PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299744
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299744
Distributed Energy Resources Management System Market size was valued at USD 580.7 Million in 2022, expanding at a CAGR of 20.3% from 2023 to 2030.
The distributed energy resources management system (DERMS) are software solutions that coordinate and control several distributed energy resources (DERs). Additionally, these DERs are of various types includes, including wind, solar, and battery storage. Moreover, distributed energy resources management also includes, analysis, control, demand control, maintenance, and remote management of energy resources using networks and software.
Demand for renewable energy has increased due to external factors such as increasing production activities and increasing population major factors projected to drive the market growth of distributed energy resources management system market. Additionally, rising consumerism and increased digitalization will likely to boom the market demand for distributed energy resources management system market. However, the huge initial installation cost of DERMS is a major concern that may restrict the market growth over the forecast period.
Moreover, increasing government activities and consumer awareness in the wind, solar, and tidal sectors will likely increase the market footprint globally. The COVID-19 pandemic crises have had a drastic impact on distributed energy resources management system market. Various imposed restrictions and lockdowns on the movement of the general population slightly decreased commercial and industrial output to a new low. As the market is reliant on energy as a result decreased energy requirements affected investment opportunities, this in turn, limiting the market growth.
The global distributed energy resources management system market is segmented on the basis of component, application, end-user, and region.
The market is divided into two categories based on Component: software and services. The software sector is expected to hold the largest market share. The growth of the segment is anticipated to increase due to manage communication devices, continuously monitors predictive solutions, and configures data in real time.
The market is divided into five categories based on application: solar PV units, energy storage systems, wind generation unit, combined heat & power generation systems, EV charging stations, and others. The solar PV units sector is likely to possess the market. The increasing requirement for producing energy using renewable sources, along with renewable energy policies & supporting government mandates and with a strong focus on decarbonization increasing investment in distributed energy resources are such factors will likely stimulate the segment growth.
The market is divided into three categories based on end-user: industrial, commercial, and residential. The industrial sector expected to maintain its dominance. The requirement for effectively utilizing the power and increasing demand for power in the industrial sector anticipated to boost the segment growth.
The factors contributing to the market growth include increasing demand for energy and power from the industrial sector. Additionally, rising support from governments globally in the form of renewable energy policies surges the demand for the DERMS market. Moreover, key players are focusing on organic growth strategies to enhance their business expansion such as product approval, events, patents, and new product launches. Further, Inorganic growth strategies include mergers & acquisitions, collaborations, partnerships, R&D investing. For instance, in August 2021, Mitsubishi Electric Corporation a company announced to acquire Smarter Grid Solutions (SGS). It is a leading provider of distributed energy resources (DER) management software globally for DER operators and power distribution utilities.
This proposed research study on distributed energy resources management system market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for distributed energy resources management system market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the distributed energy resources management system market.
Impact of COVID-19 on distributed energy resources management system market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on distributed energy resources management system market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Distributed Energy Resources Management System market, we have also included competitive landscape and key innovator analysis for the distributed energy resources management system market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the distributed energy resources management system market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global distributed energy resources management system market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: