The global ring main unit market has experienced growth due to several factors such as increase in demand for electricity where RMUs are compact and designed to take up less space, making them suitable for urban areas with limited space.
WILMINGTON, Del., Nov. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ring Main Unit (RMU) Market by Type (Gas Insulated, Air Insulated, Oil Insulated, Solid Dielectric Material), Installation (Outdoor, Indoor), and Application (Industrial, Commercial Buildings, Transportation Infrastructure, Distribution Utilities): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global ring main unit market was valued at $2.7 billion in 2022, and is projected to reach $4.8 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.
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Prime determinants of growth
The expansion of the global ring main unit market can be attributed to various factors such as increase in demand in gas-insulated applications. Gas-insulated RMUs can be installed both indoors and outdoors, offering flexibility in deployment based on the specific requirements of the distribution network. The sealed design of gas-insulated RMUs reduces the need for frequent maintenance, resulting in lower operating costs over the unit's lifespan. The use of sulfur hexafluoride (SF6) gas as an insulating medium in these units contributes to their environmental friendliness. SF6 gas has excellent insulating properties and allows for compact designs, reducing the overall environmental impact. However, the high initial cost of ring main unit hinders the market growth to some extent. Moreover, the development of smart grid integration offers remunerative opportunities for the expansion of the ring main unit market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $2.7 Billion |
Market Size in 2032 | $4.8 Billion |
CAGR | 6.2 % |
No. of Pages in Report | 250 |
Segments covered | Type, Installation, Application, and Region. |
Drivers | Increase in demand for electricity |
The surge in power distribution systems | |
Opportunities | The development of smart grid integration |
The integration of IoT and data analytics | |
Restraints | The high initial cost of ring main unit |
The solid dielectric material segment is expected to grow faster throughout the forecast period
By type, the gas-insulated segment held the highest market share in 2022, accounting for one third of the global ring main unit market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to gas-insulated RMUs are known for their high reliability and low maintenance requirements, making them a preferred choice for critical applications. However, the solid dielectric material segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, as Solid dielectric materials offer excellent insulation properties. This is crucial in RMUs because they prevent electrical breakdown and provide safety for personnel working with the equipment.
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The indoor segment is expected to lead the trail by 2032
By installation, the indoor segment held the highest market share in 2022, accounting for more than half of the global ring main unit market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that ring main unit play a crucial role in industrial facilities for controlling power distribution. They are often located indoors to protect them from environmental factors. However, the outdoor segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032, as RMUs are often used in outdoor transformer substations to control and distribute power from high-voltage transmission lines to lower-voltage distribution lines.
The transportation infrastructure segment is expected to grow faster throughout the forecast period
By application, the industrial segment held the highest market share in 2022, accounting for more than one third of the global ring main unit market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that RMUs are deployed in manufacturing plants to ensure a consistent power supply for various machines and equipment used in the production process. This is essential for preventing downtime and maintaining the efficiency of the production line. However, the transportation infrastructure segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032. The growth is attributed to the fact that power traffic control systems, including traffic lights, signals, and road signs. They help maintain the continuity of electrical supply to critical infrastructure that contributes to road safety and efficient traffic management.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022 representing for 6.5% of the CAGR, accounting for more than one third of the global ring main unit market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. In the Asia-Pacific region, ring main units are highly valued for their reliability, particularly in China. They are instrumental in reducing power interruptions and facilitating rapid restoration in the event of faults. China's extensive and rapidly expanding urban and industrial areas heavily rely on RMUs to maintain a stable power supply.
Leading Market Players: -
- ABB, LTD.
- CANDS ELECTRIC LIMITED
- EATON
- LS ELECTRIC CO., LTD.
- LUCY ELECTRIC LIMITED
- NATUS GMBH AND CO. KG
- ORMAZABAL
- SCHNEIDER ELECTRIC SE.
- SIEMENS AG
- TIEPCO
The report provides a detailed analysis of these key players in the global ring main unit market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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