PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1266603
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1266603
Global Demand Response Management System Market is valued at approximately USD 41.67 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 31.5 % over the forecast period 2022-2029. Demand Response Management System (DRMS) enables utilities and distribution companies (Discoms) to monitor, control, schedule, and manage their portfolios of Demand Response (DR) programs and Distributed Energy Resources (DERs). Demand response management enables consumers to unlock their DR prospects using existing assets. Furthermore, this retailer can now provide new solutions, increase consumer loyalty, and ensure customer satisfaction. Furthermore, the demand response programme enables electricity suppliers to implement alternative power-sourcing measures while avoiding large investments in peaking plants. The increasing expansion of smart grid infrastructure and growing volatility in energy prices are key factors driving the market growth.
Over the years the adoption of smart grid infrastructure has significantly increased hence creating strong demand for Global Demand Response Management System Market. For instance, in November 2022, the US Department of Energy (DOE) announced financing of around USD 13 billion for the upgradation and expansion of the US electric grid. Moreover, the funding would be allocated under President Joe Biden's Bipartisan Infrastructure Law, as well as the Grid Resilience Innovative Partnership (GRIP) Programme and the Transmission Facilitation Programme. In addition, in November 2021, Poland based utility company TAURON received a loan of USD 0.63 billion from the European Investment Bank (EIB) for the modernization of its electricity distribution assets and install an advanced metering infrastructure. Also, growing advancements in Cloud Based DRMS as well as rising urbanization in developing economies would create lucrative growth opportunities for the market over the projected period. However, high initial investment requirement as well as lack of awareness hinders the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Demand Response Management System Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of leading market players as well as increasing number of favorable initiatives for the establishment of smart grid infrastructure in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising number of strategic collaborations and partnerships between leading market players in the region. For instance- in February 2023, Tata Power announced a collaboration with the Virtual Power Plant (VPP) and Distributed Energy Management System (DERMS) provider AutoGrid for the deployment of an AI-enabled smart energy management system focusing on the behavioural demand response across its residential, commercial, and industrial customers in Mumbai.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable