Demand Response Management Systems (DRMS) Global Market Report 2023: Inevitable Shift to Intermittent Renewable Sources of Energy Drives Demand for 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.

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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• Global Market for Demand Response Management Systems (DRMS)