Global Smart Ring Main Unit Market is expected to foresee significant growth. The Asia Pacific to lead the growth!
- Vikas Kumar
- April 11, 2022
- ENERGY & POWER, NEWS
- Smart Ring Main Unit Market Growth, Smart Ring Main Unit Market News, Smart Ring Main Unit Market Share, Smart Ring Main Unit Market Size, Smart Ring Main Unit Market Trend
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Global Smart ring main unit market is valued at around USD 1.6 bn in 2020 and is expected to grow at a CAGR of around 6.6% during the forecast period (2021-2027). Smart RMU has various features, such as wireless thermal sensors, and smartphone connectivity, that allows the optimization of modern grid applications. The growth of the market can be attributed to the increasing amalgamation of automation with electronic devices and systems. A smart RMU helps to optimize the application for the modern grid, with features to improve power availability and quality, while helping to manage costs and boost efficiency.
Rising concerns for energy security are also a contributing factor to the surge in the global ring main unit market. The shift in consumer preference towards renewable energy sources as an alternative to conventional energy resources is a major driver for the growth of the global ring main unit market.
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Smart Ring Main Unit is a fully enclosed, compact, factory assembled cabinet used for medium-voltage power distribution. This is a switchgear unit that is easily replaceable, requires low maintenance, and is highly protected in nature. To cover the wide breadth of user demands, RMUs can be found in various voltages, ideal for outdoor and indoor installations. In addition, smart ring main units (RMU) are tested to provide increased safety and reliability even in the harshest environments.
Factors such as increasing energy demands from the industries and rapid infrastructure growth in the energy sector are likely to drive the ring main unit market. Also, due to the increasing number of renewable energy installations that require a ring main unit at the substation level, the electricity distribution segment is expected to be the largest growing segment for the ring main unit market during the forecast period.
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The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on traveling, the shutdown of manufacturing industries, commercial activities this had severely disrupted the supply chain. Moreover, the COVID-19 outbreak had a negative impact on demand on the smart ring main unit market for some energy sectors owing to a substantial slump in the electricity consumption in the industrial and commercial sectors. The shutdown of activities across the various sector had negatively influenced the market outlook.
For instance: According to IEA, prior to the global pandemic, India’s energy demand was projected to increase by almost 50% between 2019 and 2030, but growth after a pandemic is closer to 35%, and 25% in the Delayed Recovery Scenario. However, India is an expanding economy, population, urbanization, and industrialization expected to increase the energy demand in the forecasted period which is expected to escalate the market size of smart ring main unit.
Based on type, the smart ring main unit market is segmented into gas insulated, oil insulated, air insulated, and solid dielectric. The gas insulated segment catered to significant demand in the smart ring main unit market. It is mainly due to the compact size, better functionality, and climatic resistance of these ring main units which is suitable for applications such as railway systems, wind power plants, power grids, underground installations, and mining applications.
Based on the installation, the smart ring main unit market is bifurcated into outdoor and indoor. The indoor segment holds a considerable market share in the smart ring main unit market. This is due to their massive deployment in electricity generation applications and industrial applications, owing to their compact design, easy maintenance, and high durability.
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For a better understanding of the market adoption of smart ring main unit, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), and Rest of World. The Asia Pacific holds the extensive market share owing to the rapidly increasing energy demand and increasing urbanization along with commercial operations, the region is likely to witness growing market demand for the ring main unit.
Some of the major players operating in the AMETEK, Inc., ABB Ltd., Schneider Electric SE, Siemens AG, Toshiba Corporation, Larsen & Toubro Ltd., Cisco Systems, Inc., Eaton Corporation PLC, General Electric Company, Lucy Electric Ltd. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Smart ring main unit Market Segmentation
Market Insight, by Type
- Gas Insulated
- Oil Insulated
- Air Insulated
- Solid Dielectric
Market Insight, by Application
• Distribution Utilities
• Infrastructure & Transportation
Market Insight, by Voltage Rating
- Up to 15 kV
- 16–25 kV
- Above 25 kV
Market Insight, by Region
- North America Smart ring main unit Market
- United States
- Rest of North America
- Europe Smart ring main unit Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Smart ring main unit Market
- Rest of Asia-Pacific
- Rest of World Smart ring main unit Market
Top Company Profiles
• AMETEK, Inc.
• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• Toshiba Corporation
• Larsen & Toubro Ltd.
• Cisco Systems, Inc.
• Eaton Corporation PLC
• General Electric Company
• Lucy Electric Ltd.