The Ring Main Unit Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ring Main Unit Global Market Report 2024, 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..
Increasing demand for electricity is expected to propel the growth of the ring main unit market going forward. Electricity refers to a type of energy that fuels machinery and equipment that emits light or heat. Increasing demand for electricity requires a ring main unit for various applications, such as connecting different types of switches, feeding a distribution transformer, and other such uses. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electricity demand is expected to increase by 4.5% in the year 2021, supported by rebounding economic activity and increasing growth in major emerging economies such as China. Therefore, the increasing demand for electricity is driving the growth of the ring main unit market.
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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
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.
The ring main unit market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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