Ring Main Unit Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Ring Main Unit Market Size

Ring Main Unit Market Trends & Drivers

Rising Demand for Renewable Energy Drives Market

In 2021, the share of electricity generation from unabated fossil fuels was around 61.3%, as per the IEA. However, the growing focus on minimizing carbon emissions and cleaning up the environment is propelling renewable energy generation. The government of various countries has established renewable power plants in order to reduce their requirement for gas and oil.

For instance, in November 2021, India announced targets for 500 GW of renewable capacity and a 50% share of clean sources in the total energy mix by 20230, which is more than twice the share in 2020, in addition to plans to reach net-zero emissions by 2070.

Growing Deployment of Smart Grids and Digitization of Power Utilities Are Key Opportunities

The deployment of smart grids is important in order to achieve the security of energy, climate change mitigation, and economic development. Smart grids offer energy efficiency, electric vehicle charging facility, integration of variable renewable energy resources, and a stable electricity system. The deployment of smart grids is also creating various job opportunities, with tens of thousands of related jobs expected to emerge over this decade.

The use of smart meters is a key step in transforming the power grid into an intelligent and integrated network, which could be used to power smart home appliances. Working together, all of them can create a home area network, which allows consumers to automate their appliances’ operations and regulate their home energy usage.

The combination of smart meters and smart devices would provide near-real-time data on each of the latter’s energy consumption. With such two-way communication between the devices and the grid, the former could automatically assess the load on the grid and raise or reduce their power consumption. In the future, an internet connection would control when and how much energy is used by home appliances. A smart RMU integrated into a smart grid could make the transmission of energy highly efficient and economical, and such an integrated system could also play a key role in reducing carbon emissions, thus creating wide opportunities for the players in the future.

Unfortunately, the generation of electricity is the biggest source of GHG emissions. A smart grid would give people the power to massively reduce these carbon emissions, by reducing the need for fossil fuels. Thus, the global focus on clean energy could prove to be a key opportunity in the market.

Ring Main Unit Market Analysis

Gas-Insulated Category Dominates Market

Among the insulation types, gas-insulated variants dominate the market with a share of 68%, because they are chemical-resistant and compact and have good functionality and durability during secondary distribution. Gas insulation is widely used in railway systems, power grids, mining sites, wind power plants, and underground installations. Moreover, gas-insulated RMUs have good high-temperature tolerance and efficient load balancingwhich are the key advantages boosting the growth of the market.

Outdoor Installation Is Expected to Witness Faster Growth in Coming Years

Outdoor installation is expected to witness the higher CAGR, of 7.1%, due to the rising investments in the renewables sector, which will further lead to an increase in the requirement for outdoor RMUs, to accommodate the rising energy production.

However, at present, most of the RMUs are installed indoors, because of their wide deployment in industrial and electricity generation applications, attributed to their easy maintenance, high durability, and compact design. The growing R&D activities, along with investments in smart and compact control equipment, are a key factor behind this.

Based on Voltage Rating, up to 15 kV Category Holds Largest Share

Based on voltage rating, the up to 15 kV category holds the largest share, ascribed to the rising need for low-voltage distribution networks because of their high fault enduring capacity. The increasing requirement for up-to-15-kV RMUs in the utility industry for various applications, such as substation and transmission, is also expected to boost the market growth.

Industrial Application Contributes Highest Revenue

The industrial category is a major shareholder because of the rising energy demand in this sector. The requirement to minimize energy loss and the need for increasing the energy efficiency are driving the adoption of smart grids and, in turn, of RMUs. These systems also control the circuits, to switch functions as per requirement, and provide uninterrupted distribution of power from different sources. The rising investments in novel industrial infrastructure, thus, boost the market advance in this category.

Regional Analysis

Asia-Pacific Region Has Largest Market Share

Asia-Pacific has the leading position in the market, and it will hold the same position till 2030, with a value of USD 1,209 million. This is attributed to the rising demand for electricity, capacity additions, and ongoing industrialization projects.

In APAC, China holds the leading position, and it will grow with a CAGR of 6.9%, attributed to the rising adoption of smart grids, substation automation projects, and rural electrification initiatives of the government. Moreover, due to the increasing urbanization and industrialization rates, the demand for RMUs is burgeoning.

Further, with the growing economy, the demand for electricity in the regional developing countries has increased significantly over the past few years. According to the IEA, China is targeting to generate 33% of its electricity from renewables by 2025, compared to around 30% in 2022.

Additionally, emerging economies are making significant strides in improving the access to and distribution of electricity, which is likely to generate lucrative opportunities for the market players in the region. With the continuous electricity capacity expansions and adoption of smart grids in the rural areas of developing nations, the market will showcase significant growth in the forecast period.

Market Breakdown

This report offers deep insights into the ring main unit industry, with size estimation for 2019 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.

Based on Insulation Type

• Gas Insulated
• Air Insulated
• Oil Insulated
• Solid Dielectric

Based on Installation

• Indoor
• Outdoor

Based on Voltage Rating

• Upto 15kV
• 15kV-25kV
• Above 25kV

Based on Application

• Industrial
• Commercial
• Residential

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
• Asia-Pacific
  • China
  • Japan
  • Australia
  • India
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • U.A.E.
  • Saudi Arabia
  • South Africa

Top Ring Main Unit Companies