Demand Response Management Systems (DRMS) Market to Reach $35.9 Billion by 2025 - Rising Awareness Among Residential Customers About the Price-based & Incentive-based DR Programs - Research and Markets
The global demand response management system (DRMS) market size is expected to reach USD 35.9 billion by 2025. The integration of Demand Response (DR) with smart grids and the rising awareness and adoption of automated DRMS by utilities and customers are believed to be the key growth drivers.
DRMS acts as a crucial arrangement for balancing energy supply with consumption requirement and stabilizing load on grids during peak hours. An automated demand response is established on AMI, which builds an integrated network between the customers participating in the DR program and the utility for exchanging signals and communicating in real time.
The introduction of cloud-based DRMS can automatically adjust the power consumption of heavy appliances at the users' end by examining data based on the usage pattern, weather condition, room occupancy, and such other factors that are recorded on a day-to-day basis. The data collected by home network is analyzed, based on which the appliances are programmed to be turned off during hours of peak consumption. Continuous improvement in DRMS for efficient energy conservation is expected to favorably impact the adoption of DRMS in the years to come.
The industrial sector accounts for the highest revenue share in the global market, which may be attributed to most DR programs being focused on the industrial sector as they are the highest power consumers, especially during peak hours. With the increasing applicability of Demand Response Management Systems, focus on the participation of residential customers is gaining importance. The residential sector is anticipated to be the fastest growing user segment in the global DRMS market. Rising awareness among residential customers about the price- based and incentive- based DR programs is expected to boost the industry growth.
Eaton Corporation Plc
Honeywell International Inc.
Nest Labs, Inc.
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. DRMS Industry Outlook
4. DRMS Technology Estimates & Trend Analysis
5. DRMS Component Type Estimates & Trend Analysis
6. DRMS Application Type Estimates & Trend Analysis