U.S. Dominates the DRMS Market with $3.3 Billion in 2022, China and Europe Also Show Significant Growth Potential

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Oct 16, 2023, 18:15 ET

DUBLIN, Oct. 16, 2023 /PRNewswire/ -- The "Demand Response Management Systems (DRMS) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Demand Response Management Systems (DRMS) is on a significant growth trajectory. It was estimated at US$5.1 billion in 2022 and is projected to reach a size of US$10.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.5% over the analysis period from 2022 to 2030.

The hardware segment, one of the key segments in the report, is expected to record a CAGR of 9%, reaching US$6.1 billion by the end of the analysis period, while the software segment is estimated to grow at a CAGR of 10.9% over the next 8 years.

Key Players

The report features a comprehensive analysis of the market, including prominent players such as Cisco Systems, Inc., ABB Ltd., Accenture PLC, Eaton Corporation PLC, Aclara Technologies LLC, Ameresco, Inc., BuildingIQ, Inc., Amplex Denmark, Direct Energy, LP, AutoGrid Systems, Inc., CPS Energy, Alpiq Holding AG, Customized Energy Solutions, Ltd., DXC Technology Company, Easy Smart Grid, and more, with a total of 83 featured competitors.

Regional Insights

The U.S. market for DRMS is estimated at US$3.3 billion in 2022.
China, the world's second-largest economy, is forecasted to reach US$635.3 million by 2030, with a CAGR of 13% from 2022 to 2030.
Japan and Canada are expected to grow at 8.5% and 9.3%, respectively, over the same period.
Germany in Europe is forecasted to grow at approximately 9.6% CAGR.

Economic Outlook

The global economic outlook is gradually improving, with growth recovery anticipated for the current year and beyond. The United States, despite experiencing slower GDP growth due to tight monetary and financial conditions, has managed to overcome recession threats. The Euro area is seeing easing of headline inflation, which is boosting real incomes and contributing to economic activity. China is expected to witness robust GDP growth as the pandemic threat recedes, and the government shifts its COVID-19 policies.

Despite these positive trends, the economic upturn remains fragile, with challenges such as the Ukraine war, persistently high inflation, food and fuel price increases, and tighter regulatory environments. However, the rise of new technologies, including AI, machine learning, Web3, cloud and edge computing, quantum technologies, and climate technologies, is expected to drive incremental growth and value to global GDP.

The short-term outlook is a mix of challenges and opportunities for both consumers and investors. Adaptability and resilience will be key for businesses and leaders to navigate this complex landscape successfully.

What`s New?

Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and trademarked research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of COVID-19 Pandemic and Looming Global Recession
Year 2021 in Review and Near-term Outlook
Prolonged Pandemic, Ukraine-Russia Conflict and Ensuing Economic Disruptions Impact Growth Outlook
World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2021, 2022 and 2023
Pandemic Impact on Power Utilities: Implications for the DRMS Market
DRMS Holds Significance for Effective Management of Power Demand Changes Amid the Pandemic
Demand Response Plays a Pivotal Role in managing Pandemic-Impact on Power and Energy
An Introduction to Demand Response Management Systems (DRMS)
Primary Objectives of Demand Response
Approaches to Implement Demand Response Programs
Classification of Demand Response Programs
Key Components/Technologies Enabling Demand Response
Demand Response: An Essential Tool to Support Economic, Eco-Friendly and Efficient Optimization of Power Generation & Distribution
Global Market Prospects & Outlook
Industrial DRMS: The Largest Segment
Focus on Enhancing Power Efficiency Drives the Commercial DRMS Market
United States Dominates the Global Demand Response Market
European DRMS Market to Benefit from Favorable Policy Changes and Expanding Renewables Portfolio
Developing Economies to Spearhead Future Market Growth
Competition
Demand Response Management Systems (DRMS) - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Myriad Economic and Operational Benefits Drive Widespread Market Adoption
Key Benefits of ADR Programs
Technology Disruptions in the Global Electric Power Industry: The Fundamental Growth Driver
Growing Prominence of Electrification for Cutting down Carbon Emissions
DR Holds Importance Amidst Decentralization of Power Grid
Digitalization Enables Increased Communication among Devices
Demand Side Response Leveraging AI and ML Approaches
Need for Newer DR Models for Replacing Manual Energy Curtailments Drive Demand for ADR Technologies
Advanced Demand Response 3.0: The Future of DR
DR 1.0 to DR 3.0: Tracing the Progression of DR
Integration of Internet of Things (IoT) with Demand Response Drives the Evolution of Connected Utilities
Global Number of IoT Connected Devices (In Billion) for the Years 2016, 2018, 2020, 2022 & 2025
Sub-Greedient: The IoT-Based DR Approach
Demand Response Holds Promises to Transform Smart Homes of the Future
Growing Investments into Smart Homes Bode Well for DRMS Market: Global Smart Homes Market (In US$ Billion) for the Years 2019, 2021, 2023 & 2025
Integration of Smart Buildings into Smart Grids Using ADR
Building Simulation Software for Assessing Effectiveness of DR in Residential Buildings
Rise of Smart Cities and Focus on Smart Energy Management Spurs Growth
Global Market for Smart Cities in US$ Million by Geographic Region/Country for the Years 2020 and 2027
DRMS Remains a Vital Computing Platform for Enhancing Operation of Smart Grids
Global Market for Smart Grids in US$ Billion) for the Years 2021, 2023 and 2025
DRMS Emerges as a Critical Technology for Smart Grids
ToUPS DR Program Beneficial for DSOs and Customers
Smart Grids Implementation Augurs Well for Residential DRMS Market
Disaster Response Sector Relies on Power Generators for Ensuring Power Supply during Outages
Use of Big Data Analytics by Utilities to Benefits Analytical and Behavioral DSM
Surging Demand for DRMS from Electric Utilities Worldwide to Boost Market Expansion
Changing Electricity Demand Dynamics Compel Utilities to Adopt DRMS
Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
China and India Lead the Global Rise in Demand for Electricity: Change in Gross Electricity Demand in TWh for 2017-50
DR Resources Play a Critical Part in Stabilizing Electricity Supply for Utility and Grid Operator
DR Reduces Need for Investments into New Power Generation and Grid Infrastructure
Differentiation in Service Offerings: A Major Benefit with DR Services
DR Promises to Curtail Unnecessary Expenditure on New Distribution Grid Infrastructure
Enhancing Profitability of DR on the Small-Scale
Incentives for Electricity-usage Curtailments to Boost Penetration in Industrial, Commercial, and Residential Sectors
Commercial Buildings Offer Huge Market Potential for Demand Response
Residential Sector to Exhibit Fastest Growth in the Near Term
Inevitable Shift to Intermittent Renewable Sources of Energy Drives Demand for DRMS
Global Energy Mix: 1990 Vs 2020 Vs 2030
Global Renewable Energy Breakdown by Type: 2010 Vs 2030
Global Energy Production: Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share by Energy Source (2030 & 2040)
Increasing Establishment of Microgrids to Spur Demand for DRMS
Anticipated Surge in EV Usage Presents DR as a Vital System to Ensure Load Balance
Global Sales of BEVs and PHEVs (in Thousands) for 2015 to 2021
Automated Demand Response Management Systems Market: Poised for Growth
DR Innovations & Advancements Spearhead Market Growth
Stricter Regulations and Climate-Change Policies Post COVID-19 to Boost DRMS Market
Domestic Targets for Greenhouse Gas Emissions of Select Regions/ Countries
Multiple Benefits Driving Participation of Load Aggregators in the DR Market
Favorable Demographic & Urbanization Trends Strengthen Market Prospects
World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
World Urban Population in Thousands: 1950-2050P

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/ey5kgx

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