The global demand response management system market is anticipated to expand at a CAGR of 7.1% during the forecast period, 2021 – 2028. The growth of the market is attributed to energy price volatility and growing smart grid roll-outs across the globe.
Demand response management system (DRMS) is one of the peak load management tools, which hep in reducing the imbalance between energy supply and demand. Demand response (DR) and energy efficiency (EE) collectively help in demand-side management (DSM) of energy that encourages consumers to modify their levels and patterns of electricity consumption. This also improves the grid reliability.
DRMS is a software application that permits utilities to cope all features of the DR programs with the help of an integrated system. It is scalable and can support hundreds of thousands of endpoints per customer class. This application secures web-based interface and allows access from multiple locations with role-based access and full auditing of system activities. The collaborative customer portal enhances performance by presenting consumers with their historical data and real-time feedback during demand response events.
DR is interpreted as a voluntary PJM energy program. The program compensates retail customers for minimizing their electricity load. This occurs during high power costs or when a grids reliability is threatened. DR management helps consumers unlock their DR prospects with their current assets. Retailers can provide new solutions and enhance consumer loyalty and ensure satisfaction. This program enables electricity suppliers to introduce alternative measures to source power and avoid making huge investments in the peaking power plants.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing grid modernization and transitioning toward the smart grid technology are expected to boost the demand response management system market.
- Rising awareness and adoption of automated DRMS by utilities and customers is expected to propel the market growth.
- Growing data privacy concerns as there is a threat of hacking or extracting data related to the end-users from vendors can hinder the market.
- High initial installation cost of devices can hamper the market growth.
- Ongoing development in DRMS for efficient energy conservation is excepted to positive impact the market growth.
- The trend of Industrial 4.0 and integration of smart technologies in the existing grid structure can create lucrative opportunities in the coming years.
Scope of the Report
The report on the global demand response management system market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Demand Response Management System - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | System Type (Conventional Demand Response, and Automated Demand Response) and Applications (Agriculture, Manufacturing, Commercial buildings, Energy and Power, and Others) |
| Regional Scope | North America, Latin America, Europe, Asia Pacific and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | ABB Ltd, Schneider Electric SE, Siemens AG, General Electric Company, and Enel SpA. |
Global Demand response management system Market Segment Insights
Automated demand response segment to hold a major market share
Based on system types, the market is divided into conventional demand response and automated demand response. The automated demand response management system segment is anticipated to account for a major market share during the forecast period owing to the fact that automated demand response is conventional on advanced metering infrastructure (AMI) that aids in building a unified integrated network between customers participating in the DR program.
Manufacturing to account a considerable market share.
Based on applications, the global demand response management system market is segregated into agriculture, manufacturing, commercial buildings, energy and power, and others. The manufacturing segment is anticipated to account for a major market share owing to heavy consumption of electricity in the industrial sector. Rapid industrialization is anticipated to drive the segment growth.
The market in Asia Pacific to exhibit a high CAGR
Based on regions, the global demand response management system market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to exhibit a high CAGR during the forecast period. Growing industrialization and urbanization in emerging countries such as India and China is driving the growth of the market in the region.
Segments
Segments Covered in the Report
The global demand response management system market has been segmented on the basis of
System Types
- Conventional Demand Response
- Automated Demand Response
Applications
- Agriculture
- Manufacturing
- Commercial buildings
- Energy and Power
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- General Electric Company
- Enel SpA
Competitive Landscape
The key players operating in the global demand response management system market includes ABB Ltd, Schneider Electric SE, Siemens AG, General Electric Company, and Enel SpA.
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