Global Ring Main Unit market analysis 2024, Forecast To 2033
4 Mar, 2024
The ring main unit market size has witnessed strong growth, ascending from$2.27 billion in 2023 to$2.44 billion in 2024, reflecting 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, and industrial expansion. Looking ahead, the ring main unit market is expected to see strong growth, reaching$3.26 billion in 2028, with a compound annual growth rate (CAGR) of 7.5%. This growth in the forecast period can be attributed to electrification initiatives, cybersecurity measures, resilient power infrastructure, digitalization and automation, and distributed energy resources. Major trends in the forecast period include adoption in industrial sectors, regulatory support and incentives, remote monitoring and management, and customization and innovation.
Global Ring Main Unit Market Key Driver
The ring main unit market is poised for growth driven by the increasing demand for electricity across various sectors. With electricity demand projected to rise by 4.5% in 2021, as reported by the International Energy Agency, fueled by rebounding economic activity and growth in major emerging economies like China, the need for efficient electricity distribution systems becomes paramount. Ring main units play a crucial role in connecting switches and feeding distribution transformers, meeting the rising demand for electricity in industries, commercial establishments, and residential areas. Therefore, the increasing demand for electricity is a key driver propelling the growth of the ring main unit market.
Get A Free Sample Of The Global Ring Main Unit Market ReportGlobal Ring Main Unit Market Segments
The global 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
By Geography: The regions covered in the ring main unit market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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. The regions covered in the ring main unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Ring Main Unit Industry Players
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., KONCAR - 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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Ring Main Unit Market Overview
A ring main unit refers to a metal-enclosed, factory-assembled set of switchgear used at the load connection points of a ring-type distribution network. It contains two switches that link both ends of the load to the main conductors and a fusible switch or circuit breaker that serves as a tee-off for supplying a medium voltage to low voltage distribution transformer (MV to LV).
Ring Main Unit Global Market Report 2023 provides data on the global ring main unit market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ring main unit market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.