ID: MRFR/E&P/2085-HCR | December 2022 | Region: Global | 188 pages
Impact of COVID-19 on the Global Ring Main Unit MarketThe outbreak of the COVID-19 pandemic has impacted the global ring main unit market owing to the full or partial lockdowns imposed in the majority of the countries during March 2020. The rising preference for the usage of ring main units is likely to propel the market growth over the projected timeframe. Future investments in the power & energy sectors in emerging countries are expected to provide growth opportunities to the manufacturers and suppliers of ring main units. The demand for such products has been hampered since recent months owing to the temporary closing down of businesses globally. However, the demand for ring main units is anticipated to recover in the coming months and grow significantly in the long term.
Net Consumption of Electricity Worldwide From 2014 To 2019 (In Billion Kilowatt Hours)
Government organizations in numerous countries are focused on implementing supportive policies for relief against the COVID-19 pandemic, which are expected to support the growth of the global ring main unit market over the projected timeframe. Increasing infrastructural developments are also expected to escalate the use of ring main units, particularly in commercial and residential areas. Consumer preferences play a vital role in generating demand for such products, owing to their high usage in distribution utilities in industrial spaces. According to the MRF analysis, the global power & energy sector is expected to witness slow growth in the coming year, which is likely to affect the demand for ring main units worldwide. Industry participants are likely to enhance their production capacities with the stabilizing market scenario over the projected timeframe. Moreover, the global ring main unit market is expected to recover in Q1 of 2021.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources, and MRFR Analysis