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Demand Response Management Systems (DRMS) Market worth 31.69 Billion USD by 2020
The report "Demand Response Management System Market by Types (Commercial, Industrial, Residential), Services (Curtailment, System Integration, Professional), Verticals (Manufacturing, Agriculture, Commercial Buildings), Regions - Global Forecast to 2020", The Demand Response Management Systems (DRMS) market is expected to reach USD 31.69 Billion by 2020.
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Demand Response Management System is the software technology platform that helps the utilities, energy retailers, and suppliers in implementing demand response (DR) programs using an integrated system, connected to the commercial, industrial, and residential sites. With the increasing application of Advanced Metering Infrastructure (AMI) meters, utilities get real-time usage data of customers and therefore, the participation of consumers in the programs has seen a substantial growth.
Growing roll-outs of smart grid is expected to remain the key driver of the DRMS market in the coming years. The population growth has also created an impact over availability of natural resources and therefore, the imbalance between energy supply and demand is increasing which has shaped the need for energy efficiency. Therefore, DR programs are initiated with the smart grid and smart meter deployment. Other driving factors include energy price volatility and increasing customer switching rates. However, in regions such as Europe, Middle-East and Africa, and Latin America utilities and service providers have still not presented the robust business case for DRMS and therefore, are inviting investments is a huge mission. The adoption of DRMS is pretty high in North America, but Europe and Asia-Pacific need some strict mandates regarding energy consumption. Nevertheless, cloud-based deployment is expected to provide a huge opportunity for market growth.
Furthermore, the DRMS market remains competitive with the presence of a large number of vendors. The major vendors in the DRMS market are ABB, Comverge, EnerNOC, GE, Schneider Electric, and Siemens, among others.
MarketsandMarkets has extensively divided the DRMS market by solution, service, vertical, and region. DRMS solutions include residential, industrial, and commercial DRMS. Services include curtailment services, system integration and consulting services, managed services, and support and maintenance services. Verticals consist of manufacturing; office and commercial buildings; municipal, university, school and hospital (MUSH); energy and power; and agriculture. In addition, the report classifies the market according to the regions of North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
MarketsandMarkets forecasts that the global DRMS market is estimated to grow from USD 8.06 Billion in 2015 to USD 31.69 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 31.5% during the forecast period. On geographical grounds, North America is estimated to be the largest market for DRMS market due to technological advancement and early adoption of the solutions and services. Asia-Pacific presents a strong business case for the adoption of DRMS and therefore is expected to witness growth at the highest CAGR during the forecast period.
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