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Ring Main Unit Market Opportunities and Challenges 2024
Ring Main Unit Market Opportunities
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According to The Business Research Company's, The ring main unit market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to urbanization and infrastructure development, efficient power distribution, grid modernization, renewable energy integration, industrial expansion.
The ring main unit market size is expected to see strong growth in the next few years. It will grow to $3.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to electrification initiatives, cybersecurity measures, resilient power infrastructure, digitalization and automation, distributed energy resources. Major trends in the forecast period include adoption in industrial sectors, regulatory support and incentives, remote monitoring and management, customization and innovation.
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Market Drivers and Trends:
Rising investment in transmission infrastructure improvement is expected to propel the growth of the ring main unit market going forward. Transmission infrastructure refers to the infrastructure that conveys electricity at voltages exceeding 50 kilovolts, which includes all structures, tools, and other items used for that purpose, such as a line or lines of towers and/or poles with such wires and/or cables for the transmission of electricity. Investments in transmission infrastructure improvement are used for enhancing the distribution network and increasing capacity to meet the rising demand for electricity. For instance, in October 2023, the United States Department of Energy (DOE) announced up to a $1.3 billion commitment to 3 transmission lines crossing six states as part of the President's Investing in America agenda. This investment will advance groundbreaking projects aimed at 3.5 gigawatts (GW) of additional grid capacity throughout the United States. Therefore, the rising investment in transmission infrastructure improvement is driving the growth of the ring main unit market.
Technological advancements are a key trend gaining popularity in the ring main unit market. Major companies operating in the ring main unit market are focused on developing new technological solutions to strengthen their position in the market. For instance, in April 2021, Siemens AG, a Germany-based company operating in ring main units, launched 8DJH 24 switchgear, an entirely fluorinated gas-free ring main unit (RMU) for line voltages up to 24 kilovolts (kV) made with vacuum technology. This new technological advancement from Siemens (F-gases) renders both the SF6 insulating medium and fluorine-based gas mixture. As a result, the unique features of this new switchgear also lessen the grid operators' carbon footprint. The switchgear can be handled safely and easily, and it is easily recyclable.
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Major Key Players of the Market:
ABB Ltd., Schneider Electric SE, Eaton Corporation plc, Larsen & Toubro Ltd., Siemens AG, LS Electric Co. Ltd, Entec Electric & Electronic Co. Ltd, EPE Switchgear (M) Sdn. Bhd, Lucy Electric Ltd., Ormazabal Corporación Empresarial S.L., Crompton Greaves Consumer Electricals Limited, Orecco Electric d.o.o, Alfanar Group Ltd., LSIS Co.Ltd., Toshiba Corp., CG Power & Industrial Solutions Ltd., SGC - SwitchGear Company NV, NOJA Power Switchgear Pty Ltd., G&W Electric Company, C&S Electric Limited, E+I Engineering Ltd., Hawker Siddeley Switchgear Ltd., Kappa Engineering (Pty) Ltd., KONČAR - Electrical Industry Inc., Laxmi Electronics Pvt. Ltd., MGC Moser-Glaser AG, Mors Smitt B.V, Nissin Electric Co. Ltd., RPS Switchgear Limited, S&S Power Switchgear Limited, Slaters Electricals Ltd., Switchgear Power Systems LLC, Tavrida Electric AG, TE Connectivity Ltd., TGOOD Global Ltd., Trayer Engineering Corporation, VEO Oy, Wahah Electric Supply Company of Saudi Arabia Co., Xiamen Huadian Switchgear Co. Ltd.
Ring Main Unit Market 2024 Key Insights:
• The ring main unit market size is expected to see strong growth in the next few years. It will grow to $3.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Ring Main Unit Market Soars With Rising Global Electricity Demand
• Advanced Fluorinated Gas-Free Ring Main Unit Fuels Ring Main Unit Market
• Asia-Pacific was the largest region in the ring main unit market share in 2023 and is expected to be the fastest-growing region in the forecast period
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