but growth after a pandemic is closer to 35%, and 25% in the Delayed Recovery Scenario. However, India is an expanding economy, population, urbanization, and industrialization expected to increase the energy demand in the forecasted period which is expected to escalate the market size of smart ring main unit.
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Global Smart ring main unit market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
· Gas Insulated
· Oil Insulated
· Air Insulated
· Solid Dielectric
Based on type, the smart ring main unit market is segmented into gas insulated, oil insulated, air insulated, and solid dielectric. The gas insulated segment catered to significant demand in the smart ring main unit market. It is mainly due to the compact size, better functionality, and climatic resistance of these ring main units which are suitable for applications such as railway systems, wind power plants, power grids, underground installations, and mining applications.
By Installation, the market is primarily bifurcated into:
· Outdoor
· Indoor
Based on the installation, the smart ring main unit market is bifurcated into outdoor and indoor. The indoor segment holds a considerable market share in the smart ring main unit market. This is due to their massive deployment in electricity generation applications and industrial applications, owing to their compact design, easy maintenance, and high durability.
By application, the market is primarily bifurcated into:
· Distribution Utilities
· Industries
· Infrastructure & Transportation
Based on application, the smart ring main unit market is segmented into distribution utilities, industries, and infrastructure & transportation. The distribution utilities hold an extensive market share in the smart ring main unit market. Growing power requirements due to rising population and fast-track urbanization have resulted in the expansion of T&D networks across the globe.
Global Smart ring main unit Market Geographical Segmentation Includes:
· North America (United States, Canada, Rest of North America)
· Europe (Germany, UK, Spain, Italy, France, Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
· Rest of World
Based on the estimation, Asia Pacific holds an extensive market share owing to the rapidly increasing energy demand and increasing urbanization along with commercial operations, the region is likely to witness growing market demand for the ring main unit.
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The major players targeting the market include:
· AMETEK, Inc.
· ABB Ltd.
· Schneider Electric SE
· Siemens AG
· Toshiba Corporation
· Larsen & Toubro Ltd.
· Cisco Systems, Inc.
· Eaton Corporation PLC
· General Electric Company
· Lucy Electric Ltd
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Smart ring main unit market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global Smart ring main unit market?
· Which factors are influencing the global smart ring main unit market over the forecast period?
· What are the global challenges, threats, and risks in the global Smart ring main unit market?
· Which factors are propelling and restraining the global Smart ring main unit market?
· What are the demanding global regions of the global smart ring main unit market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
