Selbyville, Delaware, Sept. 27, 2022 (GLOBE NEWSWIRE) --
The ring main unit market is expected to record a valuation of USD 4.5 billion by 2030, according to the latest research study by Global Market Insights Inc.
Gradual shift to renewable energy resources will be a key factor driving the industry growth. Sustainable technologies and renewable systems have gained significant momentum over the last few years, due to growing environmental concerns associated with the impacts of elevated carbon emissions. A dramatic increase in greenhouse gases across different regions has led to the introduction of stringent energy-efficiency policies and norms which will complement the equipment adoption.
The need for improved power generation and backup solutions will encourage large-scale deployment of RMUs in the renewable energy sector. Latest investments into the development and expansion of existing grid infrastructure in emerging economies will also boost the ring main unit market trends.
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The report indicates a significant rise in demand for solid di-electric insulated ring main units over the coming years. The product had earlier witnessed limited integration due to factors like higher competitive influence and lack of consumer awareness. Nonetheless, it is likely to witness a sustainable rise in deployment owing to favorable cost characteristics, competitive sizing and superior insulation properties compared to existing insulation solutions.
In terms of the type of component, the ring main unit market share from switch & fuses segment is projected to exhibit a CAGR of over 6% through 2030. Ongoing technological advancements have enabled the introduction of upgraded components in RMUs. These devices facilitate reliable operations and reduce cost across high-tension applications. Factors like availability of a wide variety of component characteristics and easy replaceability will fuel the production of switch and fuses for RMUs deployed across the commercial & residential applications.
Asia Pacific ring main unit market size is poised to register substantial growth during the forecast period, on account of a rise in demand for uninterrupted power supply. Several countries across APAC have deployed positive measures empowering electrification initiatives, particularly across remote areas. The International Energy Agency (IEA) estimated that the expenditure on clean energy generation sources in China in 2021 was worth USD 380 billion. The region is experiencing rapid modernization of grid infrastructure with ongoing refurbishment efforts to address the transforming energy consumption patterns.
The demand for ring main unit across the transportation sector is anticipated to grow at a notable pace up to 2030, impelled by an increase in spending on electric vehicle infrastructure. A rise in public & private investments in the development of electric vehicles and transportation utilities will accelerate equipment installation in the sector. The introduction of favorable regulatory mandates focusing on streamlining the power demand and supply systems will foster the industry outlook.
Key participants operating in the ring main unit market are Orecco, ABB, Siemens Energy, Eaton, Schneider Electric, Hyundai Electric & Energy Systems Co., Ltd., Lucy Group Ltd., LS Electric Co., Ltd., Tiepco, CG Power & Industrial Solutions Ltd, among many others. These companies are implementing key strategies for innovative product development. For instance, in June 2019, Eaton launched two lines of advanced ring main units in India, including HMH 12-36 kV and URING 36 kV SF6.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Ring Main Unit Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America
3.5.1.1.1 Rising demand for the refurbishment of existing grid infrastructure
3.5.1.1.2 Increasing infrastructural spending
3.5.1.2 Europe
3.5.1.2.1 Rapid deployment of renewable energy sources
3.5.1.2.2 Expansion and development of prevailing energy grid networks
3.5.1.3 Asia Pacific
3.5.1.3.1 Ongoing integration of renewables on a large-scale
3.5.1.3.2 Elevating demand for electricity
3.5.1.4 Middle East, Africa & Latin America
3.5.1.4.1 Rising energy demand
3.5.1.4.2 Rising investment and expenditure toward the development of new energy distribution networks
3.5.2 Industry pitfalls & challenges
3.5.2.1 Substantial initial deployment cost
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
