Ring Main Unit Market was valued at USD 2,391.1 million in 2022 and is expected to grow at a 6.4% CAGR from 2023 to 2029. Ring main unit is a set of switchgears commonly used ring type electrical power distribution networks. The ring main unit plays an important role in secondary distribution substations. The ring main unit has various applications such as infrastructure, transport, and construction. The increasing capacity additions and enhancement plans for distribution networks and modernization of existing power infrastructure along with the growing focus on strengthening of power distribution infrastructure is expected to drive the growth of ring main unit market over the forecast years. In addition, increasing demand for electricity across the globe owing to frequent power cuts in extreme weathers is expected to boost the growth of ring main unit market over the forecast period. For instance, in February 2021, Texas saw a record low temperature and snow leading the state’s electric grid operator lose control of the power supply leaving millions without power, this is attributed due to aging infrastructure, lack of investments and lack of clear policies to modernize the grids. Furthermore, growing industrial infrastructures, and increasing demand of renewable energy are anticipated to further propel the growth of ring main unit market at a significant rate over the forecast period. However, factors like the strict emission regulations regarding the use of SF6 a high potent greenhouse gas, and high capital costs are expected to hinder the growth of ring main unit market over the forecast period. Moreover, increasing demand for smart grid response and energy efficiency in various application in reducing the pea demand is expected to increase the deployment of smart grids and digitalization and open a significant opportunity to market players and manufacturers in the forecast years.
Ring Main Unit Market Key Developments:
In August 2022, Lucy Electric, India announced their first order of 8 recently launched Aegis 12kV Ring Main Units was dispatched.
Fastest Growing Market
The ring main unit market is expected to grow over the forecast period due to the increasing demand for electricity across the globe leading to the expansion of power transmission and distribution infrastructure. The growing population and industrialization have resulted in a massive increase in global energy demand. Thus, expected to drive the growth of ring main unit market over the forecast period. In addition, the ring main units are widely used in the protection and control of power distribution networks from overloads, faults, and other incidence, ensuring power reliability and continuity.
Ring Main Unit Market was valued at USD 2,391.1 million in 2022 and is expected to grow at a 6.4% CAGR from 2023 to 2029.
Increasing demand for electricity leading to increasing need for reliable and efficient power distribution infrastructure is expected to drive the ring main unit market over the forecast period.
The leading players in the global Ring Main Unit market are Schneider Electric SE, Larsen & Toubro Limited, Eaton Corporation PLC, ABB Ltd, Toshiba Corp, C&S Electric Ltd, General Electric Company, Ormazabal, Crompton Greaves, Siemens AG, TIEPCO, Larsen & Toubro Ltd.
Asia Pacific region is expected to have largest CAGR and is expected to dominate the global ring main unit market.