Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Global Ring Main Unit Market Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global ring main unit market was valued at USD 2,220 million in 2022, and this number is projected to reach USD 3,674 million by 2030, advancing at a CAGR of 6.5% during 2022-2030.
This development can be credited to the growing demand for the refurbishment of the present transmission set-up with improved subsystems. Additionally, the increasing concentration on the installation of RMUs, which are quite easy to replace, is another main reason boosting the demand for them.
The growing usage of renewable energy and secondary distribution networks is an additional crucial industry growth driver. Above all, the rising electricity needs surge the sale of transmission devices, like ring main units.
The gas-insulated variants are leading, with a market share of 68%, on the basis of insulation types, mainly because they are compact and chemical-resistant and have better functionality and toughness throughout secondary distribution.
Gas insulation is extensively utilized in wind power plants, railway systems, mining sites, power grids, and underground installations. Furthermore, gas-insulated RMUs are more capable to handle high-temperature and effective load balancing which are the main benefits fuelling the development of the industry.
APAC is dominating the ring main unit market and is projected to be in the leading position till the end of the decade. This can be credited to the increasing need for electricity, volume additions, and constant industrialization developments.
In Asia-Pacific, China is dominating the market and is projected to grow with a CAGR of 6.9%, owing to the increasing acceptance of smart grids, substation industrialization projects, and rural electrification steps by the government. Furthermore, because of the rapid urbanization and automation rates, the need for RMUs is mushrooming.
The up to 15 kV category, held the largest market share, on the basis of voltage rating, credited to the increasing demand for low-voltage distribution networks due to their better fault durable capacity. The snowballing need for up-to-15-kV RMUs in the utility sector for several applications, including transmission and substation, is also projected to fuel the growth of the market.
The industrial category holds a significant market share, due to the increasing electricity needs in this industry. The need to reduce power loss and the requirement for growing energy effectiveness are fuelling the acceptance of smart grids.
Such systems also maintain the circuits, change functions according to the needs, and offer continuous distribution of energy from different bases. The increasing expenditure on novel industrial infrastructure, therefore, drives the market.
Hence, the growing demand for the refurbishment of the present transmission set-up with improved subsystems and the increasing concentration on the installation of RMUs, which are quite easy to replace are the major factors driving the ring main unit industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $2220 Million |
| Forecasted Market Value (USD) by 2030 | $3674 Million |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Company Profiles
- ABB Ltd.
- Siemens AG
- Eaton Corporation plc
- Schneider Electric Se
- Toshiba Corporation
- Natus GmbH & Co. Kg
- China Transpowers Electric Co. Limited
- Bvm Technologies Private Limited
- Wenzhou Rockwill Electric Co. Ltd.
- Ls Electric Co. Ltd.
- Lucy Group Ltd.
- C&S Electric Limited
- The International Electrical Products Company
- Entec Electric & Electronic Co. Ltd.
- Orecco Electric
Key Topics Covered:
Chapter 1. Research Scope
1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segment
1.5. Market Data Reporting Unit
1.6. Key Stakeholders
Chapter 2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/Kols
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
6.1. Market Dynamics
6.1.1. Trends
6.1.2. Drivers
6.1.3. Restraints/Challenges
6.1.4. Impact Analysis of Drivers/Restraints
6.2. Impact of Covid-19
6.3. Porter's Five Forces Analysis
Chapter 7. Global Market
7.1. Overview
7.2. Market Revenue, by Insulation Type (2017-2030)
7.3. Market Revenue, by Installation (2017-2030)
7.4. Market Revenue, by Voltage Rating (2017-2030)
7.5. Market Revenue, by Application (2017-2030)
7.6. Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/ur15ng
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