Smart Ring Main Unit Market Current Analysis and Forecast (2021-2027)

Smart Ring Main Unit Market Current Analysis and Forecast (2021-2027)

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 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, smart 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.

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.

Some of the major players operating in the market are 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&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, gas insulated segment holds the major share”

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.

“Amongst application, distribution utilities segment holds the major share”

Based on application, the smart ring main unit market is segmented into distribution utilities, industries, and infrastructure & transportation. The distribution utilities hold an extensive market share in the smart ring main unit market. Growing power requirements due to rising population and fast-track urbanization have resulted in the expansion of T&D networks across the globe.

“Amongst voltage rating, up to 15Kv segment holds the major share”

Based on voltage rating, the smart ring main unit market is segmented into Up to 15 kV, 16–25 kV, and Above 25 kV. The up to 15Kv segment is expected to have influential growth in the forecasted period. It is mainly owing to the growing electricity demand globally coupled with huge investment in the development and enhancement of distribution utility infrastructure in the coming future, which will propel the demand for ring main units.

“Asia Pacific represents one of the extensive market shares of global smart ring main unit Market”

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.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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