Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Demand Response Management Systems (DRMS) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Demand Response Management Systems (DRMS) is on a significant growth trajectory. It was estimated at US$5.1 billion in 2022 and is projected to reach a size of US$10.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.5% over the analysis period from 2022 to 2030.
The hardware segment, one of the key segments in the report, is expected to record a CAGR of 9%, reaching US$6.1 billion by the end of the analysis period, while the software segment is estimated to grow at a CAGR of 10.9% over the next 8 years.
Key Players
The report features a comprehensive analysis of the market, including prominent players such as Cisco Systems, Inc., ABB Ltd., Accenture PLC, Eaton Corporation PLC, Aclara Technologies LLC, Ameresco, Inc., BuildingIQ, Inc., Amplex Denmark, Direct Energy, LP, AutoGrid Systems, Inc., CPS Energy, Alpiq Holding AG, Customized Energy Solutions, Ltd., DXC Technology Company, Easy Smart Grid, and more, with a total of 83 featured competitors.
Regional Insights
- The U.S. market for DRMS is estimated at US$3.3 billion in 2022.
- China, the world's second-largest economy, is forecasted to reach US$635.3 million by 2030, with a CAGR of 13% from 2022 to 2030.
- Japan and Canada are expected to grow at 8.5% and 9.3%, respectively, over the same period.
- Germany in Europe is forecasted to grow at approximately 9.6% CAGR.
Economic Outlook
The global economic outlook is gradually improving, with growth recovery anticipated for the current year and beyond. The United States, despite experiencing slower GDP growth due to tight monetary and financial conditions, has managed to overcome recession threats. The Euro area is seeing easing of headline inflation, which is boosting real incomes and contributing to economic activity. China is expected to witness robust GDP growth as the pandemic threat recedes, and the government shifts its COVID-19 policies.
Despite these positive trends, the economic upturn remains fragile, with challenges such as the Ukraine war, persistently high inflation, food and fuel price increases, and tighter regulatory environments. However, the rise of new technologies, including AI, machine learning, Web3, cloud and edge computing, quantum technologies, and climate technologies, is expected to drive incremental growth and value to global GDP.
The short-term outlook is a mix of challenges and opportunities for both consumers and investors. Adaptability and resilience will be key for businesses and leaders to navigate this complex landscape successfully.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- Year 2021 in Review and Near-term Outlook
- Prolonged Pandemic, Ukraine-Russia Conflict and Ensuing Economic Disruptions Impact Growth Outlook
- World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2021, 2022 and 2023
- Pandemic Impact on Power Utilities: Implications for the DRMS Market
- DRMS Holds Significance for Effective Management of Power Demand Changes Amid the Pandemic
- Demand Response Plays a Pivotal Role in managing Pandemic-Impact on Power and Energy
- 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
- Demand Response Management Systems (DRMS) - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Recent Market Activity
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
- Global Number of IoT Connected Devices (In Billion) for the Years 2016, 2018, 2020, 2022 & 2025
- 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: Global Smart Homes Market (In US$ Billion) for the Years 2019, 2021, 2023 & 2025
- 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
- Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
- China and India Lead the Global Rise in Demand for Electricity: Change in Gross Electricity Demand in TWh for 2017-50
- 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
- Global Energy Mix: 1990 Vs 2020 Vs 2030
- Global Renewable Energy Breakdown by Type: 2010 Vs 2030
- Global Energy Production: Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share by Energy Source (2030 & 2040)
- Increasing Establishment of Microgrids to Spur Demand for DRMS
- Anticipated Surge in EV Usage Presents DR as a Vital System to Ensure Load Balance
- Global Sales of BEVs and PHEVs (in Thousands) for 2015 to 2021
- 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
- World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- World Urban Population in Thousands: 1950-2050P
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/xi3rws
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