New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Demand response management system Market Research Report, by End-use, Region, Solution, and Service- Forecast Till 2030”, the global market for demand response management systems, is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 7.8%. The reports further anticipate the market to acquire a valuation of around USD 45.6 billion by the end of 2030. As per the reports, the market was worth around USD 8.06 billion in 2019.
Demand Response Management System Market Overview:
Demand Response Management System (DRMS), as a leading market parameter, can be considered a vital peak load management tool with significant advantages in lowering the imbalance between energy supply and demand. Energy Efficiency (EE) and Demand Response (DR) collectively in the global market assist in Demand-Side Management (DSM) of energy that encourages consumers to alter their patterns and levels of electricity consumption, coupled with other benefits such as improved grid reliability. DR and EE programs predominant at the right time can vary the requirement to build highly cost-intensive power plants for electricity generation that are also harmful to the environment.
Competitive Analysis
The listing of the prominent leaders across the global demand response management system market includes players such as:
- Schneider Electric
- Honeywell
- Siemens
- GE
- Johnson Controls
- EnerNOC
- ABB
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Demand Response Management System Market USP Covered
Market Drivers
The global demand response management system market has recently demonstrated immense development. The prime parameter supporting the development of the market is the rising adoption of Internet of Things (IoT) based asset management. Furthermore, several other advanced technologies available caused the massive development of the demand response management system across the market and are also anticipated to contribute to the development of the market over the assessment timeframe. The market is not just to assist in offering a cost-effective solution as it assists in declining the cost of the internet of things (IoT) components, causing an upsurge in the market's growth. In addition, the incorporation of the Internet of Things (IoT) is a rising market idea, and ots integration with other prominent parameters of the market, such as the Information and Communications Technology (ICT) into energy, has led to massive development in automation coupled with the real-time processing of data. The electricity consumption patterns of the global users are also examined by the service providers assisting in boosting energy efficiency through the cumulative participation of service providers and users. Utilities, thus, assist in organizing Demand Response Management System (DRMS) programs and encourage the users to change their usage patterns during peak consumption hours to balance energy supply and demand and grid reliability that adds to the benefits.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 45.6 Billion |
| CAGR during 2022-2030 | 3% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, Solution and End-use |
| Key Market Opportunities | Growing Demand from Residential Sector New product launches and R&D amongst major key players |
| Key Market Drivers | Increasing Use of Smart-Grids Change In Energy Pricing |
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Market Restraints
On the other hand, several aspects may hamper the development of the market. The traditional organizational culture is considered t major aspect hampering the market performance. In addition, it is also believed to be an expensive solution, which is also likely to restrict the performance of the market over the assessment era.
Demand Response Management System Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the demand response management system market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Demand Response Management System Market Segment Analysis
Among all the solutions, the Residential DRMS segment is projected to hold the leading spot across the global market for demand response management systems over the assessment timeframe.
Among all the services, the System Integration & Consulting Services segment is anticipated to secure the leading spot across the global market for demand response management systems over the assessment timeframe.
Among all the verticals, the Municipal, University, School, & Hospital Systems (MUSH) segment is projected to secure the top position across the global market for demand response management systems over the assessment timeframe.
Demand Response Management System Market Regional Analysis
The global demand response management system market is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the North American region is predicted to ensure the top spot across the global market for demand response management systems over the assessment timeframe. A rise in the implementation of advanced technology and advancement in proper internet infrastructure across the region is believed to be the prime aspect causing an upsurge in the regional market's performance.
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In addition, the high presence of start-ups in nations such as Canada and the US offering strong local solutions is also considered to contribute to the performance of the regional market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
