Smart Ring Main Unit Market Trends

Growth Drivers

• Increasing Deployment of Smart Appliances – Technological advancements in electrical and electronic products, appliances with voice assistants, Bluetooth, and Wi-Fi connectivity, have led to increasing reliance on electric power for consumer electronics and increased demand for smart monitoring and digital controlling devices. For instance, over 470 million units of smart appliances and gadgets were used in 2020, and is estimated to reach around 120 billion by 2037.

• Increasing Investment in Industrial Infrastructure – Setting up industries requires complex electrical substations to fulfill their power requirements. Ring main unit facilitates switching gear equipment and maintains voltage fluctuations. Growing investment in industrial infrastructure is to propel the growth of the market. According to the reports, in 2021, Asian Development Bank, (ABD), approved around USD 200 million in loans to Indian Government, to support industrial development in the country. 

• Growing Demand for Renewable Energy – The growing concern over environmental safety and strict regulations of governments for reducing carbon emissions is increasing the demand for renewable energy. According to the International Energy Agency (IEA), from 2022-2027, renewable energy is estimated to grow by almost 2400 GW in the main forecast, 85% acceleration from the previous five years, and almost 30% higher than last year.

• Enhancement in Transmission Infrastructure – Improvement in transmission infrastructure is anticipated to give rise to smart power systems using switching capabilities such as ring main units. According to the International Energy Agency (IEA), global spending on transmission reached USD 90 billion in 2019.

• Growing Investment in Construction Industry - According to the reports, countries such as China, India, the US, and Indonesia are projected to account for around 57% of expected global growth in construction. The construction sector of India is expected to gross around USD 1.4 trillion by 2025.

Challenges

• High Cost of Smart Ring Main Unit – Technological advancements such as smart capabilities, safety, and performance have led to high investment costs in the smart ring main unit market. Therefore, the high cost of the smart ring main unit is estimated to hinder the growth of the market.
• Limitations on the Use of Greenhouse Gases
• High Competition from the Unorganized Sector