Global Smart Ring Main Unit (RMU) Market Highlights over 2022 – 2031
The global smart ring main unit (RMU) market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Smart RMU has various features, such as, wireless thermal sensors, and smartphone connectivity, that allows the optimization of modern grid applications. The growth of the market can be attributed to increasing amalgamation of automation with electronic devices and systems. Ring main unit is a vital part at the substation level, which is why, increasing adoption of substation automation is certain to boost the adoption of smart RMU. Along with this, the increasing investment in the power distribution sector, is further estimated to boost the market growth. Furthermore, the increasing demand for electricity and the rising government investment in electricity generation projects is also estimated to play a crucial role in the market growth. According to the data by International Energy Agency (IEA), the global electricity demand was expected to increase by 4.5% in 2021.
The market is segmented by end-user into distribution utilities, industries, infrastructure & transportation, and others, out of which, the distribution utilities segment is anticipated to hold the notable share in the global smart ring main unit (RMU) market over the forecast period on account of growing power requirements backed by rising global population and fast-track urbanization. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Smart Ring Main Unit (RMU) Market Regional Synopsis
On the basis of geographical analysis, the global smart ring main unit (RMU) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing demand for electricity in the developing countries. As per the data by the IEA, electricity demand in India and China is collectively expected to rise by 8%, as compared to the 2020 levels.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising demand for smart power infrastructure, growing adoption of renewable energy, and increasing demand for electricity. Moreover, growing government investment for development of renewable resources of energy in the region, is estimated to boost the market growth.
The global smart ring main unit (RMU) market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global smart ring main unit (RMU) market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing demand for electricity across the globe, and growing adoption of smart grids is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
The major players in the market are ABB Ltd., Schneider Electric SE, Siemens AG, Toshiba Corporation, Larsen & Toubro Ltd., Cisco Systems, Inc., Eaton Corporation PLC, General Electric Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, installation, end-user, and by region.
The outdoor segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Higher cost of smart ring main unit is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing electricity demand in the region.
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