This Study includes Demand Response Management System Global Market forecast and historic data analysis by segments, leading companies, share, size, and region.
Demand Response Management System market key players studied are:
ABB (Switzerland), Enel X North America, Inc. (U.S.), Siemens AG (Germany), Eaton (Republic of Ireland), Schneider Electric (France), Honeywell International Inc. (U.S.), Opower, Inc. (U.S.), Comverge, Inc. (U.S.), and Johnson Controls, Inc. (U.S.)
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Market Synopsis:
The Global Demand Response Management System Market is set to touch a valuation of USD 45.6 billion by 2023, according to Market Research Future (MRFR). It is driven by developments in automation and exhaustive demand of uninterrupted power supply by end-users. It stood at USD 21.8 billion in 2017.
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. Rapid industrialization and urbanization in developing nations can portend well for the demand response management system (DRMS) market from 2018 to 2023 (forecast period).
Demand Response Management System Market Drivers & Constraints:
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.
Demand Response Management System Market Segmentation:
The Demand Response Management System Market can be segmented on the basis of Service, Solution, and End-Use.
By Service, the market is segmented into maintenance, managed, curtailment, and consulting. The consulting segment is expected to the most lucrative over the forecast period.
By Solution, the Demand Response Management System Market comprises industrial, commercial, and residential. The commercial segment is currently leading the market owing to the mushrooming of malls and IT parks. Infrastructural projects pushed by governments to attain the ‘smart city’ tag and modernize their current infrastructure is likely to bode well for the market till 2023. It is predicted to dominate as the leading solution segment till the end of the forecast period. The residential segment is forecasted to accrue significant revenue thanks to growing wave of energy-efficiency combined with installation of smart meters.
Major End-Users of the Demand Response Management System Market include public buildings, energy and power, commercial spaces, and agriculture. The public buildings segment is touted to generate revenue for the market at a rapid pace owing to the adoption of automated technologies for managing the power supply. This is expected to influence user behavior and encourage the adoption of energy-efficient policies. The energy and power segment is predicted to contribute to the market owing to the need for technologies to maintain power supply at peak times.
Regional Outlook:
Regionally, the Global Demand Response Management Systems Market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World. North America is likely to be the dominant contributor to the Global Demand Response Management Systems Market over the forecast period due to the widespread establishment of smart grid infrastructure in countries such as the U.S., which has made it easier to adopt demand response management systems on a similar scale. APAC is likely to be a major market for demand response management systems over the forecast period due to the growing demand from entities in the government sector as well as residential sector for smart grid development, which is likely to drive the demand for demand response management systems.
TABLE OF CONTENTS:
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1 PORTER S FIVE FORCES ANALYSIS
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 BARGAINING POWER OF SUPPLIERS
3.1.4 THREAT OF SUBSTITUTES
3.1.5 SEGMENT RIVALRY
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
Continued
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