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Demand Response Management Systems (DRMS) Global Market Report 2023: Inevitable Shift to Intermittent Renewable Sources of Energy Drives Demand for DRMS
Global Market for Demand Response Management Systems (DRMS)
Dublin, March 01, 2023 (GLOBE NEWSWIRE) -- The "Demand Response Management Systems (DRMS): Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Demand Response Management Systems (DRMS) Market to Reach $10.6 Billion by 2030
In the changed post COVID-19 business landscape, the global market for Demand Response Management Systems (DRMS) estimated at US$5.1 Billion in the year 2022, is projected to reach a revised size of US$10.6 Billion by 2030, growing at a CAGR of 9.5% over the analysis period 2022-2030. Hardware, one of the segments analyzed in the report, is projected to record a 9% CAGR and reach US$6.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Software segment is readjusted to a revised 10.9% CAGR for the next 8-year period.
The U.S. Market is Estimated at $3.3 Billion, While China is Forecast to Grow at 13% CAGR
The Demand Response Management Systems (DRMS) market in the U.S. is estimated at US$3.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$635.3 Million by the year 2030 trailing a CAGR of 13% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.5% and 9.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 9.6% CAGR.
Select Competitors (Total 83 Featured) -
ABB Ltd.
Aclara Technologies LLC
Ameresco, Inc.
AutoGrid Systems, Inc.
CPower, Inc.
Direct Energy, LP
Eaton Corporation plc
Enel X S.r.l.
General Electric Company
Honeywell International, Inc.
Itron, Inc.
Johnson Controls International Plc
Landis+Gyr AG
Lockheed Martin Corporation
NRG Energy, Inc.
Open Access Technology International, Inc. (OATI)
Schneider Electric S.E.
Siemens AG
Tantalus Systems Corp.
Trilliant Holdings, Inc.
What`s New for 2023?
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and Research Platform
Complimentary updates for one year
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.
Report Attribute | Details |
No. of Pages | 480 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $5.1 Billion |
Forecasted Market Value (USD) by 2030 | $10.6 Billion |
Compound Annual Growth Rate | 9.6% |
Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Myriad Economic and Operational Benefits Drive Widespread Market Adoption
Key Benefits of ADR Programs
Technology Disruptions in the Global Electric Power Industry: The Fundamental Growth Driver
Growing Prominence of Electrification for Cutting down Carbon Emissions
DR Holds Importance Amidst Decentralization of Power Grid
Digitalization Enables Increased Communication among Devices
Demand Side Response Leveraging AI and ML Approaches
Need for Newer DR Models for Replacing Manual Energy Curtailments Drive Demand for ADR Technologies
Advanced Demand Response 3.0: The Future of DR
DR 1.0 to DR 3.0: Tracing the Progression of DR
Integration of Internet of Things (IoT) with Demand Response Drives the Evolution of Connected Utilities
Sub-Greedient: The IoT-Based DR Approach
Demand Response Holds Promises to Transform Smart Homes of the Future
Growing Investments into Smart Homes Bode Well for DRMS Market
Integration of Smart Buildings into Smart Grids Using ADR
Building Simulation Software for Assessing Effectiveness of DR in Residential Buildings
Rise of Smart Cities and Focus on Smart Energy Management Spurs Growth
Global Market for Smart Cities in US$ Million by Geographic Region/Country for the Years 2020 and 2027
DRMS Remains a Vital Computing Platform for Enhancing Operation of Smart Grids
Global Market for Smart Grids in US$ Billion) for the Years 2021, 2023 and 2025
DRMS Emerges as a Critical Technology for Smart Grids
ToUPS DR Program Beneficial for DSOs and Customers
Smart Grids Implementation Augurs Well for Residential DRMS Market
Disaster Response Sector Relies on Power Generators for Ensuring Power Supply during Outages
Use of Big Data Analytics by Utilities to Benefits Analytical and Behavioral DSM
Surging Demand for DRMS from Electric Utilities Worldwide to Boost Market Expansion
Changing Electricity Demand Dynamics Compel Utilities to Adopt DRMS
China and India Lead the Global Rise in Demand for Electricity
DR Resources Play a Critical Part in Stabilizing Electricity Supply for Utility and Grid Operator
DR Reduces Need for Investments into New Power Generation and Grid Infrastructure
Differentiation in Service Offerings: A Major Benefit with DR Services
DR Promises to Curtail Unnecessary Expenditure on New Distribution Grid Infrastructure
Enhancing Profitability of DR on the Small-Scale
Incentives for Electricity-usage Curtailments to Boost Penetration in Industrial, Commercial, and Residential Sectors
Commercial Buildings Offer Huge Market Potential for Demand Response
Residential Sector to Exhibit Fastest Growth in the Near Term
Inevitable Shift to Intermittent Renewable Sources of Energy Drives Demand for DRMS
Increasing Establishment of Microgrids to Spur Demand for DRMS
Anticipated Surge in EV Usage Presents DR as a Vital System to Ensure Load Balance
Automated Demand Response Management Systems Market: Poised for Growth
DR Innovations & Advancements Spearhead Market Growth
Stricter Regulations and Climate-Change Policies Post COVID-19 to Boost DRMS Market
Domestic Targets for Greenhouse Gas Emissions of Select Regions/ Countries
Multiple Benefits Driving Participation of Load Aggregators in the DR Market
Favorable Demographic & Urbanization Trends Strengthen Market Prospects
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
A selection of companies mentioned in this report includes
ABB Ltd.
Aclara Technologies LLC
Ameresco, Inc.
AutoGrid Systems, Inc.
CPower, Inc.
Direct Energy, LP
Eaton Corporation plc
Enel X S.r.l.
General Electric Company
Honeywell International, Inc.
Itron, Inc.
Johnson Controls International Plc
Landis+Gyr AG
Lockheed Martin Corporation
NRG Energy, Inc.
Open Access Technology International, Inc. (OATI)
Schneider Electric S.E.
Siemens AG
Tantalus Systems Corp.
Trilliant Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/v498xq-response?w=12
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