Market Research Report
Automated Demand Response Management Systems Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||369282|
|Published||Content info||152 Pages
Delivery time: 2-3 business days
|Automated Demand Response Management Systems Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: July 1, 2019||Content info: 152 Pages||
The Automated Demand Response Management Systems (ADRMS) Market is expected to grow at a CAGR of approximately 27% during the forecast period of 2019 - 2024. The major factors driving the market studied include the need for efficient energy management systems, increased penetration of renewable energy which propels the need for ADRMS to manage the load, and increasing number of smart grid systems. However, the privacy concern and the inability of some industries to comply with the reduction in demand at the need of the hour is likely to act as a restraint for the market.
Increased Adoption of Smart Grid Technologies
Smart grid technologies are being applied across power systems, including generation, transmission, distribution, services, and consumption. With the successful and widespread development of smart grids, countries can expect high-quality electric power service, better system reliability, and improved quality of service. Thus, maximized energy usage and energy savings, higher penetration, and greater use of renewable energy sources (to capture environmental benefits) can be enabled.
One of the key features of smart grids is that they provide consumers and suppliers with real-time knowledge on system performance, energy consumption, and decision-making tools that empower stakeholders to provide quality power supply and optimum usage of energy resources. Thus, smart grids are also an important element for expanding the use of ADRMS. Smart grids can enable demand flexibility and consumer participation in energy systems through ADRMS.
Electricity providers are bombarded with challenges in maintaining grid stability and keeping the power supply consistent. Peak-load variability is on the rise, and solutions, like building more fossil fuel-fired peaking plants (which were once common), are no longer defaults for solving energy issues.
To meet these challenges, smart grid networks have encouraged widespread adoption and applicability of ADRMS.
Developed countries are implementing large-scale smart grid technologies and many developing countries are also in the process of adopting various smart grid components into their power systems. Demand side management is the need of the hour for any grid. With a rise in smart grid technologies, ADRMS is a key demand-side management strategy that is expected to provide a cost-effective alternative to traditional supply-side solutions, to address growing electricity demand during times of peak load or when prices are high.
Asia-Pacific to Dominate the Market
The automated demand response management systems market is consolidated. The major companies include Itron Inc., Hitachi Ltd, Mitsubishi Electric Corporation, Eaton Corporation PLC, and General Electric Company