With 9.3% CAGR, Ring Main Unit Market Size to Reach USD 3.3

2023-03-10 09:52:06 By : Ms. YH Chen

February 28, 2023 05:35 ET | Source: Exactitude Consultancy Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global ring main unit market size is projected to reach USD 3.3 billion by 2028 from an estimated value of USD 1.6 billion in 2021, at a CAGR of 9.3% during the forecast period. A Ring Main Unit (RMU) is a compact switchgear unit used in medium voltage power distribution networks. It is typically used in urban areas, where space for electrical equipment is limited, and provides a safe and reliable means of distributing power to homes, businesses, and other facilities.

The RMU market is driven by several factors, including the growing demand for electricity in emerging economies, the need for reliable and safe power distribution networks, and the increasing investments in renewable energy sources. The adoption of smart grid technology and the modernization of existing power infrastructure are also contributing to the growth of the RMU market.

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Rising Industrial Infrastructure to Aid Market Development

The market growth in the power supply and distribution lines is expected to accelerate due to increasing investments in industrial infrastructure across industries and regions. As industrialization continues to expand, there is a rise in the setup of new industrial facilities that require complex electrical substations to meet their power requirements and prevent accidents resulting from overloading. In this context, switching equipment such as the RMU plays a crucial role in maintaining voltage fluctuations and ensuring safe operation of electric supplies. With increased dependence on electrical machinery in industries, it has become vital to ensure the safe operation of power supply and distribution systems. Therefore, the growing investments in industrial infrastructure are expected to drive market growth during the forecast period.

High Investment Cost Could Hamper Industry Growth to Some Extent

RMUs are switchgear that are enclosed in metal and include a protection and metering device. They are designed to control circuits, isolate faulty equipment, and protect circuits from earth faults. Despite their advantages, such as compact design, smart capabilities, safety and performance, and cost savings, RMUs have high capital costs. This can be attributed to the fact that the economies of scale for RMUs are lower, which results in higher initial prices. The high initial investment required for RMUs can have a negative impact on the growth rate of the market.

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Ring Main Unit Market Latest Trends:

Increasing Adoption of Smart Grids to Augment Market Growth

In the last ten years, significant advancements have been achieved in the electrical and electronics industry. The growing dependence on electric power for diverse devices and electronic goods has created a demand for remotely controlled power grids. The increasing popularity of smart monitoring and control and digital management of power grids has resulted in a higher adoption rate of smart grids. As a consequence, there is a visible requirement for Remote Monitoring Units (RMUs) to support these newly implemented smart grids. This factor is anticipated to improve market prospects during the projected period.Top of Form

Improvement of Aging Power Infrastructure to Enhance Market Size

As per the World Energy Investment Report 2020 by the International Energy Agency, the worldwide spending on transmission infrastructure amounted to USD 90 billion in 2019. In China, there was a significant emphasis on upgrading rural power grids and constructing distribution networks. Meanwhile, the United States experienced growth in investments for the fifth consecutive year due to regulations aimed at enhancing grid resilience and reliability. Distribution investment in Europe and China remained stable as the growth rates for electricity demand were lower. The escalating investment in upgrading outdated power infrastructure is expected to lead to the emergence of smart power systems that utilize switching capabilities, such as ring main units.

Key Market Segments: Ring Main Unit Market

Ring Main Unit Market by Type, 2021-2028, (In USD Million)

Ring Main Unit Market by Application, 2021-2028, (In USD Million)

Ring Main Unit Market by Regions, 2021-2028, (In USD Million)

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