Sellbyville, DE -- (SBWIRE) -- 01/30/2019 -- Ring main unit market size will exceed USD 3 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Growing infrastructural spending favored by ongoing regulatory measures toward the expansion and refurbishment of aging grid infrastructure will drive the overall ring main unit (RMU) market size. Commercial and residential developments coupled with rapid urbanization across developing nations positively influence the industry outlook. Rising demand for upgradation and replacement of traditional primary and secondary networks across North America and Europe will further augment the business dynamics.

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Oil insulated units on account of crude price volatility along with competitive price mechanism retain a moderate share across the ring main unit market. The technology is predicted to infuse marginal growth subject to the dire need for supplementary equipment to provide maintenance and service across existing units which will upscale the operational costs. Furthermore, positive utility shift towards the installation of gas insulated units subject to reliable and safe operations have further constrained the industry landscape.

Ring main unit market across Asia Pacific is projected to grow at a rate of 7.3% by 2024. Enhancing economic scenario on account of rising investment and rapid commercialization across the utility based and industrial electrification systems will positively sway the business dynamics. The Rural Electrification Corporation of India, in 2017, generated an amount worth USD 450 million with the introduction of their bonds on London Stock Exchange. Moreover, increasing microgrid infrastructure in line with growing investments toward the integration of renewable energy technologies have further infused a favorable industry scenario

Increasing residential establishments and rapid commercialization across developing regions will augment the 3 – position RMU market share. Development of isolated and grid-connected micro-grid network to validate security of supply will stimulate the business landscape. Furthermore, ongoing electrification initiatives integrate significant prospective for 3-position units pertaining to moderate peak load across the rural applications.

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In 2017, indoor ring main unit (RMU) market retained the majority share owing to rapid development and upgradation of aging electric distribution network. Growing real estate sector pertaining to increasing public and private fund allocation will strengthen the industry potential. Furthermore, growing space restriction across utility aided electric deployments in line with shifting focus towards grid reliability & operational safety will further escalate the business growth.

In the current industrial regime, distribution utilities hold a major industry share subject to ongoing utility-based developments to cater the rising rural and urban electricity demand. Positive regulatory mandates toward the deregulation and channeling of demand & supply side systems will further complement the ring main unit (RMU) market dynamics.

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Growing demand for electricity in line with technological developments will augment the ring main unit (RMU) market across Europe. Rising fund flow towards the renewable energy sector will drive the industry growth in Germany. The EU's Renewable Energy Directive introduced a regulation for advancement and production of energy from sustainable technologies. Increase in infrastructure expenditures across commercial and transportation sector will escalate the business growth in UK.

Eminent ring main unit (RMU) market participants comprise of ABB, Schneider Electric, CG, Siemens, GE, L&T, Eaton, LSIS, Ormazabal, Lucy Electric, TIEPCO, Entec Electric and C&S Electric.