Ring Main Unit Market is Projected to Reach USD 3 Billion by 2024
Date: 2018-11-16   Author: Rahul Sankrityayan  Category: #news

Ring Main Unit Market is Projected to Reach USD 3 Billion by 2024

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.

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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.

It has also been claimed by the experts that developing economies will account for 80% of the power demand, subject to the surging population curve, urbanization, economic development and favourable 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 allow a mass popularity to 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. Enrolling its name in the billion-dollar business fraternity, global ring main unit industry held a revenue of USD 1.5 billion in 2016.

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The contribution of Chinese government in the establishment of ring main unit market has also been commendable. In 2017, the National Energy Administration have declared an investment of USD 326 billion by 2020 for the expansion of renewable energy network across China. This electrification programs necessities large scale deployment of ring main units, which ultimately boosts the regional ring main unit market size. As per the estimates, China ring main unit market is slated to exceed USD 300 million by the end of 2024.

The overall ring main unit industry, as per a recent report put forward by Global Market Insights, Inc., 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 a huge traction in the coming years, with an estimated overall installation of 400’ 000 units by 2024.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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