The U.S. ring main unit market in 2016 accounted for over 25,000 units propelled by increasing demand for the refurbishment of existing grid network and increasing demand for a reliable grid support mechanism coupled with rapid technological advancements.

Selbyville, DE -- (ReleaseWire) -- 04/20/2018 --The Industry outlook report "Ring Main Unit Market Size By Position (3-position, 6-position, 10-position), By Insulation (Gas, Air, Oil, Solid di-electric), By Installation (Indoor, Outdoor), By Component (Switch & fuses, Self-powered electronic relays), By Application (Distribution utilities, Industries, Infrastructure, Transportation), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" by Global Market Insights, Inc. says Ring Main Unit Market share is expected to cross $3 billion by 2024.

Rising investments toward infrastructural development subject to pervasive residential and commercial establishments across developing regions will stimulate the ring main unit market size. Refurbishment of aging grid networks coupled with increasing demand for advanced control and monitoring distribution units will further embellish the business outlook. Government of Serbia in partnership with the government of China have proposed plans in line with modernization of the conventional electrical infrastructure across Serbia. Regulators in 2017 have further proclaimed, investments to value over USD 6.14 billion across the country's infrastructure sector.

China ring main unit market is projected to value over USD 300 million by 2024. Favorable government norms pertaining to the replacement of conventional fuels with sustainable energy resources favored by national renewable integration targets will fuel the industry landscape. In 2017, National Energy Administration (NEA) declared an investment worth USD 326 billion apropos the expansion of renewable energy networks across China by 2020.

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Paradigm shift towards energy security along with rising environmental constraints will embellish the ring main unit market potential. Increasing focus on account of energy efficiency favored by briskly advancing smart grid networks will further foster the industry landscape. In 2017, Western European countries including France, Italy, Germany, Sweden and UK, have collaboratively announced an investment worth USD 133.7 billion towards the expansion of smart grid networks across the region.

Gas insulation in 2016, accounted for over 50% of the ring main unit market share owing to rapid expansion of industrial High-Tension T&D networks. Effective insulation and di-electric strength favored by long term cost benefits in comparison to its competitive counterparts will further stimulate the product demand. In 2017, Toshiba announced an investment worth USD 30 million subject to the expansion of its switchgear and transformer manufacturing units across India.

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Favourable government policies pertaining to rural electrification across Africa and Asia Pacific supported by rising investments from public and private financial institutions will foster the ring main unit market share. The World Bank, International Finance Corporation (IFC) and Asian Development Bank (ADB) across the years have perpetually funded rural electrification drives across the regions. Growing electricity demand coupled with rapid expansion of micro-grid networks across the globe will further embellish the industry outlook. In 2017, the World Bank declared an investment worth USD 4 million subject to the expansion of electrical networks across the Pacific Island.

The U.S. ring main unit market will grow owing to rising investments toward the refurbishment of aging grid infrastructure coupled with integration of advance distribution control technologies. Expeditious development across the railroad infrastructure projects supported by the peninsula corridor electrification program will augment the industry size. In 2017, Federal Transit Administration of the U.S. proposed an investment worth USD 100 million subject to the expansion of rail networks across California under the San Carlos Peninsula Corridor Electrification Project.

Rapid industrialization coupled with instantaneous expansion of micro-grid networks will foster the Germany ring main unit market share. Rising investments toward diversification of existing manufacturing units coupled with ongoing new establishments will further complement the industry landscape. In 2017, regulators across Germany announced a state funding worth over USD 120 billion in context to German based automakers and suppliers.

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Eminent players across the ring main unit market include General Electric, ABB, EATON, Schneider Electric, Crompton Greaves, Siemens, Larsen & Toubro, Lucy Electric, Entec Electric & Electronic, C&S Electric, Ormazabal, TIEPCO, and LSIS.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.