Global Demand Response Management Systems (DRMS) Market to Reach $10.1 Billion by 2026

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Demand Response Management Systems (DRMS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 18; Released: February 2022
Executive Engagements: 47886
Companies: 83 - Players covered include Aclara Technologies LLC; Ameresco, Inc.; AutoGrid Systems, Inc.; CPower, Inc.; Direct Energy, LP; Eaton Corporation plc; Enel X S.r.l.; General Electric Company; Honeywell International, Inc.; Itron, Inc.; Johnson Controls International Plc; Landis+Gyr AG; Lockheed Martin Corporation; Nexant, Inc.; NRG Energy, Inc.; Open Access Technology International, Inc. (OATI); Schneider Electric S.E.; Siemens AG; Tantalus Systems Corp.; Trilliant Holdings, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Hardware, Software, Services); Technology (Conventional, Automated); End-Use (Industrial, Residential, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Demand Response Management Systems (DRMS) Market to Reach $10.1 Billion by 2026 
Demand Response Management Systems (DRMS) represents an operational system used for controlling distribution demand response (DR) resource and is similar to the legacy load management systems of yesteryears. Growth in the global market is being driven by fluctuating electricity prices, ongoing move towards smart grid, growing demand in areas such as distribution automation (DA) and renewable energy integration, rapid penetration of Advanced Metering Infrastructure (AMI), and favorable government initiatives. The increased demand from utilities is attributed to mounting pressures on utility operators to step up and modernize their grid operations and improve distribution efficiency to suffice the growing demand from various end-use sectors including residential, commercial and industrial. Furthermore, emerging technologies such as IoT, data analytics and blockchain would lead to major improvements in DR programs for utilities going forward. Increase in EV numbers worldwide would also be a major driver for DR programs. Blockchain technology would enable a disruptive and innovative approach for automated DR programs thus leading to a decentralized and more secure ecosystem of smart energy grid management.

Amid the COVID-19 crisis, the global market for Demand Response Management Systems (DRMS) estimated at US$5.5 Billion in the year 2022, is projected to reach a revised size of US$10.1 Billion by 2026, growing at a CAGR of 15.2% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to grow at a 14.6% CAGR to reach US$6.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 17.6% CAGR for the next 7-year period. This segment currently accounts for a 24.7% share of the global Demand Response Management Systems (DRMS) market. The emergence of software-as-a-service (SaaS) based DR management systems (DRMSs) is enabling faster deployment and lower integration costs for utilities and electrical system operators.

The U.S. Market is Estimated at $3.5 Billion in 2022, While China is Forecast to Reach $608.5 Million by 2026 
The Demand Response Management Systems (DRMS) market in the U.S. is estimated at US$3.5 Billion in the year 2022. The country currently accounts for a 64.25% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$608.5 Million in the year 2026 trailing a CAGR of 21.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.7% and 15.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.2% CAGR while Rest of European market (as defined in the study) will reach US$735.5 Million by the end of the analysis period. The US market dominates demand for DR management systems and services, reflecting the mounting pressure on electrical system operators to manage demand and supply imbalances and volatile wholesale electricity market prices and curb grid expenditure. Moreover, utilities and grid operators in the region are actively leveraging DR resources as stop gap for managing emergency and scheduled downtime for power generation plants. Growth in the Asia-Pacific region is being spearheaded by regional economies striving to strike a balance between industrial growth and rapidly rising electric power demand. Compelled by the European Union's 20-20-20 energy directive, and national carbon emission and energy efficiency regulations, European governments and regulators are removing the hurdles that constrained the growth of the demand side management.

Services Segment to Reach $1.4 Billion by 2026 
Demand response programs play a critical role in offering grid regulation services. The increasing uptake of DR management systems is also generating demand for a host of related services including system integration, consultancy services, managed services and system maintenance services, among others. In the global Services segment, USA, Canada, Japan, China and Europe will drive the 13.4% CAGR estimated for this segment. These regional markets accounted for a combined market size of US$601.8 Million. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$96.8 Million by the year 2026. More

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