The Global Demand Response Management System Market is set to touch a valuation of USD 45.6 billion by 2023, according to Market Research Future (MRFR). It is driven by developments in automation and exhaustive demand of uninterrupted power supply by end-users. It stood at USD 21.8 billion in 2017. Rapid industrialization and urbanization in developing nations can portend well for the demand response management system (DRMS) market from 2018 to 2023 (forecast period).
Developments of smart grids for handling and distributing power at peak times has induced the demand for DRMS. Furthermore, the inclination towards renewable energy sources coupled with distributed energy resources (DER) for dissemination of energy can be invaluable to the market. Volatile energy prices are likely to propel the market to expand at a CAGR close to 7.8% over the forecast period. DRMS systems offer a prima opportunity in the residential sector to curb energy expenses. This is buttressed by supportive energy-friendly policies by governments globally.
Prominent players in the Demand Response Management System Market include Johnson Controls, Inc. (U.S.), Enel X North America, Inc. (U.S.), Siemens AG (Germany), Schneider Electric (France), Eaton (Republic of Ireland), Honeywell International Inc. (U.S.), Opower, Inc. (U.S.), Comverge, Inc. (U.S.), ABB (Switzerland), and others.
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The Demand Response Management System Market can be segmented on the basis of Service, Solution, and End-Use.
By Service, the market is segmented into maintenance, managed, curtailment, and consulting. The consulting segment is expected to the most lucrative over the forecast period.
By Solution, the Demand Response Management System Market comprises industrial, commercial, and residential. The commercial segment is currently leading the market owing to the mushrooming of malls and IT parks. Infrastructural projects pushed by governments to attain the ‘smart city’ tag and modernize their current infrastructure is likely to bode well for the market till 2023. It is predicted to dominate as the leading solution segment till the end of the forecast period. The residential segment is forecasted to accrue significant revenue thanks to growing wave of energy-efficiency combined with installation of smart meters.
Major End-Users of the Demand Response Management System Market include public buildings, energy and power, commercial spaces, and agriculture. The public buildings segment is touted to generate revenue for the market at a rapid pace owing to the adoption of automated technologies for managing the power supply. This is expected to influence user behavior and encourage the adoption of energy-efficient policies. The energy and power segment is predicted to contribute to the market owing to the need for technologies to maintain power supply at peak times.
Region-wise, the Demand Response Management System Market spans North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
North America can dominate the market owing to being an early adopter of the latest technologies. Prevalence of environmental disasters in the region can trigger the demand for DRMS which can supply unmitigated electricity to consumers. Various standards established by regulators to ensure the reliability of DRMS can bode well for the Demand Response Management System Market