Ring Main Unit Market to Grow with a CAGR of 6.19% through 2028
Increasing demand for electricity and government
investments in smart grid technologies are likely to drive the market in the
forecast period.
According to TechSci Research report, “Ring Main
Unit Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Ring Main Unit Market stood at USD 2.08
billion in 2022 and is anticipated to grow with a CAGR of 6.19% in the forecast
period. One
significant driver of the global Ring Main Unit (RMU) market is the
proliferation of grid modernization initiatives undertaken by governments and
utilities worldwide. Aging power distribution infrastructure, characterized by
conventional switchgear and distribution systems, is increasingly incapable of
meeting the evolving demands of today's energy landscape. As a result, there is
a growing imperative to modernize and enhance the efficiency, reliability, and
intelligence of electrical grids. RMUs are integral components in grid
modernization efforts, as they offer advanced features like fault detection,
load balancing, and remote monitoring. These capabilities are essential for
ensuring the seamless integration of renewable energy sources, improving grid
resilience, and reducing energy losses during distribution. Government policies
and regulatory mandates, coupled with the need to accommodate decentralized
energy generation, are driving utilities and industries to invest in RMUs. By
aiding in the optimization of power distribution, RMUs contribute significantly
to the success of grid modernization programs, making them a key driver of the
global RMU market's growth.
The increasing adoption of
renewable energy sources, such as solar and wind power, serves as another
pivotal driver of the global RMU market. Renewable energy generation is
inherently intermittent, and its integration into existing power grids presents
unique challenges related to grid stability and management. RMUs play a crucial role in addressing these
challenges by offering real-time monitoring and control capabilities. They
enable utilities to efficiently and seamlessly integrate renewable energy into
the grid while maintaining stability and reliability. RMUs assist in load
balancing, fault detection, and rapid response to fluctuations in supply,
ensuring that electricity distribution remains uninterrupted. As governments
and utilities globally strive to reduce greenhouse gas emissions and transition
towards cleaner energy sources, the demand for RMUs equipped to handle
renewable energy integration continues to rise. This driver underscores the
vital role RMUs play in supporting the transition to more sustainable and
eco-friendly energy systems, making them a key growth factor in the RMU market.
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The Global Ring Main Unit Market is segmented into type,
application, voltage, installation and region. Based on type, The Gas Insulated
segment had the largest market share in 2022 & expected to maintain it in
the forecast period. Gas Insulated Ring Main Units (GIS-RMUs) are known for
their compact and space-saving design. This feature is especially valuable in
densely populated urban areas or locations where space for electrical equipment
is limited. The compactness allows for more efficient land use and reduces the
overall footprint of the substation.
GIS-RMUs are known for their high reliability and robust performance.
The use of sulfur hexafluoride (SF6) gas as the insulating medium provides
excellent insulation properties, minimizing the risk of electrical breakdowns
and ensuring the uninterrupted flow of electricity. This high reliability makes
GIS-RMUs suitable for critical applications. GIS-RMUs are considered
environmentally friendly due to the containment of SF6 gas, which has a lower
environmental impact compared to oil-insulated RMUs. Efforts have been made to
reduce SF6 emissions and improve its handling and recycling, making GIS-RMUs a
more sustainable choice. GIS-RMUs generally require less maintenance compared
to oil-insulated RMUs. The hermetically sealed design of GIS-RMUs prevents
moisture and contaminants from entering, reducing the need for routine maintenance
and inspections. GIS-RMUs are safer to operate and maintain due to the
encapsulation of live parts within metal enclosures. This design minimizes the
risk of electrical accidents and exposure to live components.
Based on application, The Distribution Utility segment
had the largest market share in 2022 and is projected to experience rapid
growth during the forecast period. Distribution utilities play a pivotal role
in the electrical distribution chain. They are responsible for the final leg of
power delivery, ensuring that electricity is safely and reliably distributed to
homes, businesses, and industries. RMUs are integral to this process, as they
help manage, control, and protect the distribution network.
Large-Scale Operations: Distribution utilities
typically operate extensive and complex electrical distribution networks that
cover wide geographic areas. These networks involve numerous substations,
transformers, and feeder lines. RMUs are widely deployed within this
infrastructure to ensure the efficient and reliable distribution of
electricity.
Critical for Reliability: Reliable power distribution
is of paramount importance for distribution utilities, as any interruption in
service can have significant economic and societal consequences. RMUs provide
utilities with the ability to monitor the network in real-time, detect faults,
and take rapid corrective actions to minimize downtime and disruptions.
Efficient Load Distribution: Distribution utilities
are tasked with managing the fluctuating demand for electricity across their
service areas. RMUs offer load management capabilities, allowing utilities to
balance loads, redistribute power during peak demand, and optimize grid
performance.
Meeting Regulatory Standards: Distribution utilities
are subject to regulatory requirements that often mandate the use of advanced
technologies for grid reliability and resilience. RMUs aid in complying with
these standards by providing features such as fault isolation and remote
monitoring.
Integration of Renewable Sources: As distribution
utilities increasingly integrate renewable energy sources (e.g., solar and
wind) into their grids, RMUs are instrumental in managing the challenges
associated with intermittent power generation. They help ensure a seamless
integration of renewable energy while maintaining grid stability.
Grid Modernization Initiatives: Many distribution
utilities are investing in grid modernization initiatives to enhance their
infrastructure's efficiency and intelligence. RMUs are a fundamental component
of these modernization efforts, enabling utilities to transition to smart grids
with advanced monitoring and control capabilities.
Major companies operating in the Global Ring Main
Unit Market are:
- ABB Ltd
- Schneider
Electric SE
- Siemens
AG
- General Electric
Company
- Eaton
Corporation plc
- Mitsubishi
Electric Corporation
- Hitachi
ABB Power Grids Ltd
- Toshiba
Corporation
- Hyundai
Electric
- Nissin
Electric Co., Ltd.
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“The Global Ring Main Unit market is expected to rise
in the upcoming years and register a significant CAGR during the forecast
period. The
growing demand for smart grids and the increasing urbanization and industrialization
worldwide are driving the growth of the RMU market. Smart RMUs are equipped
with sensors and communication devices to enable real-time monitoring and
control of power distribution networks. Additionally, Asia Pacific is expected
to be the largest market for RMUs during the forecast period, due to the
region's rapid economic growth and urbanization. The region is also home to
some of the largest power utilities in the world, which are investing heavily
in smart grid technologies. Therefore, the market of Ring Main Unit is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Ring Main Unit Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Gas Insulated, Oil
Insulated, Air Insulated, Solid Di-electric, Others), By Application
(Distribution Utility, Industrial, Commercial & Residential), By Voltage
(Low Voltage, Medium Voltage, High Voltage), By Installation (Indoor, Outdoor),
By Region, By Competition”, has evaluated the future growth potential of Global
Ring Main Unit Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Ring Main Unit Market.
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