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Ring Main Unit Market Size

  • Report ID: GMI1477
  • Published Date: Sep 2022
  • Report Format: PDF

Ring Main Unit Market Size

Ring Main Unit Market size valued at USD 3 billion in 2023 and is projected to grow at a CAGR of more than 7.9% from 2024 to 2032. Rising demand for the refurbishment of existing grid infrastructure and integration of renewables will spur the market expansion.

 

A rising need to refurbish existing infrastructure will propel the deployment of ring main units (RMUs) over the coming years. Owing to increased efforts to modernize current aging infrastructure, with the help of innovative, state-of-the-art technologies, the prevalence of public-private partnerships has grown. RMUs will gain traction as grid operators seek to replace and refurbish aging T&D components with enhanced operational capabilities, catering to the growing industrial demand for electricity.

 

Ring main switchgear technology is a crucial component within modernized grids, as it enables the management of peak loads, reduces operational costs, and offers energy security. A dramatic shift toward the integration of renewables will complement the ring main unit market development. The rising preference for green energy in recent years can be attributed to increasing concerns associated with carbon footprint, GHG emissions, and climate change.

 

Governments worldwide have implemented stringent carbon reduction targets and energy-efficiency policies that prompt the replacement of conventional units with renewable systems. RMUs will play a key role in the decarbonization efforts of industries, because of the advanced features that enable improved power quality and availability. Various parameters, including the burgeoning population, commercialization, and constantly surging electricity demand will favor the overall ring main unit market outlook.

 

High initial deployment cost is one of the major factors restraining the deployment of ring main units. The development of grid infrastructure with effective distribution capabilities heavily relies on expensive components. High investment associated with designing components with energy efficiency features will hinder the business expansion. For both technological development and integration, capital investment is crucial and lacking across various economies. Nevertheless, a positive outlook toward the advancement of prevailing grid substructures and the development of next-generation technologies will help the industry overcome existing challenges.

 

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of ring main unit surpassed USD 3 billion in 2023 and is estimated to witness over 7.9% CAGR from 2024-2032.

The air-insulated ring main unit industry crossed USD 160 million in 2021 and is anticipated to register significant growth owing to benefits such as high insulating value and a compact structure.

The North America market is projected to exceed USD 900 million by 2030, with higher investments in grid infrastructure refurbishments and rapid adoption of renewables.

ABB, Eaton, Schneider Electric, Siemens Energy, Lucy Group Ltd., TIEPCO, Hyundai Electric & Energy Systems Co., Ltd., alfanar Group, and CHINT Group are some of the leading organizations in market.

Ring Main Unit Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 16
  • Tables & Figures: 1120
  • Countries covered: 22
  • Pages: 582
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