Market Research Future (MRFR) emphasizes in its research report that the global market for demand response management systems 2020 is projected to rise rapidly over the review period, achieving a significant market valuation from USD 21.8 billion in 2017 to USD 45.6 billion by 2023, and a healthy CAGR of 7.8 percent over the review period.
Drivers and Restraints
Growing demand from the residential sector for smart grids and demand response management systems is likely to be a significant opportunity for players in the DRMS market over the forecast period. Over the last few years, the residential sector has become a major market for smart grid technology, as individual customers and families have become more aware of the positive environmental effect they can have by simple steps such as the implementation of smart grids and keeping their energy use under control. The financial benefits of smart grid networks have also persuaded residential customers in recent years to opt for smart grids. This is likely to be a big demand channel for the forecast-period market in global demand response management network.
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On the other hand, the high initial investment needed for demand response systems is likely to hamper growth prospects for the market over the forecast period. While the long-term benefits of DRMS are enormous, the high initial costs act as a deterrent to their widespread adoption, particularly in the residential sector, where individual users may not inherently be prepared to spend significant amounts on the installation of demand response systems.
Covid-19 Impact on Demand Response Management System Market Prominent players in the include Johnson Controls, Inc. (U.S.), Enel X North America, Inc. (U.S.), Siemens AG (Germany), Schneider Electric (France), Eaton (Republic of Ireland), Honeywell International Inc. (U.S.), Opower, Inc. (U.S.), Comverge, Inc. (U.S.), ABB (Switzerland), and others.
The Global Demand Response Management Systems Market is segmented by End-Use, Service, Solution, and Region.
The Global DRMS Market is segmented into consultancy, curtailment, maintenance and management by company. As well as the fastest rising, consultancy is expected to be the leading market segment within the Global Demand Response Management Systems Market during the forecast period.
The Global Demand Response Systems Market is segmented into the commercial, manufacturing, and residential markets by Solution. Commercial solutions are the primary revenue generators for the Global Demand Response Management Systems Market and are expected to remain in the role over the forecast period due to the increasing demand in large-scale energy grids for demand response management systems.
The DRMS market is segmented by end-use into agriculture, commercial spaces, public buildings, electricity, and energy. Due to the affordability of DRMS for government departments and increasing policy funding for energy-saving strategies like DRMS, public buildings are expected to be the leading user of Demand Response Management Systems over the projected time span.
The global business regional review was performed in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Owing to the widespread establishment of smart grid networks in countries such as the U.S., North America is likely to be the leading contributor to the Global Demand Response Management Systems Market over the forecast period, making it easier to implement request response management systems on a similar scale. APAC is expected to be a major market for demand response systems over the forecast period due to the growing demand for smart grid growth from entities in the government sector as well as residential sector, which is likely to boost demand for demand response management systems.
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