Ring Main Unit Market To Generate $3,674 Million Revenue by 2030

The ring main unit market size is expected to advance at a CAGR of 6.5% during 2022–2030, to reach USD 3,674 million by 2030. This is ascribed to the rapid infrastructure growth and increasing demand for power from industries.

Various national environmental policies, including decarbonization targets, are propelling RMU installation. Distribution grids enable the transmission of energy, already becoming the connection between the growing electricity demand and green and intermittent electricity generation.

The power grid system in Europe is majorly a transportation system and marketplace, serving more than 260 million customers on a regular basis. The easy access to electricity is important in all the countries of the region. Electricity outages have severe consequences for society, and network companies, which comprise all the components that enable network communication, operations and management, and connectivity in an enterprise, are part of the most-critical infrastructure in all modern societies.

Growing Focus on Improving Power Distribution Infrastructure

Ring main units often provide an uninterrupted power supply by forming a ring of the electricity supply network, in order to feed power from an alternative source in the event of the disruption of the supply from the primary source. These systems are easy to install, maintenance-free, and safe and aid utilities in enhancing network reliability and uptime and minimizing operating costs.

The U.S. experiences major power blackouts because of extreme weather. In 2021, the power grid of the country was strained, and it often collapsed under severe weather. Customers experienced an average of 7 hours and 20 minutes of outages that year, with 72% of those hours resulting from hurricanes, snowstorms, wildfires, and other major weather events.

The various factors credited for the rising number of blackouts are the lack of investments, aging infrastructure, and lack of clear policies to modernize the grid.

Europe Is Second-Largest Region in the Market

Europe is the second-largest region in the market, ascribed to the growing focus of governments on renewable energy capacity additions. Renewable energy already accounts for a significant share in the electricity mix of Europe. These resources were expected to generate around 42% of Europe’s energy in 2020, which was a considerable improvement from 37% in 2019.

Raising the utilization of clean energy sources, with the improvements in technologies for higher energy efficiency, would be an important step in reducing the usage of coal and decreasing emissions from the existing assets. Considering the targets announced at the national level, the IEA expects the worldwide energy production from the existing coal‐based plants to come down by nearly 2,500 TWh by 2030 from 2021 and that wind and solar PV will meet 75% of this diminished supply. Moreover, in September 2020, the European Commission raised its climate ambitions and announced targets for a 55% reduction in emissions by 2030. This came after the 2050 climate-neutrality target EU leaders set in 2019.

North America also holds a significant share in the market, attributed to the increasing investments in renewable energy and industrial infrastructure. Renewable resources in wide usage in the region are wind, conventional hydropower, solar, biomass, and geothermal. In the U.S., hydropower, wind, and solar account for the majority of the green energy generation, which has, in turn, expanded greatly as a result of the additions in solar and wind capacities.

Between June 2021 and June 2022, the utility-scale solar capacity of the country rose by 17.6 Gigawatts (GW), thus bringing the total to 65.8 GW.

The most-significant ring main unit market players are ABB Ltd., Siemens AG, Eaton Corporation plc, Schneider Electric SE, Toshiba Corporation, NATUS GmbH & Co. KG, China Transpowers Electric Co., Limited, BVM Technologies Private Limited, Wenzhou Rockwill Electric Co., Ltd., LS ELECTRIC Co. Ltd.