New York, United States , July 08, 2024 (GLOBE NEWSWIRE) -- The Global Ring main unit Market Size is to Grow from USD 2.43 Billion in 2023 to USD 5.25 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.01% during the projected period.
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The ring main units play a crucial role in typical voltage electrical distribution networks. Urban power distribution networks widely rely on the ring main unit, a compact, metal-enclosed switchgear that is sealed for life. Consisting of various elements like circuit breakers, protection relays, fuses, load break switches, transformers, control panels, busbars, and enclosures. This is widely utilized in urban and residential settings, temporary setups, data centers, renewable energy incorporation, and infrastructure ventures. The growing utilization of products is a key factor driving market growth in the smart grid infrastructure sector. The ring main unit is frequently used in smart grids to automate, control, and remotely monitor power distribution networks. The increase in power distribution plays a significant role in advancing the global ring main unit market. Because of the increasing demand for electricity driven by urbanization, industrialization, and population growth, enhancing the reliability, efficiency, and resilience of power distribution networks is essential. As a result, utility companies and grid operators worldwide are making investments in expensive projects to improve and modernize their distribution systems. The growing restrictions on sulfur hexafluoride usage due to emission regulations are becoming a significant challenge for the worldwide ring main unit industry.
Browse key industry insights spread across 198 pages with 110 Market data tables and figures & charts from the report on the "Global Ring Main Unit Market Size, Share, and COVID-19 Impact Analysis, By Insulation Type (Gas. Air, Oil, and Solid), By Installation (Indoor and Outdoor), By Voltage Rating (Up to 15KV, 15-25KV, and Above 25KV), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The gas segment is expected to hold the largest market share over the projected timeframe.
Based on the insulation type, the global ring main unit market is classified into gas. air, oil, and solid. Among these, the gas segment is expected to hold the largest market share over the projected timeframe. Gas-insulated ring main units utilize sulfur hexafluoride gas for insulation, which offers outstanding dielectric characteristics and enables compact and lightweight designs.
The outdoor segment is expected to be the fastest-growing region in the market over the projected timeframe.
Based on the installation, the global ring main unit market is classified into indoor and outdoor. Among these, the outdoor segment is expected to be the fastest-growing region in the market over the projected timeframe. The increasing focus on improving power distribution infrastructure in developing areas necessitates utilizing ring main units in outdoor settings to enhance grid reliability and resilience.
The up to 15KV segment is estimated to dominate the market over the projected timeframe.
Based on the voltage rating, the global ring main unit market is classified into up to 15KV, 15-25KV, and above 25KV. Among these, the up to 15KV segment is estimated to dominate the market over the projected timeframe. Medium-voltage electrical distribution systems, commonly found in industrial complexes, residential areas, and commercial settings, often operate within a voltage range of up to 15 kV.
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Asia Pacific is expected to hold the largest share of the global ring main unit market over the forecast period.
Asia Pacific is expected to hold the largest share of the global ring main unit market over the forecast period. The rapid economic and industrial expansion of the Asia Pacific region has increased the demand for dependable and effective power distribution infrastructure, resulting in the expansion of the ring main unit market in the region. Ring main units are well-suited for fulfilling requirements in congested urban locations with restricted space because of their compact layout and enhanced protective characteristics. Additionally, governments in the Asia Pacific area are prioritizing initiatives focused on enhancing energy access, boosting grid resilience, and integrating renewable energy sources into the energy portfolio. This has resulted in a greater focus on using advanced technologies like ring main units to ensure efficient power distribution and decrease grid instability.
Europe is predicted to grow at the fastest pace in the global ring main unit market during the projected timeframe. The expected increase in the European market can be explained by various factors such as increased investments in power distribution infrastructure, growing interest in renewable energy sources, and rising demand for reliable and efficient electrical systems. The area benefits from an advanced power distribution system, with growing industrial and residential sectors expected to increase the demand for RMUs. Government initiatives promoting energy efficiency and investments in smart grid technologies are anticipated to boost the region's growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Ring main unit Market include ABB Ltd, Siemens, Eaton, Schneider Electric, LS Electric Co., Ltd, Lucy Electric, CG power & industrial solutions, Tiepco, Orecco, Entec Electric & Electronics, Toshiba Corp, Larsen & Toubro Limited, alfanar Group, EPE Switchgear Sdn. Bhd., Yokogawa Electric Corporation, and others.
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Recent Developments
- In June 2022, Mitsubishi Electric revealed plans to build a new manufacturing plant for factory automation control systems in India to enhance its production capacity in the country. Mitsubishi Electric India plans to inject $27 million into the manufacturing facility, with operations expected to begin in December 2023.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Ring Main Unit Market based on the below-mentioned segments:
Global Ring Main Unit Market, By Insulation Type
- Gas
- Air
- Oil
- Solid
Global Ring Main Unit Market, By Installation
- Indoor
- Outdoor
Global Ring Main Unit Market, By Voltage Rating
- Up to 15KV
- 15-25KV
- Above 25KV
Global Ring Main Unit Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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