Press release
Ring Main Unit Market Set to Reach $3.43 Billion by 2029 with 8% Yearly Growth
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The ring main unit market is expected to grow due to the rising electricity requirement. Electricity is an energy form that energizes machinery and equipment to emit light or heat. The escalating demand for electricity necessitates a ring main unit for distinct applications, including attaching different switch types, provision of power to a distribution transformer, among other uses. For example, the International Energy Agency (IEA), a France-based institution, reported in September 2024 that in June 2024 there was a surge in total net electricity production to 902.8 TWh. This was a significant 5.4% increment compared to the same timeframe the preceding year. Hence, the upsurging requirement for electricity is a significant factor propelling the expansion of the ring main unit market.
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What is the projected compound annual growth rate (CAGR) of the ring main unit market from 2025 to 2034, and what factors influence it?
In the past few years, there has been significant growth in the size of the ring main unit market. The market, which is valued at $2.4 billion in 2024, is projected to increase to $2.56 billion in 2025 with a compound annual growth rate (CAGR) of 6.8%. This substantial growth during the historical period can be traced back to urbanization, infrastructure development, effective power distribution, grid modernization, the incorporation of renewable energy, and industrial growth.
Anticipations are high for a robust expansion in the ring main unit market size in the upcoming years. The forecast predicts an escalation to $3.43 billion by 2029, with a compounded annual growth rate (CAGR) of 7.6%. The predicted increase during the projected phase is a consequence of several factors such as electrification initiatives, measures for cybersecurity, development of resilient power structures, digitalization, automation and distributed energy resources. The projected period will also witness significant trends such as implementation in industrial sectors, regulatory backing and incentives, remote surveillance and control, as well as customization and innovation.
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How are the latest trends influencing the growth of the ring main unit market?
Leading firms in the ring main unit market are concentrating their efforts on the production of non-SF6 ring main units, in a bid to lessen environmental harm, adhere to more stringent greenhouse gas emissions regulations, and foster eco-friendly power distribution solutions. Non-SF6 ring main units (RMUs) denote medium-voltage power distribution electrical switchgear systems that do not depend on sulfur hexafluoride (SF6) gas for insulation or arc extinguishing. For example, Lucy Electric Ltd, a company based in the UK, unveiled EcoTech, a non-SF6 ring main unit, in April 2024. EcoTec substitutes SF6 with synthetic air, comprised of nitrogen and oxygen, thus addressing environmental worries associated with greenhouse gas emissions. EcoTec boasts advanced features such as an in-built control unit and standard remote control capabilities, improving operational efficiency, and facilitating superior monitoring and administration of energy distribution systems.
What are the major segments of the ring main unit market and their role in driving growth?
The ring main unit market covered in this report is segmented -
1) By Type: Gas-Insulated, Oil-Insulated, Air-Insulated, Solid Di-Electric, Other Types
2) By Component Types: Self-Powered Electronic Relays, Switchgear, Fuses
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By Installation: Indoor, Outdoor
5) By Application: Distribution Utility, Industrial, Commercial And Residential
Subsegments:
1) By Gas-Insulated: SF6 Insulated RMUs, Mixed Gas Insulated RMUs
2) By Oil-Insulated: Mineral Oil Insulated RMUs, Synthetic Oil Insulated RMUs
3) By Air-Insulated: Outdoor Air-Insulated RMUs, Indoor Air-Insulated RMUs
4) By Solid Di-Electric: Resin-Insulated RMUs, Other Solid Dielectric Solutions
5) By Other Types: Hybrid RMUs, Modular RMUs
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Which regions are key players in the growth of the ring main unit market?
Asia-Pacific was the largest region in the ring main unit market share in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ring main unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the ring main unit market?
Major companies operating in the ring main unit market are 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.
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What Is Covered In The Ring Main Unit Global Market Report?
• Market Size Forecast: Examine the ring main unit market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ring main unit market for a structured understanding.
• Key Players Overview: Analyze major players in the ring main unit market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ring main unit market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ring main unit market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ring main unit market.
• Industry Challenges: Identify potential risks and obstacles affecting the ring main unit market.
• Competitive Landscape: Review strategic developments in the ring main unit market, including expansions, agreements, and new product launches.
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