Ring Main Unit Market Expecting An Outstanding Growth Till 2024
Ring main unit market has indeed brought a revolution in the global electricity business space over the past few years, primarily on account of the growing uninterrupted power supply demand across the globe. The International Energy Agency (IEA) in its 2011 report on ‘World Energy Outlook’ depicted that global power demand is expected to reach around 30,300 TWh by 2035, with an increment of 2.2% per year over 2008-2035.
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It has also been claimed by experts that developing economies will account for 80% of the power demand, subject to the surging population curve, urbanization, economic development and favorable initiatives by intergovernmental organizations in these regions. This projected statistic affirms that maintaining efficient power distribution network will turn out to be a mandate in the coming years, the fundamental factor that will bring about prominent growth prospects for ring main unit market.
Ring main unit is basically an integral part of secondary distribution system, that offer undistorted power supply even during technical hitches in the main power supply source through alternative links. Boasting a diversified application landscape, Ring main unit market has penetrated across hotels, tunnels, airports, underground railways, distribution utility network, residential housing complex, and hospitals.
Increasing investments in large scale renewable energy projects along with rigorous ongoing efforts toward the expansion of micro-grid network have significantly impelled ring main unit market commercialization. On account of the renewable energy target pledged by 175 countries in 2015 UN Climate Change Conference, ring main units have observed a steep growth in demand. Recently, Western European countries that include Sweden, U.K., and Germany have announced a collaborative financial investment of USD 133.7 billion in the smart grid network expansion across the nations by 2027. It goes without saying that such governmental initiations worldwide toward modernization of electric grid network will enhance ring main unit industry outlook.
The Asia Pacific, driven by countries such as India and China, is anticipated to emerge as a highly viable growth avenue for ring main unit market. This is primarily on account of the changing economic scenario in the continent that is a product of the robust commercialization across industrial and utility-based electrification systems and rapid investments in the regional electric grid. As a matter of fact, The Rural Electrification Corporation of India, in the year 2017, came up with an amount of USD 450 million post the launch of its bonds on London Stock Exchange. Powered by the expansive investments toward renewable energy technology integration and the rising microgrid infrastructure, APAC ring main unit market is anticipated to register a CAGR of 7.3% over 2018-2024.
The overall ring main unit industry, as per a recent report put forward by GMI, will cross USD 3 billion by the end of 2024. As the critical need for effective power supply continues to surge, industry players have been continuously facing challenges to supply power at reduced cost and exceptional efficiency. The escalating demand has necessitated diversification and innovation in the product portfolio amidst the fierce competition in the ring main unit market. Leading companies partaking in the ring main unit industry have been also supporting governments to tackle the issue of uninterrupted power supply by bringing innovative products.
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For instance, Schneider Electric, a universally acclaimed name in the ring main unit industry has introduced RM6, an all-in one compact unit that enable supply, protection, and connection of transformers in a ring network. Pertaining to its immense efficiency, this product gained a huge popularity across various end-use domains. Some of the other biggies in the industry include ABB, EATON, General Electric, Lucy Electric, and Larsen & Turbo. With increasing number of R&D activities to innovate novel products, ring main unit industry is set to gain huge traction in the coming years.
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Ring main unit industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Insulation trends
2.1.3 Position trends
2.1.4 Installation trends
2.1.5 Component trends
2.1.6 Rating trends
2.1.7 Application trends
2.1.8 Regional trends
Chapter 3 Ring Main Unit Market Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024 (USD Million)
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Import-export landscape
3.4.1 Low voltage protection equipment
3.4.2 High voltage protection equipment
3.5 Ring Main Unit share from overall distribution network equipment, by region
3.6 Innovation & sustainability
3.7 Regulatory landscape
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