Global Demand Response Management Systems (DRMS) Market 2021-2027: Need for Newer DR Models for Replacing Manual Energy Curtailments Drive Demand for ADR Technologies
Dublin, March 16, 2021 (GLOBE NEWSWIRE) -- The "Demand Response Management Systems (DRMS) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Demand Response Management Systems (DRMS) is projected to exceed US$ 9.5 billion by 2024, driven by technology disruptions in the electric power industry, the primary among them being smart grid software aimed at providing utilities a cost-effective, eco-friendly, and efficient energy management solution for tackling demand disruptions.
The inefficiency of legacy load management systems is throwing the spotlight on DRMS as an effective alternative. Benefits of demand response driving its importance as an indispensable strategy in meeting clean energy and climate goals include financial benefits for energy consumers in terms of reduced bills and incentive payments earned; enables effective load management by utilities; reduces the risk of power outages and financial losses accruing from the same; encourages fair market practices by preventing utilities from raising prices; helps businesses and consumers hedge the rising prices of electricity; higher willingness to shift to backup power and co-generation strategies to reduce exposure to fluctuations in wholesale and peak load price spikes; reduced stress on the grid and greater grid reliability; increased use of renewable energy and better ability for integrated resource planning, among others.
Future growth in the market will be driven by robust demand for Automated Demand Response (Auto-DR) technologies; ongoing evolution and adoption of smart grids in energy distribution networks; growing prominence of smart electricity meters as an integral part of smart homes; government policy led provision of incentives for voluntary demand response programs for residential homes; and growing value of demand response for utilities with renewables integration given their ability to optimally allocate installed capacity and eliminate fluctuations in load balancing.
The United States represents the largest market worldwide, supported by stimulus funding and federal governmental policy guidance and regulations and the ensuing successful implementation of price-based demand response and Incentive-based demand response programs.
Asia-Pacific ranks as the fastest growing market with a CAGR of 33% over the analysis period led by growing regional economies and population, a parallel increase in energy demand and resulting need for sustainable consumption habits; growing investments in smart cities and the resulting expanding base of smart grid community of residential households.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession
DRMS Holds Significance for Effective Management of Power Demand Changes Amid the Pandemic
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
An Introduction to Demand Response Management Systems (DRMS)
Primary Objectives of Demand Response
Approaches to Implement Demand Response Programs
Classification of Demand Response Programs
Key Components/Technologies Enabling Demand Response
Demand Response: An Essential Tool to Support Economic, Eco-Friendly and Efficient Optimization of Power Generation & Distribution
Global Market Prospects & Outlook
Industrial DRMS: The Largest Segment
Focus on Enhancing Power Efficiency Drives the Commercial DRMS Market
United States Dominates the Global Demand Response Market
European DRMS Market to Benefit from Favorable Policy Changes and Expanding Renewables Portfolio
Developing Economies to Spearhead Future Market Growth
Competition
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 83 Featured):
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
Nexant, Inc.
NRG Energy, Inc.
Open Access Technology International, Inc. (OATI)
Schneider Electric S.E.
Siemens AG
Tantalus Systems Corp.
Trilliant Holdings, Inc.
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
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
DRMS Remain a Vital Computing Platform for Enhancing Operation of Smart Grids
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
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
DR Innovations & Advancements Spearhead Market Growth
Stricter Regulations and Climate-Change Policies Post COVID-19 to Boost DRMS Market
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
UNITED STATES
Huge Cost Savings Offered by Advanced DR Programs to Drive Healthy Long-term Growth
Need to Save Electricity during High Demand Periods Drives DRMS Deployments
Notable Trends in DRMS Market
Increasing Significance of BDR
Maturing Domestic Energy Management Systems
Increasing Importance of Big Data Management
Disruptive Competition from Retailers
EVs to Emerge as a Viable Alternative
Growing Influence of Millennials
Residential Consumers to Play an Increasingly Important Role
DER Aggregation to Increase
Increasing Relevance of Third Party Service Providers
Surging Popularity of Smart Thermostats with DR Strategies Benefit Market Adoption
Evolution of Smart Thermostats
Types of Smart Thermostat-DR Programs
The Many Challenges
Steady Electric Vehicles Penetration Drive Demand for Managed Charging
US Utilities Adopt Demand Response Initiatives to Balance Energy Supply and Demand Situation
Smart Grid Initiatives and Increase in AMI Installations Provides the Perfect Platform for DR Adoption
Aging Grid Infrastructure Augments Utility Distribution Spending, Augurs Well for the DRMS Market
DR Market to Significantly Benefit from Grid Modernization Initiatives
Energy Storage and DR Offer Huge Market Growth Potential
Focus on Renewables and Natural Disasters: A Strong Business Case for DR
DR Market Makes Major Strides Driven by Favorable Policy Development
Market Analytics
CANADA
Market Overview
Market Analytics
JAPAN
Market Overview
Market Analytics
CHINA
Demand Side Management Gains Importance Amidst Focus on Power Sector Reforms
Market Analytics
EUROPE
Focus on Energy Sustainability Drives Demand for DRMS
Significance of Demand Response
Capacity Markets and Primary Reserves Markets Presents Opportunities
Industrial, Commercial, and Residential Consumers Offer Huge Untapped Growth Potential
Demand Response Holds Potential to Cut Down Energy Consumption in Residential Buildings
Smart Metering and Home Automation: Important Enablers of DR
DR Aggregators to Play a Critical Role in the European Market
Market Analytics
FRANCE
GERMANY
Market Overview
Market Analytics
ITALY
UNITED KINGDOM
Market Overview
Market Analytics
REST OF EUROPE
ASIA-PACIFIC
India: Market Overview
Market Analytics
REST OF WORLD
Middle East: Market Overview
Market Analytics
IV. COMPETITION
Total Companies Profiled: 173
For more information about this report visit https://www.researchandmarkets.com/r/pdyo56
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900