The global ring main unit market is expected to grow at a CAGR of 6.0% to USD 3.0 billion by 2027, up from an estimated USD 2.3 billion in 2022. The market growth for ring main units can be attributed to the increasing capacity additions and enhancement plans for distribution networks and modernization of existing power infrastructure.
Key Market Players:
The leading players in the global ring main unit are ABB Ltd (Switzerland), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), LS Electric Co., Ltd (South Korea).
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New regulations to reduce/limit power blackouts and strengthen power distribution networks (particularly in North America, Europe, and parts of Asia Pacific) are creating opportunities for power sector equipment. Ring main units are being widely used across the world to proficiently address the increasing requirements for reliable energy. The demand for power generation is also witnessing an upward trend with the rising population in China and India. According to the BP Statistical Review of World Energy 2021, primary energy consumption in the Asia Pacific region was the highest at 45.5% of the total energy consumed. The region is moving toward clean energy on a large scale to meet the growing energy needs efficiently. Major economies such as China, Japan, and India have set ambitious natural gas and solar- and wind-based renewable power generation targets to diversify their energy mix in the coming years. Therefore, efforts are being taken across these countries to upgrade aging infrastructure to ease the integration of renewables in the national grid. The demand for ring main units to control power and provide protection against faults will rise substantially, further driving the growth of the ring main unit market in this region.
The ring main unit market has been categorized on the basis of type as gas-insulated, air-insulated, oil-insulated, and solid Dielectric. The gas-insulated segment is likely to account for the largest market share during the forecast period. Gas-insulated ring main units use SF6 gas and occupy less space than air- and oil-insulated ring main units. Hence, they are more demanded across utilities. Also, gas-insulated ring main units are easy to maintain and operate.
By application, the ring main unit market has been segmented into distribution utilities, industrial application, transportation infrastructure, and commercial buildings. The distribution utilities segment is estimated to be the largest ring main unit market during the forecast period. Growing power requirements due to rising population and fast-track urbanization have resulted in the expansion of transmission and distribution networks across the world. The subsequent rise in the number of substations will drive the ring main unit market during the forecast period.
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With continual advances in infrastructure and production facilities, implementing smart power distribution devices such as smart ring main units is critical for ensuring increased performance, power continuity, and resource optimization while lowering the transmission, operational, and maintenance costs. RMU cabinets are an innovative solution that makes it easy to manage various challenges associated with power distribution. The RMU is an all-in-one solution because it is type of switchgear which is easy to install, and maintenance-free, helping utilities improve network reliability and uptime and reduce operating costs. These operational advantages are creating opportunities for adopting ring main units in the electric distribution network.
