Smart Ring Main Unit Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Gas Insulated, Oil Insulated, Air Insulated, and Solid Dielectric); Installation (Outdoor and Indoor); Application (Distribution Utilities, Industries, and Infrastructure & Transportation); Voltage Rating (Up to 15 kV, 16–25 kV, and Above 25 kV); and Region and Country
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). Smart Ring Main Unit is a fully enclosed, compact, factory assembled cabinet used for medium-voltage power distribution. This is a switchgear unit that is easily replaceable, requires low maintenance, and is highly protected in nature. To cover the wide breadth of user demands, smart 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.
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 had a negative impact on 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, prior to 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.
Smart Ring Main Unit Type, 2020
Some of the major players operating in the market are 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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, gas insulated segment holds the major share”
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 is suitable for applications such as railway systems, wind power plants, power grids, underground installations, and mining applications.
“Amongst application, distribution utilities segment holds the major share”
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.
“Amongst voltage rating, up to 15Kv segment holds the major share”
Based on voltage rating, the smart ring main unit market is segmented into Up to 15 kV, 16–25 kV, and Above 25 kV. The up to 15Kv segment is expected to have influential growth in the forecasted period. It is mainly owing to the growing electricity demand globally coupled with huge investment in the development and enhancement of distribution utility infrastructure in the coming future, which will propel the demand for ring main units.
“Asia Pacific represents one of the extensive market shares of global smart ring main unit Market”
For a better understanding of the market adoption of smart ring main unit, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), and Rest of World. The Asia Pacific holds the 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 study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Smart Ring main Unit Market|
|2.2.||Research Methodology of the Smart Ring main Unit Market|
|2.5.||Main Objective of the Smart Ring main Unit Market Study|
|5||GLOBAL SMART RING MAIN UNIT MARKET COVID-19 IMPACT|
|6||GLOBAL SMART RING MAIN UNIT MARKET REVENUE 2019-2027F|
|9.3.||Infrastructure & Transportation|
|10.1.||Up to 15 kV|
|10.3.||Above 25 kV|
|11.1.||North America Smart Ring Main Unit Market|
|11.1.3.||Rest of North America|
|11.2.6.||Rest of Europe|
|11.3.||Asia Pacific Smart Ring Main Unit Market|
|11.3.5.||Rest of Asia Pacific|
|11.4.||Rest of the World Smart Ring Main Unit Market|
|13||SMART RING MAIN UNIT MARKET OPPORTUNITIES|
|14||SMART RING MAIN UNIT MARKET TRENDS|
|15||LEGAL & REGULATORY FRAMEWORK|
|16.1.||Demand Side Analysis|
|16.2.||Supply Side Analysis|
|16.2.1.||Top Product Launches|
|16.2.2.||Top Business Partnerships|
|16.2.3.||Top Business Expansions, Investments and Divestitures|
|16.2.4.||Top Merger and Acquisitions|
|17||VALUE CHAIN ANALYSIS|
|18.1.1.||Company Shares, By Revenue|
|19.3.||Schneider Electric SE|
|19.6.||Larsen & Toubro Ltd.|
|19.7.||Cisco Systems, Inc.|
|19.8.||Eaton Corporation PLC|
|19.9.||General Electric Company|
|19.10.||Lucy Electric Ltd.|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global smart ring main unit market were the three major steps undertaken to create and analyze the adoption of smart ring main unit in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart ring main unit market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of smart ring main unit market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the smart ring main unit market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, installation, application, and voltage rating. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Smart ring main unit market. Further, we conducted factor analysis using dependent and independent variables such as rural electrification, adoption of smart grids, and substation automation projects. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Smart ring main unit market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart ring main unit market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Smart ring main unit market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global smart ring main unit market in terms of category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Smart ring main unit market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, installation, application, and voltage rating in the global smart ring main unit market.
The main objective of the Global Smart ring main unit Market Study
The current & future market trends of global Smart ring main unit market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Smart ring main unit market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, installation, application, and voltage rating.
- Define and analysis of the regulatory framework for the smart ring main unit market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the smart ring main unit market for the major region.
- Major regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the smart ring main unit market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry