MarketsandMarkets recently conducted a study on “Demand Response Management System (DRMS) Market [C&I, Residential, Automated DR, Curtailment Services, System Integration and Consulting, Managed Services, Devices] - Worldwide Market Forecasts and Analysis (2014-2019)” which analyzed and studied the major market drivers, challenges, and opportunities in North America (NA), Europe (EU), Middle East and Africa (MEA), Asia Pacific (APAC), and Latin America (LA).
Browse more than 75 market data tables with 49 figures spread through 155 pages and in-depth TOC on "Demand Response Management System (DRMS) Market"
The study reports that the DRMS market is expected to grow from $6.68 billion in 2014 to $24.64 billion by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 29.8%.
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The NA region has the largest share in DRMS market. The North American region is expected to be the prime market for DRMS in terms of revenue contribution. The DRMS market in the European region has been sluggish although load control programs for C&I customers has been in place in many European countries. The reason for this sluggish growth can be attributed to the lack of a single market model, especially in the European Union. The APAC region is estimated to portray immense growth potential as countries such as India, China, Australia, New Zealand, South Korea, Japan, Singapore and Malaysia present a strong business case with robust growth in industrialization and increasing energy consumption.
The report broadly sub-segments the DRMS market by solutions comprising Commercial and Industrial (C&I) DRMS, residential DRMS, and automated DRMS. It also sub-segments the market by devices, services, and verticals. DRMS market by devices includes smart appliances, networked home energy management (HEM), smart thermostats, load control switches, and smart plugs. DRMS market by services includes curtailment services, system integration and consulting services, and managed services. Vertical segmentation includes manufacturing; office and commercial buildings; power and energy; Municipal, University, School, and Hospital (MUSH) systems, and agriculture.
The report also draws the competitive landscape of the DRMS market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors. Some of the major players in this market are GE, Schneider Electric, Siemens, Honeywell, and ABB. These vendors are specialized and established in providing demand response services and solutions for C&I and residential users.
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