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Gas Insulated Ring Main Unit Market Size

Report ID: GMI6688
Published Date: Sep 2023
Report Format: PDF

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Gas Insulated Ring Main Unit Market Size

Gas Insulated Ring Main Unit Market size was valued at around USD 2.3 billion in 2023 and is poised to observe 6.7% CAGR between 2024 and 2032. Driven by the increasing demand for electricity coupled with population growth, industrial development, and technological advancements.

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The global shift towards renewable energy sources such as solar and wind power requires efficient integration with the existing power grid. Gas-insulated RMUs facilitate the integration of renewable energy sources by providing reliable connections and efficient power distribution within the grid. In addition, many countries and regions are facing the challenge of aging power infrastructure that requires modernization and replacement. Gas-insulated RMUs are being adopted as a replacement for older, less efficient switchgear technologies, offering improved performance, safety, and reduced maintenance requirements, which in turn favors the product adoption rate.

Gas Insulated Ring Main Unit Market Report Attributes
Report Attribute	Details
Base Year:	2023
Gas Insulated Ring Main Unit Market Size in 2023:	USD 2.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.7%
2032 Value Projection:	USD 4.2 Billion
Historical Data for:	2019 - 2023
No. of Pages:	595
Tables, Charts & Figures:	815
Segments covered:	Position, Installation, Component, Application
Growth Drivers:	North America & Europe Rising demand for the refurbishment of existing grid infrastructure Increasing infrastructural spending Rapid deployment of renewable energy sources Expansion and development of prevailing energy grid networks Asia Pacific Ongoing integration of renewables on a large-scale Elevating demand for electricity Middle East & Africa and Latin America Rising energy demand Rising investment and expenditure toward the development of new energy distribution networks
Pitfalls & Challenges:	Substantial initial deployment cost

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of gas insulated ring main unit was reached USD 2.3 billion in in 2023 and may surpass USD 4.2 billion by 2032, due to the increasing demand for electricity, marked by rapid population growth, industrial development, and technological advancements.

Demand for indoor installed gas insulated ring main units is likely to exceed USD 2.4 billion by 2032, driven by the ongoing investments in R&D to develop smart and compact control equipment.

Asia Pacific market for gas insulated ring main unit is anticipated to exceed USD 1.4 billion by 2032, owing to the surge in demand for reliable and uninterrupted electricity, particularly in remote locations.

ABB, Siemens, LS ELECTRIC Co., Ltd., Schneider Electric, Ormazabal, ELECTRIC&ELECTRONIC CO.,LTD., CG Power & Industrial Solutions Ltd., Orecco, Eaton, ElectroPool, Lucy Group Ltd., and HD Hyundai Electric Co., Ltd. are some prominent gas insulated ring main unit companies.