Demand Response Market Research – Industry Analysis, Growth, Size, Share, Trends, Forecast to 2024

Oct 1, 2019

This report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

Pune, India - October 1, 2019 /MarketersMedia/ —

Overview:

Demand response management system (DRMS) is an integrated software application which helps power utilities to better match energy demand with supply. In other words, this system is an important peak load management tool and has been seen as immensely beneficial in limiting the imbalance between energy supply and demand. The DRMS system is a secure, web-based interface which allows role-based access from multiple locations at a time, in keeping with strict industry standards.

This report analyses the current status of the global demand response management market, outlines the key market players and the bases for market segmentation, and studies the future trends of this industry from 2019 till 2025, using 2014 -2018 as the historical base.

Some of the factors driving growth include the flexibility of this system, and the ability to interface across sectors, which enables businesses to be automated and efficient. The downside of this system is the high initial investment cost required, and factors such as the availability of alternative and eco-friendly sources of energy. The DRMS market is expected to grow from USD 8.06 billion in 2015 to USD 31.69 billion by 2020, at a CAGR of 31.5%.

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The major players in the demand response management system market across the world include the following:

ABB
Siemens
Honeywell
Schneider Electric
AutoGrid
GE
Schneider Electric
EnerNOC
Johnson Controls
Itron
Lockheed Martin

Segmentation:

The global demand response management system market can be segmented based on type of solution, application, vertical, end user, and geographical region.

According to the type of solution, the market can be split into:

Conventional Demand Response
Automated Demand Response

Of these, the automated demand response management system segment is expected to register the highest growth rate.

On the basis of application, the global demand response management system market can be split into the following categories:

Industrial
Commercial
Domestic

The commercial segment is expected to occupy the highest market share during the forecast period owing to the growing demand for energy in large-scale energy grids.

According to verticals, the market can be split into:

Agriculture
Manufacturing
Energy and Power

Of these, the manufacturing sector is expected to be the fastest growing due to the heavy consumption of electricity in it.

According to end-user, the market can be split into:

Support and Maintenance
Curtailment Services
Managed Services
System Integration and Consulting Services

Regional Analysis:

North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa are the major regions for the demand response management system market across the world. Industry experts predict that North America will see a significant growth during the forecast period, due to advancement in technology, volatility in energy prices, and a rising number of smart grid launches. Besides this region, Asia Pacific is predicted to witness the highest growth during the forecast period.

Industry News:

In 2018, US-based Leap entered into a contract with California Utilities to supply 90MW of demand response capacity to investor-owned utilities. According to this agreement, Leap will be providing 45MW of power capacity to Southern California Edison and 45MW to Pacific Gas & Electric by 2019.

……Continued

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Source URL: https://marketersmedia.com/demand-response-market-research-industry-analysis-growth-size-share-trends-forecast-to-2024/88924458

Source: MarketersMedia

Release ID: 88924458

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