CHICAGO, June 19, 2024 /PRNewswire/ -- Ring Main Unit
Market in terms of revenue was estimated to be worth
$2.5 billion in 2024 and is poised to
reach $3.4 billion by 2029, growing
at a CAGR of 5.7% from 2024 to 2029 according to a new report by
MarketsandMarkets™.
The growth of the market can be primarily attributed to the
expanding capacity of renewable energy sources and the ongoing
efforts to enhance distribution networks, coupled with the
modernization initiatives aimed at upgrading existing power
infrastructure. As countries worldwide intensify their focus on
sustainable energy solutions, there is a notable surge in the
installation of renewable energy capacity, such as solar and wind
power. This trend necessitates the integration of advanced
technologies like ring main units (RMUs) to facilitate the seamless
integration of renewable energy into the grid. Furthermore, the
increasing complexity of distribution networks and the aging of
existing power infrastructure prompt utilities to invest in
modernization projects. These initiatives involve the deployment of
state-of-the-art equipment like RMUs, which offer enhanced
reliability, efficiency, and flexibility in managing electricity
distribution.
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Browse in-depth TOC on "Ring Main Unit
Market"
120 - Tables
60 - Figures
290 -
Pages
Ring Main Unit Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$2.5 billion
|
Estimated Value by
2029
|
$3.4 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Insulation Type,
Installation, Voltage Rating, Structure, Application
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Middle East and Africa, and South
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing deployment of
smart grids and digitization
|
Key Market
Drivers
|
Focus on the
strengthening of power distribution infrastructure.
|
The non-extensible segment, by structure type, is expected to
be the most significant ring main unit segment during the forecast
period.
The non-extensible segment is projected to emerge as the most
significant segment in the Ring Main Unit (RMU) Market during the
forecast period due to several factors. Non-extensible RMUs offer
fixed configurations that are well-suited for specific applications
and environments, providing reliability and stability in power
distribution systems. These units are favored for their simplicity
and robustness, requiring minimal maintenance and offering
long-term operational efficiency. Additionally, non-extensible RMUs
are often preferred for critical infrastructure applications where
customization and flexibility are less prioritized compared to
reliability and durability. As a result, the demand for
non-extensible RMUs is expected to remain strong across various
industries and utility networks, driving the segment's prominence
in the RMU market.
The commercial building segment is anticipated to be the
second-largest ring main unit segment, by application, during the
forecast period.
The commercial building segment is poised to become the
second-largest segment in the Ring Main Unit (RMU) Market by
application during the forecast period due to several key factors.
Firstly, commercial buildings, including office complexes, shopping
malls, hotels, and educational institutions, require reliable and
uninterrupted electricity supply to support their operations
effectively. RMUs play a crucial role in ensuring the stability and
resilience of power distribution within these facilities,
especially during peak demand periods. Additionally, as commercial
buildings increasingly adopt energy-efficient technologies and
integrate renewable energy sources, the need for advanced
electrical infrastructure, including RMUs, becomes paramount. RMUs
enable efficient management of electricity distribution, optimizing
energy usage and reducing operational costs for commercial building
owners and operators. Moreover, the growing emphasis on building
automation and smart technologies in commercial real estate drives
the demand for RMUs with integrated smart grid capabilities,
allowing for remote monitoring and control of electrical systems.
As urbanization and economic development continue to drive the
construction of commercial buildings globally, the demand for RMUs
in this segment is expected to witness significant growth,
contributing to its prominence in the RMU market landscape.
The air-insulated segment is anticipated to be the
fastest-growing ring main unit segment, by insulation type, during
the forecast period.
The air-insulated segment is poised to emerge as the
fastest-growing segment in the Ring Main Unit (RMU) Market by
insulation type, primarily due to several key advantages it offers.
Firstly, air-insulated RMUs are renowned for their simplicity and
reliability, as they do not rely on specialized insulating gases
like SF6, making them more environmentally friendly and
cost-effective. Additionally, air-insulated RMUs require minimal
maintenance compared to gas-insulated counterparts, reducing
operational expenses and downtime for utilities. Moreover, the
modular design of air-insulated RMUs allows for easy expansion and
scalability, making them well-suited for evolving distribution
networks and urban environments where space constraints may be a
concern. Furthermore, advancements in insulation materials and
design technologies have enhanced the performance and reliability
of air-insulated RMUs, further driving their adoption. As utilities
increasingly prioritize sustainability, efficiency, and
cost-effectiveness in their distribution networks, the
air-insulated segment is expected to witness accelerated growth,
cementing its position as a dominant force in the RMU market.
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Asia Pacific is expected to
be the fastest-growing segment in the global Ring Main Unit Market,
by region, during the forecast period.
Asia Pacific is poised to
emerge as the fastest-growing segment in the global Ring Main Unit
(RMU) Market during the forecast period due to several compelling
factors. Firstly, the region is witnessing rapid economic growth
and industrialization, leading to a surge in electricity demand
across various sectors such as manufacturing, infrastructure
development, and commercial establishments. This escalating demand
necessitates the expansion and modernization of power distribution
networks, wherein RMUs play a pivotal role in ensuring efficient
and reliable electricity supply. Moreover, governments in
Asia Pacific are increasingly
investing in infrastructure development projects, including the
enhancement of electrical grids, to support economic growth and
meet the needs of growing populations. Additionally, the region's
commitment to renewable energy adoption, driven by environmental
concerns and energy security, fuels the demand for RMUs for
integrating renewable energy sources into the grid. Furthermore,
initiatives aimed at rural electrification and improving energy
access contribute significantly to the growing deployment of RMUs
across diverse geographical and socioeconomic landscapes in the
region. The convergence of these factors positions Asia Pacific as a key market for RMUs, with
substantial growth opportunities both in terms of market size and
expansion rate in the coming years.
ABB Ltd. (Switzerland), Siemens
(Germany), Eaton (Ireland), Schneider Electric
(France), and LS Electric Co.,
Ltd. (South Korea), Lucy Electric
(UK), CG power & industrial solutions (India), Tiepco (Saudi Arabia), Orecco (China), Entec Electric & Electronics
(South Korea) are major
competitors in the global Ring Main Unit Market.
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