Demand Response Management System Market: 2019 Global Research Report

Global Demand Response Management System Market Research Report – by Service (Consulting, Curtailment, Maintenance, Managed), by Solution (Commercial, Industrial, Residential), by End-use (Agriculture, Commercial Spaces, Public Buildings, Energy & Power), and Region - Forecast to 2023

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Market Scenario:

Demand Response Management Systems (DRMS) are software platforms used by utilities and energy suppliers to track and comprehensively manage their operations. The Global Demand Response Management Systems Market is driven primarily by the growing adoption of smart grid systems across the globe. The demand for smart grids has grown progressively as people have come to realize their various benefits over conventional grid systems. Smart grid systems allow better tracking of the energy consumption and help reduce the overall energy consumption, making them highly valuable in today’s times of resource conservation and environmental protection.

Increasing demand for smart grids and demand response management systems from the residential sector is likely to be a major opportunity for players in the DRMS market over the forecast period. The residential sector has become a major market for smart grid technology over the last few years, as individual consumers and families have become increasingly aware to the positive environmental impact they can have through simple measures such as adopting smart grids and keeping their energy consumption in check. The financial benefits of smart grid systems have also convinced residential consumers to opt for smart grids over the last few years. This is likely to be a major demand channel for the global demand response management system market over the forecast period.

On the other hand, the high initial investment required for demand response management systems is likely to hamper the market’s growth prospects over the forecast period. While the long-term benefits of DRMS are immense, the high initial costs act as a deterrent to their widespread uptake, especially in the residential sector, where individual users may not necessarily be ready to spend large amounts on installing demand response management systems.

According to Market Research Future (MRFR), the Global Demand Response Management Systems Market was worth USD 21.8 billion in 2017 and is expected to rise to USD 45.6 billion by 2023 at a CAGR of 7.8% over the 2018-2023 (forecast period).

Segmentation

The Global Demand Response Management Systems Market is segmented by Service, Solution, End-Use, and Region.

The Global DRMS Market is segmented by service into consulting, curtailment, maintenance, and managed. Consulting is likely to be the leading service segment within the Global Demand Response Management Systems Market over the forecast period as well as the fastest growing.

By Solution, the Global Demand Response Management Systems Market is segmented into commercial, industrial, and residential. Commercial solutions are the leading revenue generators for the Global Demand Response Management Systems Market and are likely to remain in the position over the forecast period due to the growing demand for demand response management systems in large-scale energy grids.

By End-Use, the DRMS Market is segmented into agriculture, commercial spaces, public buildings, energy and power. Public buildings are likely to be the leading consumer of Demand Response Management Systems over the forecast period, due to the affordability of DRMS for government agencies and the growing government support for energy saving mechanisms such as DRMS.

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At Market Research Future (Mrfr), we enable our customers to unravel thec omplexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr).