Global Demand Response Management Systems Market is expected to reach USD 35.9 billion by 2025. Demand Response Management System is also termed, as DRMS is a software that allows aggregators, utilities, and retailers to manage demand response (DR) programs through an open-standards, single, or unified-based system. The demand response management system market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Rising acceptance of cloud based services, growing distribution of smart grid networks and technology, and growth in adoption of enhanced metering systems are documented as major factors of demand response management systems market that are estimated to enhance the growth in the years to come. However, lack of awareness and high initial cost in emerging countries are the factors that may restrain overall market growth in the coming years. Demand response management systems market is segmented based on solutions, services, verticals, and region.
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Residential DRMS, commercial DRMS, and industrial DRMS are the solutions that could be explored in demand response management system in the forecast period. Support & maintenance, curtailment services, managed services, and system integration & consulting services are the services that could be explored in the forecast period. The market may be categorized based on verticals like agriculture manufacturing, energy & power, office & commercial buildings, and municipal, university, school, & hospital systems (MUSH) may be explored in the forecast period.
Globally, North America accounted for the substantial market share of demand response management system in terms of revenue and is estimated to lead the overall market in the coming years. The United States is a major consumer of demand response management system in the region. The reason behind the overall market growth could be vast electricity network and growth in smart grid investments under the SGIG program to improve infrastructure and smart grid technologies.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of demand response management systems industry are Schneider Electric, Honeywell, EnerNOC, GE, Johnson Controls, Siemens, and ABB. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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DRMS Technology Outlook (Revenue, USD Million; 2014 – 2025)
• Conventional demand response
• Automated demand response
DRMS Component Outlook (Revenue, USD Million; 2014 – 2025)
DRMS Application Outlook (Revenue, USD Million; 2014 – 2025)
DRMS Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/utilities
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