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